Homework Answers
1)
a)Unearned subscription has been earned for 10 months (1Mar -1Dec ) = 10* 1000 = 10000
Ending balance as on December 31 for
Unearned subscription = 23000-10000 = 13000
Subscription sales = 1000+10000 = 11000
b)
| Unearned subscription sales | |||
| 31 Dec | 10000 | Feb 1 | 23000 |
| Balance ,Dec 31 | 13000 | ||
| Subscription sales | |||
| 1 Feb | 1000 | ||
| 1Mar-1Dec | 10000 | ||
| Balance ,Dec 31 | 11000 | ||
c)
| Date | Account title | Debit | credit |
| Dec 31 | Unearned subscription sales | 10000 | |
| subscription sales | 10000 |
2)
a)out of 24 months or 2 years ,subscription sales of 11 months (Feb -Dec )has been earned and should be recognized as revenue and rest is still unearned
Ending balance as on December 31 for
Subscription sales = 11000
Unearned subscription = 24000-11000 = 13000
b)
| Subscription sales | |||
| Unearned subscription (adj) | 13000 | 1 Feb | 24000 |
| Balance ,Dec 31 | 11000 | ||
\
| Unearned subscription sales | |||
| Subscription sales (Adj) | 13000 | ||
| Balance ,Dec 31 | 13000 | ||
c)
| Date | Account title | Debit | credit |
| Dec 31 | subscription sales | 13000 | |
| Unearned subscription sales | 13000 |
3)
Unearned subscription has been earned for 11 months (1Feb -31Dec ) = 11* 1000 = 11000
Ending balance as on December 31 for
Unearned subscription = 24000-11000 = 13000
Subscription sales =11000
b)
| Unearned subscription sales | |||
| Adj | 11000 | Feb 1 | 24000 |
| Balance ,Dec 31 | 13000 | ||
| Subscription sales | |||
| Adj | 11000 | ||
| Balance ,Dec 31 | 11000 | ||
c)
| Date | Account title | Debit | credit |
| Dec 31 | Unearned subscription sales | 11000 | |
| subscription sales | 11000 |
Add Answer to:
stuck on adjusted entrys! pls help!
4-10. Deferrals. 1. Style Corporation is a magavine publisher. On...
There are three pages to this. I have first page done and stuck on last two!...
There are three pages to this. I have first page done and stuck on
last two! Thank you!
4-9. Prepayments 1. Ajax Corporation leased a building for one year on April 1 for $18,000. The company paid for the entire year on April 1. Ajax's bookkeeper made the following entry on April Cr. Rent expense Prepaid rent Dr. 1,500 16,500 Cash 18,000 Assume it is now December 31. Ajax has not made any adjusting entries before December 31. Required: a....
2. Assume the same facts as in (1) above, except the bookkeeper made the following entry...
2. Assume the same facts as in (1) above, except the bookkeeper made the following entry on April 1: Dr. 18,000 Rent expense Cash 18,000 The bookkeeper did not make any adjusting entries related to this amount before December 31. Required: a. Calculate the adjusted ending balance in the Prepaid Rent account and the Rent Expense account at December 31. 18.000 X 13.500 b. Prepare t-accounts showing the April 1 transaction, the adjustment to be made at December 31, and...
On August 1, 2009, a magazine publisher receives $24 cash for a year s subscription ending...
On August 1, 2009, a magazine publisher receives $24 cash for a year s subscription ending July 31, 2010. This transaction was originally recorded with a credit to Subscription Revenue. The adjusting entry on December 31, 2009, would be: Debit to Unearned Revenue, credit to Subscription Revenue for $14. Debit to Subscription Revenue, credit to Unearned Revenue for $14. Debit to Subscription Revenue, credit to Unearned Revenue for $10. Debit to Unearned Revenue, credit to Subscription Revenue for $10.
CSUSB Publications publishes a volleyball magazine for women The magazine sells for $4.00 a copy on...
CSUSB Publications publishes a volleyball magazine for women The magazine sells for $4.00 a copy on the newsstand Yearly subscriptions to the magazine cost $36 per year (12 issues) During December 2017, CSUSB Publications sells 4,000 copies of the volleyball magazine at newsstands and receives payment for 6,000 statements are prepared monthly Q1: Prepare the December 2017 journal entries to record the newsstand sales and subscriptions received subscriptions for 2018. Financial (Newsstand transaction) Dr. Cash Cr. n Transaction) Dr. Cash...
