This topic contains a solution. Click here to go to the answer

Author Question: Read each transaction and identify which journal the transaction should be recorded. 1 . Recorded ... (Read 102 times)

humphriesbr@me.com

  • Hero Member
  • *****
  • Posts: 550
Read each transaction and identify which journal the transaction should be recorded. 1 . Recorded adjusting journal entry for accrued interest. 2 . Performed advising services on account. 3 . Purchased office supplies on account. 4 . Borrowed money for expansion project. 5 . Received 500 from Tool Tech. on account. 6 . Owner withdrew cash for personal use. 7 . Paid monthly rent. 8 . Recorded depreciation on equipment. 9 . Completed Job 34aG for services provided to Beard Co 10 . Purchased inventory on account.

Question 2

A business keeps its accounts on a calendar-year basis. On January 1, 2013, there is a balance of 2,800 in the Prepaid insurance account.
 
  The insurance represented by that amount expires on March 31, 2013, but the business makes no entry to record the expiration of the insurance until its year-end. On April 1, 2013, the business pays 16,000 for an insurance policy covering the period April 1, 2013 - March 31, 2014 . Prepare the journal entry at December 31, 2013, to record the full amount of insurance expense for the year.
 
  What will be an ideal response?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

aliotak

  • Sr. Member
  • ****
  • Posts: 326
Answer to Question 1

1 . General journal
2 . Revenue journal
3 . Purchases journal
4 . Cash receipts journal
5 . Cash receipts journal
6 . cash payments journal
7 . Cash payments journal
8 . General journal
9 . Revenue journal
10 . Purchases journal

Answer to Question 2

Insurance expense 14,800
Prepaid insurance 14,800

Note: Amount is 2,800 + (3/4 of 16,000)




humphriesbr@me.com

  • Member
  • Posts: 550
Reply 2 on: Jul 5, 2018
Wow, this really help


robbielu01

  • Member
  • Posts: 336
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

There are more bacteria in your mouth than there are people in the world.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

For a complete list of videos, visit our video library