FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare the journal entries, with appropriate
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- The Des Moines Gazette received newspaper subscriptions in December 2020 for 2021 from customers, who paid $500 in advance. What would be the appropriate journal entry for this event in December 2020?arrow_forwardWrite a brief report about the accruals and deferrals of Amazon’s 2018 annual report.arrow_forwardon november 30, 2019, jenkins company loaned M.Lee $4,000 for one year at an annual interest rate 4%. prepare the entry that Jenkins company will make on November 30, 2019.arrow_forward
- Adjusting journal entry for: On November 1st, 2018, FTS purchased a certificate of deposit from First National Bank for $25,000. The deposit earns interest of 2.0% annually and has a maturity end date of 11/1/2020. Interest earned is received annually on November 1st of each year.arrow_forwardkaran subject-Accountingarrow_forwardAllen Incorporated took out a one-year, 8%, $100,000 loan on March 31, 2024. Interest is due upon maturity of the loan. What adjusting entry, if any, should Alle Incorporated record on December 31, 2024?arrow_forward
- Schultz Company prepares interim financial statements at the end of each quarter. The income statement presented at the end of the first quarter of 2019 is as follows: 1. Prepare a 10-column worksheet to develop the Schultz financial statements for the first 6 months of 2019. (Refer to Chapter 3 for a worksheet illustration, if necessary.) 2. Prepare the income statement for (a)the first 6 months of 2019 and ( b) the second quarter of 2019. 3. Prepare a retained earnings statement for the first 6 months of 2019. 4. Prepare the June 30, 2019, balance sheet.arrow_forwardAdjusting entry: On 1 December 2019, Count-On-Us Pty Ltd invested $50,000 in a term deposit at Commonwealth Bank. Interest is received after one year and the interest rate is 6% p.a. Instructions: Record the adjusting entry for the year ending 30 June 2020 by selecting the correct accounts and amounts that are debited and credited.arrow_forwardIncluded in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts Payable $243,100, Pension Liability $378,400, Discount on Bonds Payable $34,200, Unearned Rent Revenue $50,800, Bonds Payable $406,100, Salaries and Wages Payable $28,700, Interest Payable $13,060, and Income Taxes Payable $37,400.Prepare the long-term liabilities section of the balance sheet.arrow_forward
- Prepare all necessary journal entries for 2024.arrow_forwardRequired Information [The following information applies to the questions displayed below.] Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $45 in advance for a one-year subscription. During the month of August 2019, Evans Ltd. sold 180 one-year subscriptions and received payments in advance from all new subscribers. Only 72 of the new subscribers paid their fees in time to receive the August newsletter; the other subscriptions began with the September newsletter. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) Required: a-1. Use the horizontal model to record the effects of subscription fees received in advance during August 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.) Assets Balance Sheet Assets Liabilities a-2. Use the horizontal model to record the effects of subscription revenue earned during August 2019.…arrow_forwardPrepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000arrow_forward
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