Metlock, Inc. purchased an 18-month insurance policy on May 31, 2022 for $10080. The December 31, 2022 balance sheet would report Prepaid Insurance of: O $6160. O $3920. O $10080. O $0 because Prepaid Insurance is reported on the Income Statement.

Midshipmen Company borrows $18,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2025.  Required:   1.&2. Record the necessary entries in the Journal Entry Worksheet below for Midshipmen Company. 3. Calculate the 2024 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0).

Smith Electic (SE) owed Estimated Warranty Payable of $1,100 at the end of 2023. During 2024, SE made sales of $100,000 and expects product warranties to cost the company 5% of the sales. During 2024, SE paid $2,600 for warranties. What is SE's Estimated Warranty Payable at the end of 2024? OA. $2,600 OB. $5,000 O C. $6,100 OD. $3,500

On October 1, 2023 PT. Leci borrowed $500,000 from Pineapple Bank by signing a 10-month, 6% note. If on December 31 PT. Leci makes adjusting entries, then on August 1, 2024 what is the amount of interest expense recorded by PT. Lychee when paying off the notes? a. 17.500 b. 21 000 c. 9.000 d. 30.000 e. 7.500

PART - E Toner Limited (“Toner") borrows $180,000 on 1 July 2020 from Lighthouse Bank and signs a $180,000, 5%, 1-year promissory note. Assuming yearly accounting periods and a financial year end balance date of 31 December. Required: (i) Prepare the general journal entries to record the issuance of the promissory note. (ii) Prepare the general journal entries to record the adjusting journal entries as at 31 December 2020. (iii) Prepare the general journal entries to record the repayment on 1 July of 2021.

27 On June 1, 2022, Iconic Properties obtained a loan in the amount of $120,000 with an interest rate of 12%.  All interest and principal are due May 31, 2023.  How much interest expense will be reported on the 2022 and 2023 income statement?  What is the total liability, if any, on the balance sheet as of December 31, 2022?

On 1/4/2021, Europa Insurance Limited entered into an insurance contract with a customer who paid the annual premium of $300,000 on that date. State, to the nearest whole dollar, the amount Europa Insurance Ltd would report as a liability at 30 June 2021.

On, November 1, 2025, Ashton, Inc. purchased merchandise inventory for $38,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 9%. The journal entry to record the accrued interest expense on December, 31, 2025 would be: