Chapter 3, Problem 6PSA

Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month).  Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).

Example : Yazici Advertising purchased supplies costing 2,500 on October 5. An inventory count at the close of business on October 31 reveals that 1,000 of supplies are still on hand. On October 4, Yazici Advertising paid 600 for a one-year fire insurance policy. Coverage began on October 1. Demonstrate: How do you record the adjustment for supplies, yazici prepares quarterly financial statements?

The beginning balance of supplies is $4000. On December 31st, the physical count of remaining supplies, $500. Record the adjusting journal entries tor the supplies used during the year.

Rover Ltd. had $8,200 of supplies on hand at the beginning of the month. A count at the end of the month indicated $1,350 of supplies were still on hand. The adjusting entry at year end would include a: Select one: O A. debit to Supplies for $1,350 OB. debit to Supplies Expense for $6,850 OC. credit to Supplies Expense for $6,850 OD. credit to Supplies Expense for $1,350

Please see the attached photo. Make the adjustments and adjusted trial balance. Additional information for adjustments: a. On December 31, a physical count of the office supplies reveals thatP15,300 worth of supplies are available at the end of the month. b. On December 31, one month of the prepaid rent of P18,000 has been usedup. c. The office equipment purchased by Mr. M for P324,000 on December 2,2020 is expected to last six years with no residual value. d. On December 5, Mr. M signed a four-month contract to perform work for P7,500 per month with the entire contract price of P30,000 received inadvance. e. At the close of business, December 30, 2020 the employee has worked oneweek during December for which salaries of P8,100 are not paid untilJanuary 2021. f. The two-year bank loan obtained by the company amounting to P360,000has a 10% annual interest rate payable every November 30. g. On December 2, 2020, Mr. M entered into a one-year contract with a local company. Mr. M agreed to…

Prepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. At the end of June, bad debt expense is estimated to be $14,600. b. In July, customer balances are written off in the amount of $8,300.

Carmen Ramos started a business under the name of Perfect Cleaning. The following transactions occurred in January 2020: date transaction January 1 Invested $10,000 in cash to start the business. He bought a vehicle for the business for $12,000 of which $3,000 was in cash and the rest in credit. January 3 January 3 He purchased cleaning products for a total of $1,500. January 4|He paid a prepayment insurance policy for $2,000 effective Jan. 1. January 5 Performed a fee earned in the amount of $2,100. January Paid a subscription to the vehicle purchased for $500 10 January He paid employees salary of $1,800. 15 January He did a cleaning job in a building on credit for $3,000. 16 January He did housekeeping work in some offices and charged him in cash for $2,500. 18 January The client who was done the work on January 16 paid him $1,200. 20 January He paid $80 for the gasoline from the business vehicle. 21 January He did office cleaning work for $1,000 in cash. 22 January He paid $20 for…

Assume TriTeal made the appropriate adjusting entries at the end of June.  The events listed below occurred during the month of July.  Please provide the journal entry(ies) TriTeal used (if any) to record each transaction. On July 15, TriTeal paid its sales staff $10,000 in commissions related to sales which were recognized in June.

Like New Steam Cleaning performs services on account. When a customer account becomes four months​ old, Like New converts the account to a note receivable. During 2018​,the company completed the following​ transactions:       Record the transactions in Like New​'s journal. Round to the nearest dollar. ​(Use a 365​-day year for computations. Record debits​ first, then credits. Select the explanation on the last line of the journal entry​ table.)