Journalize the adjusting entry needed at December​31,2020​, for each situation. Consider each fact separately. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.) a. The business has interest expense of

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During the last week of 2020, Grandma’s House Inc. received a $96,000 prepayment for 2021 rent of a building from one of its tenants, Red-Riding-Hood. Grandma’s House recorded the receipt as rent revenue. The error was discovered midway through 2021. What journal entry should Grandma’s House record in 2021 to correct the error? Group of answer choices dr. Rent Expense $48,000; cr. Revenue $48,000. dr. Deferred Revenue $96,000; cr. Revenue $96,000. dr. Retained earnings $96,000; cr. Revenue $96,000. None of the options listed. dr. Retained earnings $96,000; cr. Deferred revenue $48,000; cr. Revenue $48,000.

Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…

The following information relates to the Muscat Company at the end of 2019. The .accounting period is the calendar year On July 1, 2019, cash of OMR 48,000 was received from customers for a 36-month service period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Service Revenue. OMR 8,000 was earned on December 31; the company should make the following :adjusting entry اخترأحد الخيارات a. None of the answers are correct b. DEBIT Cash OMR 8,000 and CREDIT Service Revenue OMR 8,000 c. DEBIT Cash OMR 8,000 and CREDIT Unearned Service Revenue OMR 8,000 d. DEBIT Cash OMR 48,000 and CREDIT Service Revenue OMR 48,000 e. DEBIT Unearned Service Revenue OMR 8,000 and CREDIT Service Revenue OMR 8,000

On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1)     For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date                                                                       July 1Dec. 31 enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount choose a transaction date                                                                       July 1Dec. 31 enter an account title enter a…

Prepare the adjusting entries for the following situations:A. The supplies account balance on December 31, 2021 is $1,475. Actual supplies on hadat the end of the year was 350. Prepare the adjusting entry.B. Depreciation for the year is $7,200. Please prepare the adjusting entry.C. Fees earned but not yet billed totaled $23,750.D. Wages accrued but not paid at year end was $15,680.E. Unearned revenue had a balance of $6,900, at the end of the year you have earned$4,300. Please make the adjusting entry. 2. After the accounts have been adjusted at January 31, the end of the year, the followingbalances are taken from the ledger of Harrison's Dog Walking Service Company: Harrison Taylor, Capital $349,000Harrison Taylor, Drawing 6,000Fees Earned 124,600Wages Expense 29,000Rent Expense 43,000Supplies Expense 7,300Miscellaneous Expense 5,700

1. What is the net overstatement/(understatement) of KnK for the year ended December31, 2022? 2. What adjusting entry is necessary to correct KnK’s financial statements for the yearended Dec 31, 2022 ?

BUSINESS • ACCOUNTING Some transactions that don't increase or decrease cash must be reported inconjunction with a statement of cash flows. What activity of this type did Targetreport during each of the three years presented? What are two other such activitiesthat some companies might report?

Charles Whyte commenced business on May 1 2019, making up his accounts to September 30 annually. The statement of the Profit or Loss Account for the first 17 months ended September 30,2020 is as follows: Gross Profit Less: Repairs and maintenance. Local transport and travelling Salaries and wages Provision for bad debts Preliminary expenses Depreciation Bank interest and charges Legal and professional charges General expenses (Allowable) Clearing expense on motor vehicle Bad debt Amounts written off Loan to absconded employee (ii) (iii) (iv) (1) You are also given the following additional information. Bad debt £ (v) £'000 30/10/2018 1/1/2019 1/5/2019 1,500 2,450 6,500 1,350 960 1,630 1,520 1,380 1,870 685 2,800 Building Motor Vehicle Furniture and fittings Legal and professional charges were: Salaries and wages: The following qualifying capital expenditures were acquired on: Fines for contravention of the law Legal expenses for tax appeal Audit and accountancy charges £'000 19,300…