X Company prepares monthly financial statements. The following transactions occurred during January: 1. On January 1,...
X Company prepares monthly financial statements. The following transactions occurred during January:
1. On January 1, a one-year store rental lease was signed for a total of $30000, and rent for the first 2 months was paid in advance.
2. On January 1, equipment was purchase for $50,000 with a down-payment of $5,000 and a note for the remainder. The note along with annual interest of 7% was due in a year. The estimated life of the equipment is 10 years with a salvage value of $4,000.
3. Daily wages are $1,800 and are paid every Friday. The last day in January was a Tuesday.
8) The required adjusting entries on January 31 decreased net income by a total of:
9) The required adjusting entries on January 31 decreased total assets by a total of:
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X Company prepares monthly financial statements. The following
transactions occurred during January:
1. On January 1,...
X Company prepares monthly financial statements. Its accountant recorded the following October 1 transactions and the...
X Company prepares monthly financial statements. Its accountant recorded the following October 1 transactions and the appropriate adjusting entries on October 31: On October 1, the company paid rent for the final three months of the year. Rent was $1,500 per month. On October 1, the company purchased equipment that cost $20,000, borrowing the full amount from a bank. The equipment has a life of four years and a salvage value at that time of $2,000. The company will repay...
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet:  
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $37,084 Accounts Payable $5,134 Accounts Receivable 5,052 Notes Payable 24,739 Inventory 14,864 Prepayments 3,228 Paid-In Capital 56,047 Equipment 64,705 Retained Earnings 39,013 Total Assets $124,933 Total Equities $124,933 The following were the company's July transactions: borrowed $20,000 from a bank bought equipment costing $9,400, paying the manufacturer $5,100 in cash and signing a note for $4,300 purchased a...
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet:  
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $35,468 Accounts Payable $5,422 Accounts Receivable 5,138 Notes Payable 20,732 Inventory 10,785 Prepayments 3,667 Paid-In Capital 60,177 Equipment 68,219 Retained Earnings 36,946 Total Assets $123,277 Total Equities $123,277 The following were the company's July transactions: borrowed $30,000 from a bank bought equipment costing $10,000, paying the manufacturer $5,200 in cash and signing a note for $4,800 purchased a...
X Company prepares monthly financial statements. The following is the company's Equities Accounts Payable Notes Payable...
X Company prepares monthly financial statements. The following is the company's Equities Accounts Payable Notes Payable $5,904 20,142 Assets Cash Accounts Receivable Inventory Prepayments Equipment Total Assets $39,388 5,130 13,994 3,355 69,444 Paid-In Capital Retained Earnings Total Equities 75,085 30,180 $131,311 $131,311 The following were the company's July transactions: 1. borrowed $26,000 from a bank 2. bought equipment costing $10,500, paying the manufacturer $5,600 in cash and signing a note for $4,900 3. purchased a $6,000, five-year insurance policy, paying...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1,...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $112,500 to another company. A note was signed with principali 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $5,200 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $10,400 in advance rent from another company that is renting a portion...
The following transactions occurred during December 31, 2018, for the Microchip Company. On October 1, 2018,...
The following transactions occurred during December 31, 2018, for the Microchip Company. On October 1, 2018, Microchip lent $85,000 to another company. A note was signed with principal and 6% interest to be paid on September 30, 2019. On November 1, 2018, the company paid its landlord $7,800 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2018, collected $13,800 in advance rent from another company that is renting a portion of Microchip’s...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021,...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1,...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $99,000 to another company. A note was signed with principal and 10% Interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $12,000 representing rent for the months of November through January Prepaid rent was debited. 3. On August 1, 2021, collected $18,000 in advance rent from another company that is renting a...
The following transactions occurred during December 31, 2018, for the Microchip Company. I. On October 1,...
The following transactions occurred during December 31, 2018, for the Microchip Company. I. On October 1, 2018, Microchip lent $88,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2019 2. On November 1, 2018, the company paid its landlord $8,700 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2018, collected $14,700 in advance rent from another company that is renting a...
3. The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1,...
3. The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $85,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $3,200 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $6,400 in advance rent from another company that is renting a portion of...
X Company prepares monthly financial statements. The following is the company's Equities Accounts Payable Notes Payable $5,904 20,142 Assets Cash Accounts Receivable Inventory Prepayments Equipment Total Assets $39,388 5,130 13,994 3,355 69,444 Paid-In Capital Retained Earnings Total Equities 75,085 30,180 $131,311 $131,311 The following were the company's July transactions: 1. borrowed $26,000 from a bank 2. bought equipment costing $10,500, paying the manufacturer $5,600 in cash and signing a note for $4,900 3. purchased a $6,000, five-year insurance policy, paying...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $112,500 to another company. A note was signed with principali 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $5,200 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $10,400 in advance rent from another company that is renting a portion...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $99,000 to another company. A note was signed with principal and 10% Interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $12,000 representing rent for the months of November through January Prepaid rent was debited. 3. On August 1, 2021, collected $18,000 in advance rent from another company that is renting a...
The following transactions occurred during December 31, 2018, for the Microchip Company. I. On October 1, 2018, Microchip lent $88,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2019 2. On November 1, 2018, the company paid its landlord $8,700 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2018, collected $14,700 in advance rent from another company that is renting a...
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