A two-year insurance premium of $8,400 was paid on January 1, 2018, for coverage beginning on that date. As of December 31, 2018, the unadjusted balances were $8,400 for Prepaid Insurance and $0 for Insurance Expense.At December 31, 2018, you obtained the following data relating to supplies.Unadjusted balance in Supplies on December 31, 2018 $ 21,000Unadjusted balance in Supplies Expense on December 31, 2018 84,000Supplies on hand, counted on December 31, 2018 14,800how would you form a journal entry for the supplies and the insurance

Prepare journal entries to record the business transaction and related adjusting entry for the following: A. March 1, paid cash for one year premium on insurance contract, $18,000 B. December 31, remaining unexpired balance of insurance, $3,000

Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?

Determine the amount of cash expended for Insurance Premiums during the month, based on the entries in the following accounts (assume 0 beginning balances).

Each of the following independent situations relates to the recognition of revenue: a. On June 2, 2019, a customer books travel on an airline, paying 500 for a round-trip ticket that departs July 15, 2019, and returns July 20, 2019. In addition, once the round-trip ticket is used, the airline credits the passengers frequent-flier account for 500 miles. The airline determines that each frequent-flier point has a value of 0.01. b. On May 1, 2019, a retailer enters into a contract with a construction company. The construction company will build a new warehouse for the retailer at a price of 2 million. The retailer will make four equal payments to the construction company over the 1-year construction period, starting on May 1, 2019, and then every 4 months. The retailer can cancel construction at any time and will own any construction to date; however, it must pay the construction company for work done up to the cancellation date. The building is completed on April 30,2019. c. Morning Donut agrees to supply donuts and coffee on a daily basis to a local business. The contract starts on January 1, 2019, and runs for 1 year. Morning Donut charges 400 per week for the donuts and coffee. d. The Raleigh Knights sell four season tickets to a customer. The Knights play 10 regular season games, and the cost of one season ticket is 250. Required: For each situation, use the 5-step process to determine when revenue can be recognized. Determine (1) if a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) how the transaction price is allocated to the performance obligations, and (5) when revenue is recognized.

Rons Diner received the following bills for December 2019 utilities: • Electricity: $625 on December 29, 2019 • Telephone: $150 on January 5, 2020 Both bills were paid on January 10, 2020. On the December 31, 2019, balance sheet, Rons Diner will report accrued expenses of: a. $0 b. $150. c. $625. d. $775.

Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August 1, Jerry paid Garcia 12,000 for 1 year of rent in advance. Prepare journal entries for Garcia to record the collection ofrent and the related year-end adjusting entry on December 31.

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.

Prepare journal entries to record the following adjustments. A. Insurance that expired this period, $18,000 B. Depreciation on assets, $4,800 C. Salaries earned by employees but unpaid, $1,200