Homework Answers
Journal Entries:
| 1) | ||
| Accounts Titles ans Explanation | Debit | Credit |
| Cash ($420,000*6/12 months) | $210,000 | |
| Unearned Revenue | $210,000 | |
| (To record the receipt of 6 month's rent revenue in advance) | ||
| 2) | ||
| Accounts Titles ans Explanation | Debit | Credit |
| Unearned Revenue ($420,000*1/12 months) | $35,000 | |
| Rent Revenue | $35,000 | |
| (To record the recognition of one month rent revenue) |
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please do question 3 Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a...
please do question 3
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Create General Journal Entries for the following entries. Here is what it should look like in Ex...
Create General Journal Entries for the following entries.
Here is what it should look like in Excel (as an example):
As for the previous month's entries, here they are with the
General Journal I made.
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Create General Journal Entries for the following entries. Here is what it should look like in Ex...
Create General Journal Entries for the following entries.
Here is what it should look like in Excel (as an example):
As for the previous month's entries, here they are with the
General Journal I made.
BEACON LUMBER, MONTH OF DECEMBER Dec Beacon purchases a general liability insurance policy for $1,200, paying cash. The term of the policy is one year, from Dec 1, 2009 through Nov 30, 2010. Dec Beacon purchases a forklift for S10,000, paying half in cash and...
Brief Exercise 8-52 Unearned Sales Revenue Curtis's Carpet Cleaning normally charges $90 to clean one room of carpeting. During the holiday season, Curtis offers a promotion to clean the customer's carpet 10 times at a discounted rate if the customer pays $600 in advance. Required: 1. Make the journal entry to record the customer's prepayment of $600. (Record sale) 2. Make the journal entry to record Curtis's cleaning of the carpet one time. (Record recognition of sales revenue)
Cornerstone Exercise 8-29 (Algorithmic) Unearned Sales Revenue Trademark Lawn Services offers a promotion where they will mow a customer's lawn 15 times if the customer pays $570 in advance. Required: 1. Make the journal entry to record the customers' prepayment of $570. (Record payment received for services not yet performed) 2. Make the journal entry to record Trademark's mowing of the lawn one time. Round your answers to nearest whole number (Record revenue) Check My Work 1 more Check My...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties pald $10,560 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of ti prepayment was debited to prepaid insurance. b. On May 1, Greensboro Properties received $35,640 for 1 year's rent from...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
Create General Journal Entries for the following entries.
Here is what it should look like in Excel (as an example):
As for the previous month's entries, here they are with the
General Journal I made.
BEACON LUMBER, MONTH OF DECEMBER Dec Beacon purchases a general liability insurance policy for $1,200, paying cash. The term of the policy is one year, from Dec 1, 2009 through Nov 30, 2010. Dec Beacon purchases a forklift for S10,000, paying half in cash and...
Create General Journal Entries for the following entries.
Here is what it should look like in Excel (as an example):
As for the previous month's entries, here they are with the
General Journal I made.
BEACON LUMBER, MONTH OF DECEMBER Dec Beacon purchases a general liability insurance policy for $1,200, paying cash. The term of the policy is one year, from Dec 1, 2009 through Nov 30, 2010. Dec Beacon purchases a forklift for S10,000, paying half in cash and...
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