COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 5, Problem 1E
1.
To determine
Calculate the adjustment amount of rent expense in the end-of-June.
2.
To determine
Calculate the adjustment amount of supplies expense in the end-of-June.
3.
To determine
Calculate the adjustment amount of
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Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it
made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if:
(a) On July 7 Rasheed company received full payment.
(b) On July 22 Rasheed company received full payment.
Zumra Company's fiscal year ends on December 31. It is December 31, 2021, and all of the 2021 entries have been made, except
the following adjusting entries:
a. On September 1, 2021, Zumra collected six months' rent of $8,400 on storage space. At that date, Zumra debited cash and credited
deferred rent revenue for $8,400.
b. On October 1, 2021, the company borrowed $18,000 from a local bank and signed a 5 percent note for that amount. The principal and
interest are payable on the maturity date, September 30, 2022.
c. Depreciation of $2,500 must be recognized on a service truck purchased on July 1, 2021, at a cost of $15,000.
d. Cash of $3,000 was collected on November 1, 2021, for services to be rendered evenly over the next year beginning on November 1.
Deferred service revenue was credited when the cash was received.
e. On November 1, 2021, Zumra paid a one-year premium for property insurance, $9,000, for coverage starting on that date. Cash was
credited and prepaid insurance was…
Chapter 5 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 5 - What are adjustments?Ch. 5 - Prob. 1.2SRQCh. 5 - Prob. 1.3SRQCh. 5 - Prob. 1.4SRECh. 5 - Prob. 1.5SRECh. 5 - Prob. 1.6SRACh. 5 - Prob. 2.1SRQCh. 5 - Prob. 2.2SRQCh. 5 - Prob. 2.3SRQCh. 5 - Prob. 2.4SRE
Ch. 5 - On a worksheet, the adjusted balance of the...Ch. 5 - Prob. 2.6SRACh. 5 - Prob. 1CSRCh. 5 - Prob. 2CSRCh. 5 - Prob. 3CSRCh. 5 - Prob. 4CSRCh. 5 - The Supplies account has a debit balance of 9,000...Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - What effect does each item in Question 8 have on...Ch. 5 - Why is it necessary to journalize and post...Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - How does a contra asset account differ from a...Ch. 5 - Prob. 14DQCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Journalizing and posting adjustments. Desoto...Ch. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Sam Nix owns Nix Estate Planning and Investments....Ch. 5 - The Effect of Adjustments Assume you are the...Ch. 5 - The account balances for the Patterson...Ch. 5 - Prob. 1MFCh. 5 - Prob. 2MFCh. 5 - Prob. 3MFCh. 5 - Prob. 4MFCh. 5 - Prob. 1ED
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