For each scenario, write ALL of the general journal entries necessary for the 2013 fiscal year using the accrual method of accounting. On October 1, 2013, the company Alpha inc. signs an advertising contract and pays $ 21,000 for advertisements to appear in a monthly magazine from October 2013 to September 2014 (12 months). The financial year of Alpha Inc. ends December 31, 2013. (write October 1 and December 31)

Q: For each of the following items, write first the journal entry and then, the adjusting entry if any,…

A: Theory introduction: All the business transactions are shown in Journal books. Journals also called…

Q: The Yellow Buttercup Law Firm prepays for advertising in the local newspaper. On January 1, the law…

A: Cash accounting records on actual cash movement i.e. either cash payment or receipt Accrual…

Q: The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2017 fiscal…

A: An accounting record for a business uses a journal entry to document a commercial transaction. The…

Q: The following information relates to Gatsby, Inc. as of December 31 of the current year. The company…

A: Adjusting journal entries are defined as those journal entries which are recorded at the end of the…

Q: Badger Bagels had the following separate situations occur during 2016.The company’s accountant is…

A: a. Date Account title and explanation Debit Credit Dec. 31 Unearned revenue  4,800…

Q: On March 1, Year 1, Presco Enterprises paid $1,200 cash for an insurance policy that would provide…

A: Insurance, if paid for future period, is treated as prepaid insurance and it is to be shown in the…

Q: On April 1, Otisco, Inc. paid Garcia Publishing Company $2,268 for 36-month subscriptions to several…

A: Given,  Subscriptions paid in advance on April = $2,268 April to December = 9 months

Q: On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month…

A: Given: Total subscription =$1548Total Period =36 months Total months in 2 year=12 months (from April…

Q: The following information relates to the Blossom Magazine Company at the end of 2020. The accounting…

A: 1. Adjusting Entries - Adjusting Entries are made at the end of the year. It helps to distinguish…

Q: On April 1, Tenity, Inc. paid $3,300 for an insurance premium on a three-year insurance policy. At…

A: Prepaid insurance = Total insurance paid - Insurance expense for current year. Insurance expense for…

Q: What are the amounts included in prepayment s for these expenses as at 28 February 2011 and 2012?

A: Any expense is incurred by an entity inorder to generate economic benefit to the entity .…

Q: The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which…

A:

Q: On January 1, Fey Properties paid $18,900 for a three-year insurance premium, with coverage…

A: The insurance expense for the month            of  January 31 is as  follows  =   3 × (12…

Q: Theta prepares its financial statements for the year to 30 April each year. The company pays rent…

A: We have the following information: Company pays rent for its premises quarterly in advance on 1…

Q: Pandar Ltd prepares accounts to the end of February each year. The accrual for electricity brought…

A: As per the accrual concept income and expense should be recorded in the period for which it relates…

Q: the publisher of Accounting View, a monthly magazine, received $9768 cash on January 1 for new…

A: solution given Cash received $9768 Date of receipt January 1 Period covered 24…

Q: KKingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22…

A: The practice of entering financial activity for the first time in the books of accounts is known as…

Q: On June 1, Madison Community Magazine receives $75,850 in cash for magazine subscriptions covering…

A:

Q: On January 1 of its first month of business, Bags Bunny, Inc., paid $74,000 for six months rent…

A: Formula: Monthly rent = Total Rent paid / 6 months.

