Chapter 7, Problem 7.28E

The adjusting entries can be prepared on a quarterly basis* True O False

Indicate whether each of the following assets and liabilities typically should be classified as current or long-term: (a) accounts receivable; (b) prepaid rent for the next six months; (c) notes receivable due in two years; (d) notespayable due in 90 days; (e) notes payable due in five years; and (f) patent.

Journalize the adjusting entry for each of the following accrued expenses at the end of the current year:a. Product warranty cost, $26,800.b. Interest on the 19 remaining notes owed to Gallardo Co.

If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?

Adjusting entries are required Select one: a. monthly. b. yearly. c. quarterly. d. every time financial statements are prepared.

Prepare any necessary adjusting entries at June 30.

If necessary, record year-end adjusting entries for uncollectible accounts.Prepare the aging schedule for the following accounts receivable: Ageing classification (numbers of due days) Balance sheet as at 31 December Estimate of the percentage of the account that is uncollectible 0-30 days $120,000 1% 31-60 days 80,100 2 % 61-90 days 21,000 11% 91- 120 days 9,000 23% Más de 120 days 15,300 65% Total accounts receivable $245,400

If at the end of the year Allowance for Uncollectible Accounts has a credit balance before any adjustment, what might that tell us about last year’s ending balance of the account?

Find the due date for 130 days note dated July 7,using Actual time