5. Company C has two office employees who earn $100 a day each and are paid...
5. Company C has two office employees who earn $100 a day each and are paid on Friday for a five-day workweek that begins on Monday. If December 31 fell on Tuesday, and the two employees worked both on Monday and on Tuesday, what is the amount of accrued salary expense at December 31 for the two employees? A. 200 B. 300 C. 600 D. 400 E. None of the above 6. For Company D, the balance in office supplies...
At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of...
At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wage Expense of $24,000. Employees have been paid for work done up to December 27, but the $1,300 they have earned for December 28-31 has not yet been paid or recorded. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the...
a. On December 31, 2019, the Notes Receivable account at P. Davis Materials Corporation had a...
a. On December 31, 2019, the Notes Receivable account at P. Davis Materials Corporation had a balance of $15,500, which represented a six-month, 12 percent note received from a customer on October 1 b. During the week'ended June 7, 2019, McCormick Media received $39,000 from customers for subscriptions to its magazine Modern Business On December 31, 2019, an analysis of the Unearned Subscription Revenue account showed that half of the subscriptions were earned in 2019. c. On November 1, 2019,...
please help with both thank you! At December 31, the unadjusted trial balance of H&R Tacks...
please help with both thank you!
At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $9.500 and Supplies Expense of $0. On December 31 supplies costing $7.950 are on hand. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2...
please answer s3-9 and s3-10 TT DUUR Value on May 31? S3-9 Journalizing and posting an...
please answer s3-9 and s3-10
TT DUUR Value on May 31? S3-9 Journalizing and posting an adjusting entry for unearned revenue Southern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Learning Learnir Requirements 1. Record the journal entry to record the original receipt of $150,000 cash. 2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance. 3. Using T-accounts,...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020 SO Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr. - Equip. Accounts Payable Interest Payable Note Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense BEERBO ADVERTISING Trial Balance December...
There are three pages to this. I have first page done and stuck on
last two! Thank you!
4-9. Prepayments 1. Ajax Corporation leased a building for one year on April 1 for $18,000. The company paid for the entire year on April 1. Ajax's bookkeeper made the following entry on April Cr. Rent expense Prepaid rent Dr. 1,500 16,500 Cash 18,000 Assume it is now December 31. Ajax has not made any adjusting entries before December 31. Required: a....
2. Assume the same facts as in (1) above, except the bookkeeper made the following entry on April 1: Dr. 18,000 Rent expense Cash 18,000 The bookkeeper did not make any adjusting entries related to this amount before December 31. Required: a. Calculate the adjusted ending balance in the Prepaid Rent account and the Rent Expense account at December 31. 18.000 X 13.500 b. Prepare t-accounts showing the April 1 transaction, the adjustment to be made at December 31, and...
CSUSB Publications publishes a volleyball magazine for women The magazine sells for $4.00 a copy on the newsstand Yearly subscriptions to the magazine cost $36 per year (12 issues) During December 2017, CSUSB Publications sells 4,000 copies of the volleyball magazine at newsstands and receives payment for 6,000 statements are prepared monthly Q1: Prepare the December 2017 journal entries to record the newsstand sales and subscriptions received subscriptions for 2018. Financial (Newsstand transaction) Dr. Cash Cr. n Transaction) Dr. Cash...
At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wage Expense of $24,000. Employees have been paid for work done up to December 27, but the $1,300 they have earned for December 28-31 has not yet been paid or recorded. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the...
a. On December 31, 2019, the Notes Receivable account at P. Davis Materials Corporation had a balance of $15,500, which represented a six-month, 12 percent note received from a customer on October 1 b. During the week'ended June 7, 2019, McCormick Media received $39,000 from customers for subscriptions to its magazine Modern Business On December 31, 2019, an analysis of the Unearned Subscription Revenue account showed that half of the subscriptions were earned in 2019. c. On November 1, 2019,...
please help with both thank you!
At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $9.500 and Supplies Expense of $0. On December 31 supplies costing $7.950 are on hand. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2...
please answer s3-9 and s3-10
TT DUUR Value on May 31? S3-9 Journalizing and posting an adjusting entry for unearned revenue Southern Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Learning Learnir Requirements 1. Record the journal entry to record the original receipt of $150,000 cash. 2. Record the adjusting entry that Southern Magazine makes to record earning $9,000 in subscription revenue that was collected in advance. 3. Using T-accounts,...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020 SO Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr. - Equip. Accounts Payable Interest Payable Note Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense BEERBO ADVERTISING Trial Balance December...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago