
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How would the general entry look for these entries?
Record the payment of $3,600 cash on September 30 to rent an arena for the months of October and November.
Record the October 31
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- Accrual calculation – insurance cost posting Let's assume the company must insure one of its buildings. The insurance company bills to the company $600 every six months (one bill in January, the next in July). The company received the January’s invoice on 15th Jan ‘19. The invoice is paid on 12th March ’19. Please book the followings: 1.) Post the January’s invoice 2.) Book the month-end adjustments from Jan – July 3.) Post the payment of the invoice...arrow_forwardOn September 30, 2012, Cullumber Company issued 10% bonds with a par value of $460,000 due in 20 years. They were issued at 98 and were callable at 105 at any date after September 30, 2017. Because Cullumber Company was able to obtain financing at lower rates, it decided to call the entire issue on September 30, 2018, and to issue new bonds. New 9% bonds were sold in the amount of $780,000 at 102; they mature in 20 years. Cullumber Company uses straight-line amortization. Interest payment dates are March 31 and September 30.arrow_forwardLarkspur Leasing Company signs a lease agreement on January 1, 2025, to lease electronic equipment to Crane Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement. 1. Crane has the option to purchase the equipment for $27,000 upon termination of the lease. It is not reasonably certain that Crane will exercise this option. 2. The equipment has a cost of $330, 000 and fair value of $368,000 to Larkspur Leasing. The useful economic life is 2 years, with a residual value of $27,000. 3. Larkspur Leasing desires to earn a return of 6% on its investment. 4. Collectibility of the payments by Larkspur Leasing is probable. Prepare the journal entries on the books of Larkspur Leasing to record the payments received under the lease and to recognize income for the years 2025 and 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is…arrow_forward
- Applying the matching principle Suppose on January 1, Andrew’s Tavern prepaid rent of $16,800 for the full year. On November 30, how much rent expense should be recorded for the period January 1 through November 30?arrow_forwardOn June 1, 2019, Herbal Co. received $30,490 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2019. Round your answer to the nearest dollar amount.arrow_forwardFind the new balance at the end of the billing cycle using the average daily balance method. Assume one month between billing dates and find the finance charge using an 18% annual rate. Billing date: October 5 with a balance of $550.77 October 5: Plane ticket $405.98 October 12: Payment $350.00 October 30: Halloween costume rental $ 45.00arrow_forward
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