Journal Entries: Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order. Accounting rules for journal entries : To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. Prepaid insurance: Prepaid insurance is the amount of insurance paid in advance which is unexpired. Unexpired insurance : Unexpired insurance is that part of insurance amount which is paid in advance and is not yet expired. It is classified as a prepaid insurance on assets side of the balance sheet . Supplies: Supplies are units to be used in the business operations. Hence, supplies on hand constitute the assets of the business which are not yet utilized and similarly supplies expense constitutes supplies utilized in the business. a. To prepare: journal entries:

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Answer 1

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 7QS

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Prepaid insurance:

Prepaid insurance is the amount of insurance paid in advance which is unexpired.

Unexpired insurance:

Unexpired insurance is that part of insurance amount which is paid in advance and is not yet expired. It is classified as a prepaid insurance on assets side of the balance sheet.

Supplies:

Supplies are units to be used in the business operations. Hence, supplies on hand constitute the assets of the business which are not yet utilized and similarly supplies expense constitutes supplies utilized in the business.

a.

To prepare: journal entries:

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Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Date Placed in Asset Machinery Service October 25 Original Basis $ 120,000 Computer equipment February 3 47,500 Used delivery truck* August 17 Furniture April 22 60,500 212,500 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? Depreciation $ 69,096

what is the question answer ? general accounting question

Answer 2

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 7QS

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Prepaid insurance:

Prepaid insurance is the amount of insurance paid in advance which is unexpired.

Unexpired insurance:

Unexpired insurance is that part of insurance amount which is paid in advance and is not yet expired. It is classified as a prepaid insurance on assets side of the balance sheet.

Supplies:

Supplies are units to be used in the business operations. Hence, supplies on hand constitute the assets of the business which are not yet utilized and similarly supplies expense constitutes supplies utilized in the business.

a.

To prepare: journal entries:

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 7QS

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Prepaid insurance:

Prepaid insurance is the amount of insurance paid in advance which is unexpired.

Unexpired insurance:

Unexpired insurance is that part of insurance amount which is paid in advance and is not yet expired. It is classified as a prepaid insurance on assets side of the balance sheet.

Supplies:

Supplies are units to be used in the business operations. Hence, supplies on hand constitute the assets of the business which are not yet utilized and similarly supplies expense constitutes supplies utilized in the business.

a.

To prepare: journal entries:

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 7QS

To determine