Homework Answers
| Adjusting Entries | ||||||||
| Tr | General Journal | Debit | Credit | |||||
| 1) | Insurance expense | 7750 | ||||||
| prepaid insurance | 7,750 | |||||||
| (31000/12)*3 | ||||||||
| 2) | interest receivable | 1015 | ||||||
| interest income | 1,015 | |||||||
| (29,000*7%*6/12) | ||||||||
| 3) | Depreciation expense | 15,800 | ||||||
| Accumulated depreciation-Equipment | 15,800 | |||||||
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please complete journal entries
A company has a fiscal year-end of December 31: (1) on October...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid for a one-year fire insurance policy. (2) on June 30 the company advanced its chief financial officer $18.000 principal and interest at 8% on the note are due in one year, and (3) equipment costing $68,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $13,600 per year Prepare the necessary adjusting entries at December 31 for each...
A company has a fiscal year-end of December 31: (1) on October 1, $15,000 was paid...
A company has a fiscal year-end of December 31: (1) on October 1, $15,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $13,000; principal and interest at 7% on the note are due in one year; and (3) equipment costing $63,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $12,600 per year. Prepare the necessary adjusting entries at December 31 for each...
A company has a fiscal year-end of December 31: (1) on October 1, $22,000 was paid...
A company has a fiscal year-end of December 31: (1) on October 1, $22,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $20,000: principal and interest at 6% on the note are due in one year; and (3) equipment costing $70,000 was purchased at the beginning of the year for cash. Prepare Journal entries for each of the above transactions. (If no entry is required for a transaction/event, select...
3 A company has a fiscal year-end of December 31: (1) on October 1, $26,000 was...
3 A company has a fiscal year-end of December 31: (1) on October 1, $26,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $24,000; principal and interest at 6% on the note are due in one year, and (3) equipment costing $74,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,800 per year. Prepare the necessary adjusting entries at December 31 for...
A company has a fiscal year-end of December 31: (1) on October 1, $31,000 was paid...
A company has a fiscal year-end of December 31: (1) on October 1, $31,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $29,000: principal and interest at 7% on the note are due in one year, and (3) equipment costing $79,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $15,800 per year. If the adjusting entries were not recorded, would net income...
i need hell with entry 2. also can you please check if entry 1 and 3...
i need hell with entry 2. also can you please check if entry 1
and 3 are correct?
A company has a fiscal year-end of December 31: (1) on October 1, $29,000 was paid for a one-year fire insurance policy, (2) on June 30 the company advanced its chief financial officer $27,000; principal and interest at 5% on the note are due in one year, and (3) equipment costing $77,000 was purchased at the beginning of the year for cash....
A company has a fiscal year-end of December 31: (1) on October 1, $13,000 was paid...
A company has a fiscal year-end of December 31: (1) on October 1, $13,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $11,000; principal and interest at 5% on the note are due in one year; and (3) equipment costing $61,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $12,200 per year. Prepare the necessary adjusting entries at December 31 for each...
A company has a fiscal year-end of December 31: (1) on October 1, $22,000 was paid...
A company has a fiscal year-end of December 31: (1) on October 1, $22,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $20,000; principal and interest at 6% are due in one year; and (3) equipment costing $70,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,000 per year. Prepare the necessary adjusting entries at December 31 for each of the above...
everything currently entered is wrong. please help! Consider the following transactions for Huskies Insurance Company: a....
everything currently entered is wrong. please help!
Consider the following transactions for Huskies Insurance Company: a. Equipment costing $36,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,100 per year. b. On June 30, the company lends its chief financial officer $41,000; principal and interest at 7% are due in one year c. On October 1, the company receives $12,400 from a customer for a one-year property insurance policy. Deferred Revenue is credited....
Journal entry worksheet < 1 2 3 > Equipment costing $34,800 is purchased at the beginning...
Journal entry worksheet < 1 2 3 > Equipment costing $34,800 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,800 per year. Record the adjusting entry for depreciation at its year-end of December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry clear entry View transaction list Journal entry worksheet < 2 3 On June 30, the company lends its chief financial officer $38,000; principal and interest...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid for a one-year fire insurance policy. (2) on June 30 the company advanced its chief financial officer $18.000 principal and interest at 8% on the note are due in one year, and (3) equipment costing $68,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $13,600 per year Prepare the necessary adjusting entries at December 31 for each...
A company has a fiscal year-end of December 31: (1) on October 1, $15,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $13,000; principal and interest at 7% on the note are due in one year; and (3) equipment costing $63,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $12,600 per year. Prepare the necessary adjusting entries at December 31 for each...
A company has a fiscal year-end of December 31: (1) on October 1, $22,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $20,000: principal and interest at 6% on the note are due in one year; and (3) equipment costing $70,000 was purchased at the beginning of the year for cash. Prepare Journal entries for each of the above transactions. (If no entry is required for a transaction/event, select...
3 A company has a fiscal year-end of December 31: (1) on October 1, $26,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $24,000; principal and interest at 6% on the note are due in one year, and (3) equipment costing $74,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,800 per year. Prepare the necessary adjusting entries at December 31 for...
A company has a fiscal year-end of December 31: (1) on October 1, $31,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $29,000: principal and interest at 7% on the note are due in one year, and (3) equipment costing $79,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $15,800 per year. If the adjusting entries were not recorded, would net income...
i need hell with entry 2. also can you please check if entry 1
and 3 are correct?
A company has a fiscal year-end of December 31: (1) on October 1, $29,000 was paid for a one-year fire insurance policy, (2) on June 30 the company advanced its chief financial officer $27,000; principal and interest at 5% on the note are due in one year, and (3) equipment costing $77,000 was purchased at the beginning of the year for cash....
A company has a fiscal year-end of December 31: (1) on October 1, $13,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $11,000; principal and interest at 5% on the note are due in one year; and (3) equipment costing $61,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $12,200 per year. Prepare the necessary adjusting entries at December 31 for each...
everything currently entered is wrong. please help!
Consider the following transactions for Huskies Insurance Company: a. Equipment costing $36,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,100 per year. b. On June 30, the company lends its chief financial officer $41,000; principal and interest at 7% are due in one year c. On October 1, the company receives $12,400 from a customer for a one-year property insurance policy. Deferred Revenue is credited....
Journal entry worksheet < 1 2 3 > Equipment costing $34,800 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,800 per year. Record the adjusting entry for depreciation at its year-end of December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry clear entry View transaction list Journal entry worksheet < 2 3 On June 30, the company lends its chief financial officer $38,000; principal and interest...
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