Although entries have been recorded all year, adjusting entries have not been recorded since December 31, 2019 when the financial statements were last prepared. Refer to the Worksheet (5) tab for unadjusted account balance information as of December 31, 2020. Use the following information to prepare the adjusting entries for Rochester Enterprise on the tab Adjusting Journal Entries (3). Journalize your entries in the order presented on this worksheet. Use the letters a - j in the date column. You will also complete the remaining tabs (4) - (9) in the workbook. On December 1, 2020, Rochester Enterprise had signed and recorded a 5.4% bank loan (refer to the tab Worksheet (5) for the amount) due in 3 years. This is the only outstanding note payable. a. b. Prepaid insurance (see the Worksheet) represents a 6-month insurance policy purchased on December 1, 2020. On November 1, 2020, Rochester Enterprise had paid and recorded $30,000 for a 6-month lease for office space. c. d. Unearned revenue (see the Worksheet) represents a 12-month contract for consulting services that will be performed monthly. The payment from the customer was received and recorded on December 1, 2020. A physical count revealed that supplies on hand at the end of the month total $2,500. е. f. Equipment is depreciated on a straight-line basis; residual value is estimated to be $25,000 with an estimated service life of 5 years. The assets were held the entire year. g. On December 1, Rochester Enterprise accepted from Greene Supplies a 7-month note receivable at a 4.7% annual interest rate. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The aging schedule of accounts receivable must be completed to determine management's desired balance for 2020. See tab Aging Analysis (4). h. i. Accrued wages totaling $70,000 were unpaid and unrecorded at December 31, 2020. j. Utility costs incurred but unrecorded for the month of December were estimated to be $7,000.

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What is Disney's Average Collection Period for the year ending 9/30/2019 using Yahoo finance data? Use this information for accounts receivable: 2018 accounts receivable 8,275,000 2019 accounts receivable 12,882,000 28.6 years 29.1 years 34.1 days 54.7 days

Record the following transactions for Sheridan Company in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) .2020 May 1 Dec. 31 Dec. 31 2021 May Received a $27,450, 12-months, 8% note in exchange for Mark Chamber's outstanding accounts receivable. Date Accrued interest on the Chamber note. Closed the interest revenue account. 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) V > Account Titles and Explanation (To record accrued interest on note.) (To close the interest revenue account.) Debit Credit I

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Tutorial Exercise Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Annual Finance Purchases Payments and Credits New Balance Previous Percentage Rate (APR) Charge (in $) and Cash Balance Rate Advances (in $) (as a %) $1,022.61 1.5% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Balance Previous Percentage Rate (APR) Charge (in $) and Credits Balance Rate (as a %) (in $) $1,022.61 1.5% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. APR monthly periodic rate = 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate x 12 The…

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adjusted trail balance is available as well as the required information, please record the closure entry of revenue accounts, as well as record the closure entry of expenssses acounts.  Thank you.