In the opace under each description, provide the necessary journal entry(s) in the proper form for the transaction or time period indicated, The company's year-end was December 31, 2019 and all appropriate journal entries were made at that time. The company closes their books on the monthly basis. 1. On January 1, 2020, the company purchased a piece of equipment costing $56,000, paying $8,000 in cash and financing the remainder at 4%. Principal and interest are both due on June 1, 2020. 2. What journal entry would be made on January 31, 2020, with regard to the above transaction? 3. On December 1, 2019, the company paid $7,800 cash for an annual insurance premium. At the time, they debited insurance expense. What entry should be made on January 31, 2020, when they discover the error?

In the opace under each description, provide the necessary journal entry(s) in the proper form for the transaction or time period indicated, The company's year-end was December 31, 2019 and all appropriate journal entries were made at that time. The company closes their books on the monthly basis. 1. On January 1, 2020, the company purchased a piece of equipment costing $56,000, paying $8,000 in cash and financing the remainder at 4%. Principal and interest are both due on June 1, 2020. 2. What journal entry would be made on January 31, 2020, with regard to the above transaction? 3. On December 1, 2019, the company paid $7,800 cash for an annual insurance premium. At the time, they debited insurance expense. What entry should be made on January 31, 2020, when they discover the error?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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