Q: Sail Away, a cruise industry magazine, collected $480,000 in subscription revenue in May. Each…

A: Total amount received = $480,000 Revenue earned for June 30th = Total amount received /Total month…

Q: On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month…

A: Revenues are the items which generates cash inflow to the company by selling of the products.…

Q: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…

A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…

Q: Is Manny behaving ethically by reporting the loan to Tom as a trade account receivable? Why? Who…

A: Accounts receivable are the money owed to that company by entities outside of the company. Account…

Q: Garcia Company had the following selected transactions during the year. (A partial chart of accounts…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: For each of the following separate situations, determine the amount of expense each company should…

A: The adjusted journal entries are passed for the month ended, quarter ended or year ended. According…

Q: Theta prepares its financial statements for the year to 30 April each year. The company pays rent…

A: Monthly rent until 30 June 2000 = Total yearly rent / 12 months = P84,000 / 12 months = P7,000…

Q: Midwest Manufacturing purchased a three-year insurance policy for $30,000 on January 2, 2015.Prepare…

A: Following are the journal entries in the books of M co.

Q: The Mazzanti Wholesale Food Company's fiscal year-end is June 30, 2024, for the following…

A: The journal entries are prepared to record the transactions on the regular basis. The adjustment…

Q: On December 31, Year 1, a company signed a one-year contract to provide services to a particular…

A: Accrual basis: It is one of the methods of basis of accounting that records the transactions basing…

Q: Mobo, a wireless phone carrier, completed its first year of operations on October 31. All of…

A: Accrual adjusting entries or just accruals are one of three kinds of altering passages which are set…

Q: Awree Natcatnotus Inc had the following select transactions with Green Landscaping Inc between…

A: The determination of total revenue that should be recorded by Awree Natcacnotus Inc is shown…

Q: On April 1, a publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to…

A: Whenever the revenues are earned it needs to be recorded at the given time of sales for the period.

Q: On May 1 of Year 1 Mills Enterprises paid $3,780 cash for an insurance policy that would provide…

A: May 1 Year 1 to Dec. 31 Year 1 = 8 months Insurance expired = $3,780*8/12 Insurance expired = $2,520…

Q: Prepare the two adjusting entries required on December 31 to record the accrued interest expense and…

A: Solution: Calculate the accrued interest on note for the month of December.

Q: On May 1, a company with a July 31 fiscal year-end receives an advance payment of $24,000 from a…

A: Revenue earned on July 31 = Total amount received x no. of months / 12 = $24,000 x 3 months / 12…

Q: Carmel of Fargo, North Dakota, publishes a monthly magazine featuring local restaurant reviews and…

A: Unearned Subscription Revenue: Unearned Subscription Revenue means money received from the customer…

Q: plish Brothers publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $20…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: On August 1, 2018 Risky Ventures paid $2,400 for insurance coverage for twelve months of coverage…

A: Prepaid Insurance Amount = 2,400 Period for which insurance expense paid = 12 Months Period Expired…

Q: Listed below are transactions made by the Jessica Selisana Consulting during 2020- Received a check…

A: Adjusting entries: These are the journal entries passed to rectify or record the transactions that…

Q: Enes a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a…

A: Computation of balance of Unearned revenue account on December 31 is as follows: Unearned…

Q: On January 2, 2016, Tucson Co. purchased a general liability insurance policy for $3,600 for…

A: Journal Entries are primary record maintained by an entity for the occurrence or non-occurrence of…

Q: On November 1, 2018, a company using accrual accounting, pays $900,000 for a television advertising…

A: Under accrual accounting, only the expenses and revenues that are expired during period are to be…

Q: Jordan Company’s annual accounting year ends on December 31. It is now December 31, 2015,and all of…

A:

Q: The Yellow Buttercup Law Firm prepays for advertising in the local newspaper. On January 1, the law…

A: The advertising expense refers to the expense incurred for promoting a business. It is recorded…

Q: Mathura publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 per…

A: If you use accounting software or outsource your accounting, your journal entries may not be…

Q: Designer Architects had the following additional information at its November 30, 2020, year-end:…

A:

Q: Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of…

A: Adjusted Income Statement means the income which must account for all the adjusting entries passed…

Q: On March 31, a company with a June 30 fiscal year-end pays $3,600,000 to an insurance company for a…

A: Prepaid expenses are nothing but future expenses, for which payment has been made in advance.