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On October 1, the company receives $14, 400 from a customer for a one-year property insurance policy. The first step of the process is to close out the revenue and expense accounts to the … earnings nally, close out the dividend account to the retained earnings account. Question: Consider the following transactions for Huskies Insurance Company: 1. To adjust 6 month interest revenue accrued). On November 28, 2021, Shocker receives a $3, 300 payment from a customer for services to … evenly over the next three months. Questions Try to answer these questions to test your knowledge Multiple Choice. A note is … with principal and 6% interest to be paid on August 31, 2022. Albany College of Pharmacy and Health Sciences. Record the necessary adjusting entries for Shocker at December 31, 2021. Recall that since we are displaying each expense account, we need to subtotal the expenses and put the subtotal in the same column as the revenue amount. 521. d The p series k equalx 1 1 k p converges if and only if p 1 Activity 837 Answer. Prepaid Advertising is …. Term/Session||Summer 2021|.
The November 30 adjusted trial balance includes the following account information: …….. C. Based on the information given we were been told that they On October 1, the company as well receives the amount of $10, 800 which meansthat the Journal entry will be: Dr Unearned revenue, 2, 700. Question: Consider the following selected accounts from the records of East Shore Enterprises at December 31, 2018: Closing the books means to prepare the accounts for the next period's transactions. Exclude explanations from any journal entries).
Questions 4 and 5 are based on the following information A mobile ice cream. Cr Revenue or Service Revenue $4, 000. Estoppel is most similar to which theory 1 The declaration theory 2 The will. Explanation: Computation for the necessary adjusting entry for Huskies Insurance. Answer: A. Dr Depreciation expense 5, 700. Below is the year- end … trial balance of Boilermaker Unlimited.
The following information is known for the month of December: 1. Course||ACCT 212 Financial Accounting|. Based on the information given we were that. The closing process applies only to temporary accounts. 50, 000 x 7% x 6/12). Unearned revenue, 2, 700. Record debits first, then credits. Course Hero member to access this document. 2, 460 for 30 radio ads that were to …, 10 per month, throughout December, January, and February.
B. Dr Interest receivable 1, 295. Deferred Revenue is …. Begin by selecting the labels for the income statement……. Prepare Peterson Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet. This amount is … in the amount for Common Stock in the adjusted trial balance. Based on the information given we were been told that they On June 30, the company went ahead to lends its chief financial officer the amount of $37, 000 in which the principal and interest are 7% which are suppose to due in one year which means that the fair market Journal entry will be: Dr Interest receivable 1, 295. 56 105 Similarly the nominal rate tells you the dollar amount you will owe later. Using the trial balance, enter all of the revenue and expense amounts in the income statement columns. Explanation: Preparation of Journal entries. Closing entries transfer the revenue, expense, and dividends balances to … Earnings. On June 30, the company lends its chief financial officer. We will record the entries one step at a time. November salaries payable of $11, 000 were paid to employees in December. To score in this garne the ball must be received in the end zone behind the line.