The ledger of Sandhill Rental Agency on March 31 of the current year includes the following selected accounts, before adjusting entries have been prepared. ...Prepare the adjusting entries at March 31, assuming that adjusting ent

Fifteen transactions or events affecting Westmar, Inc., are as follows:a. Made a year-end adjusting entry to accrue interest on a note payable that has the interest ratestated separately from the principal amount.b. A liability classified for several years as long-term becomes due within the next 12 months. c. Recorded the regular weekly payroll, including payroll taxes, amounts withheld from employ-ees, and the issuance of paychecks. d. Earned an amount previously recorded as unearned revenue.e. Made arrangements to extend a bank loan due in 60 days for another 36 months.f. Made a monthly payment on a fully amortizing installment note payable. (Assume this note isclassified as a current liability.)g. Called bonds payable due in 10 years at a price below the carrying value of the liability in theaccounting records.h. Issued bonds payable at 101 on January 31, 2011. The bonds pay interest on January 31 andJuly 31.i. Recorded July 31, 2011, interest expense and made semiannual interest…

Show Attempt History Current Attempt in Progress M On July 1, 2022, Sheridan Company pays $18,500 to Wildhorse Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (51)

Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $13,651 and unexpired insurance of $4,889, for the fiscal year ending on April 30?

Adjusting entries for prepaid insurance   Instructions Chart of Accounts Journal       Instructions     The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,135. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $15,480; (b) the amount of unexpired insurance applicable to future periods is $2,655. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.       Chart of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17…

For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) On September 1, paid rent on the track facility for three months, $210,000.   (b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $900,000.   (c) On September 1, borrowed $350,000 from First National Bank by issuing a 9% note payable due in three months.   (d) On September 5, programs for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,600.   (e) The accountant for the concessions…

Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts.

Reviewing insurance policies revealed that a single policy was purchased on October 1st, for one year's coverage, in the amount of $1,200. There was no previous balance in the prepaid insurance account at that time. Based on the information provided: Make the December 31st adjusting journal entry to bring the balance to correct   Insurance Expense?- Prepaid Insurance?- What is the remaining balance for the prepaid insurance on December 31st?

On July 1, 2020, Wilson Co. pays $16,140 to Anderson Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Anderson Insurance Co. Anderson uses the accounts Unearned Service Revenue and Service Revenue.

The prepaid insurance account had a balance of $5,300 at the beginning of the year. The account was debited for $5,900 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: If an amount box does not require an entry, leave it blank. Question Content Area a.  The amount of unexpired insurance applicable to future periods is $1,000. blank   Insurance Expense Insurance Expense     Prepaid Insurance-- answer  Prepaid Insurance-- answer another question Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow:   Debits Credits Accounts Receivable $73,830       Equipment 114,000       Accumulated Depreciation - Equipment     $11,370   Prepaid Rent 9,300       Supplies 2,210       Wages Payable     _   Unearned Fees     10,190   Fees Earned     431,170   Wages Expense…