During December 2019 Johnson Realty paid an insurance premiums, $6,000. Journalize the transaction using the rules of debit and credit.
Q: On October 1, 2021 Adam Realty collected P28,000 from a tenant representing an advance collection…
A: The advance rent collected constitutes an unearned revenue because the tenant has not availed the…
Q: On August 1, 2021, Peter Company insured its property with Pru Life Insurance Company and pays…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: The prepaid insurance account shows a debit of $5,280, representing thecost of a 2-year fire…
A: Since nothing is mentioned, it is assumed that the requirement of the question is to prepare the…
Q: On November 1, 2021, JP Designs signed a $300,000, 6%, six-month note payable with the amount…
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…
Q: e ............... September 1, 2021 Period of time coverage is for ............................... 3…
A: Requirement 1 Date Account Name Debit Credit Sep-01 Prepaid Insurance 1925 To Cash…
Q: n October 1, 2021, FDN Company paid an insurance premium covering the period from October 1, 2021 to…
A: Solution Given insurance premium paid on October 1, 2021 Period covering October 1,…
Q: Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500…
A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…
Q: On January 17th 2021, Muscat Company Paid OMR .5,000 for a one-year insurance policy :The Journal…
A: Prepaid expenses represent expenditure that have not yet been recorded by a company as an expense,…
Q: Prepare the adjusting entries for the following independent cases on December 31, 2021, unless the…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Splish Brothers Inc. has the following balances in selected accounts on December 31, 2019. Accounts…
A: Adjusting entries includes the adjustments for the Accrued expenses, revenue and prepaid expenses,…
Q: Journalize the entry on July 1 and the adjusting entry on December 31 for Sheridan Company. Sheridan…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The Adjusted trial balance of Stowe Company at December 31, 2019, includes the following accounts:…
A: Meaning of Income Statement An income statement is a financial statement that shows you the…
Q: On January 1, 2019, Adams Company had a balance in prepaid insurance of $8,000. On December 31, 2019…
A: Formula: Ending balance of prepaid insurance = Beginning balance of prepaid insurance + Cash paid…
Q: llowing transactions occurred for the Microchip Company. October 1, 2021, Microchip lent $98,000 to…
A: The procedure of entering commercial transactions for the first time in the books of accounts is…
Q: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…
A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…
Q: An entity received cash of P24,000 on August 1 for one-year's rent in advance and recorded the…
A:
Q: The December 31,2020 Adjusting entry is
A: Answer: A. Debit - Unearned rent Credit - Rent Revenue for P30,400
Q: 1. 2019, Shemeld Corp. pays $20,700 to Kaiter Insurance Co. for a 3-year insurance contract. Both…
A: Working note: Prepaid insurance : $20700/3 = $6900 Prepaid insurance for 6 months $6900 x 6/12 =…
Q: Renfro Company purchased a 12-month insurance policy on March 1, 2022 for $1,800. At March 31, 2022,…
A: At the time of recording prepaid insurance, Prepaid insurance should be recorded. At the period end…
Q: Paid 1/1/20 Coverage period 1/1/20—12/31/20 $3,500 Fire, storm, and other casualty insurance:…
A: Accounting refers to the process of documenting all the financial transactions of a company in its…
Q: If a company makes a journal entry that records a debit to "Rent Expense," that journal entry also…
A: Rent expense refers to the rent for any building space or space taken by the company. Journal entry…
Q: On November 1, Duane paid $12,000 in advance for a year's rent. The November 30 adjusting entry for…
A: Payment made in advance for rent is known as prepaid rent. It means expenses needs to be incurred in…
Q: Craig Ferguson Company has the following balances in selected accounts on December 31, 2019:…
A: Interest expense=Note×Rate×512=$20,000×12%×512=$1,000
Q: On October 1, 2019, a company paid $9,000 rent in advance. The rent per month is $1,000. Assuming…
A: Given, Prepaid rent = $9,000 Rent per month = $1,000
Q: c. On September 1, 2019, North Dakota Manufacturing paid a premium of $13,560 in cash for a one-year…
A: Adjusting entries are usually done the year-end in order to ensure that all the expenses and the…
Q: On October 1, 2021 Adam Realty collected P28,000 from a tenant representing an advance collection…
A: The rent is collected in advance for one full year but the rental income would only be recognized…
Q: The following transaction occurred during Dec 31, 2021 for the Microchip Company. On November 1,…
A: Provide the journal entry.
Q: On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance…
A: From July 1 to Dec 31: 6 months Out of 36 months of insurance, the amount for 6 months has been…
Q: On December 1, 2018, Davenport Company sold merchandise to a customer for $20,000. In payment for…
A: Compute the interest income for 2018.
Q: On October 1, 2020 the company borrows $20,000 from a local bank and signs a note. Principal and…
A:
Q: Smokey Company purchases a one-year insurance policy on July 1 for $12,228. The adjusting entry on…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: DEXTER Company received a check for $18,000 on July 1, 2019 which represents a 6 month advance…
A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…
Q: During the course of your examination of the financial statements of the Hales Corporation for the…
A: Net Income: The net income refers to that part of income on which the profit of the company is…
Q: On October 1, 2019, Muscat Company borrowed OMR 8,000 cash by signing a note payable due in one year…
A: We have the following information: Borrowed OMR 8,000 on October 1, 2019 Note payable is signed…
Q: which one is right. Insurance of $3,600 was paid on June 1, 2019 for sighteen months. The journal…
A: Expenses which are paid in advance for future period of time are known as Prepaid Expenses. These…
Q: OJO Company obtained a loan from a Rural Bank for P420,000 on November 16, 2020. On the same date,…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: On November 1, 2019, C Laguna Company paid P36,000 to renew its insurance policy for 3 years. On…
A: Solution: Required balance in prepaid insurance on Dec 31, 2019 = P36,000 * 34/36 = P34,000
Q: For the following indenendent cases, in the space provided, calculate the amount of revenue that…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: On November 1, 2021, Aviation Training Corp. borrows $54,000 cash from Community Savings and Loan.…
A: Interest accrued on december 31= Face value of note x rate of interest x no. of months / 12 = $54000…
Q: Under Edelbert company’s accounting system, all insurance premiums paid are debited to prepaid…
A: Prepaid insurance are in the nature of Current Assets which are adjusted against insurance expenses…
Q: Sheffield Corp. received a check for $19080 on July 1, which represents a 6-month advance payment of…
A: Unearned rent revenue is the amount which represents the advance money received for the services or…
Q: On October 1, 2021, ABC Company paid an insurance premium covering the period from October 1, 2021…
A: Insurance expense per month = Total amount paid / Total period of service Prepaid Insurance Expense…
Q: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…
A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…
Q: A landlord received $5,000 cash for December 2019's rent, but the tenant's rent for December is…
A: The revenue and expenses are ro be recorded as and when they are incurred irrespective of their cash…
Q: The following transactions occurred during December 31, 2021, for the Microchip Company. On…
A: Interest=$90,000×8%×312=$1,800
Q: On May 1, 2019, a two-year insurance policy was purchased for P24,000 with coverage effective…
A: Insurance is a protection against risk in which one party agrees to protect othe other in return of…
Q: On February 14, 2019, Prime Company sold 50 air conditioning units. The sale price for each unit is…
A: Sales Price-: The price that is reimbursed by the customer at the time when something is purchased…
Q: On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one: a.…
A: Prepaid rent is a rent which is paid in advance before the expiry of utilisation of asset for the…
During December 2019 Johnson Realty paid an insurance premiums, $6,000. Journalize the transaction using the rules of debit and credit.
Step by step
Solved in 2 steps
- Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $45,000 with term 2/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable. 1. Compute the following items assuming (a) an interest-bearing note at 12%, (b) a non-interest-bearing note discounted at 12%: a. cash received b. effective interest rate c. interest expense for 2019 2. Prepare the journal entries for Edwin under each case for 2019 and 2020. 3. Next Level Why is the effective rate higher for the non-interest-bearing note?On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800. This amount represented funds borrowed on a six-month, 9 percent note from the firm’s bank on December 1.Record the journal entry for interest expense on this note that should be recorded on the firm’s worksheet for the year ended December 31, 2019. Journal entry worksheet Record the adjustment for interest. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019
- Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.C. Interest from Notes Receivable.On September 31, 2021, Mr. Dela Cerna, engaged in warehouse spaces, received a P 250,000, 6%, 2-year note from a customer. LBy the year end Dec 31, 2021, provide Adjusting Entry to record the accrued interest. (Round off your answers to whole numbers)
- Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of £100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2019, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2019. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc.?On September 1, 2021, Allied Moving Corp. borrows $110,000 cash from First National Bank. Allied signs a six-month, 5% note payable. Interest is payable at maturity. Allied's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Allied Moving Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to nearest dollar amount.) View transaction list Journal entry worksheet < 1. 2 Record the issuance of notes payable. Date Sep 01, 2021 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general jourA company makes the payment of a one-year insurance premium of $4,584 on March 1, 2019. c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy.
- Using the box below, prepare Journal entries for the following transactions: 1 On 9/1/17, AFSPA received an invoice of $36,000 for the annual insurance renewal 2 On 9/15/17, cheek is written for # 1 above 3 10/1/17, the monthly amount is expensed for #1 above 4 On 1/4/18, AFSPA received an invoice from Staples in the amount of S3200 5 On 3/5/18 member pays their quarterly dental insurance premium (this is revenue to AFSPA) in the amount of S300 6 On 3/10/18 the check bounces from # 5 above 7 Record the revenue for April #5 above Date DR Account name Cr Account name Dr Cr GL. description (25 characters)a. On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of $13,500. This balance represented a three-month, 10 percent note issued on November 1. Journal entry worksheet Record the adjustment for interest. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019Do a journal entry to account for insurance expense incurred in the month of December. Date the journal entry for December 31, 2019. If the insurance was paid on december 10 in the amount of $636 and runs through May 31st. How do I record this in Journal entry?