XYZ Company records its adjusting entries at the end of every month. The following accounts were taken from XYZ Company's adjusted trial balance at January 31, 2029: Prepaid Insurance $7,280 Insurance Expense $ 520 The prepaid insurance shown above relates to a policy that, when purchased, was a 3-year policy. Assume XYZ Company has a year-end of December 31. Calculate the number of months of the insurance policy that have expired (i.e., been used up).

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On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers 10% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)  A. Interest Revenue 1,050     Interest Receivable   1,050 B. Interest Receivable 2,400     Interest Revenue   2,400 C. Interest Receivable 1,050     Interest Revenue   1,050 D. Interest Receivable 1,000     Interest Revenue   1,000

On January 1, Luther Co. issued a $1,000,000, 5 year, 8% installment note payable with payments of $200,000 principal plus interest due on January 1 of each year for the next 5 years.  Prepare the adjusting journal entry at December 31 to accrue interest for the year (you can attach Excel or Word rather than typing in answer box).

At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due = $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)