journal entry how do i journalize the following wages accured but not paid at july 31 are 700 insurance premiums expired during the year are 1,000
Q: |(a) |(b) (c) (d) (e) Additional items for March 31, 2021 adjusted entries Expired insurance…
A:
Q: Mackenzie Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1.…
A: Insurance expense on december 31 = Total premium paid x no. of months / period of insurance = $15000…
Q: Lim Company paid or collected during the current year the following items: Insurance premiums paid P…
A:
Q: Adjusting journal entry December 31 2021: Dr. Insurance Expense 24000 Cr. Pre-Paid…
A: Opening balance of prepaid insurance = 1500 Purchase of prepaid insurance = 30000 Consumption of…
Q: Find the adjusting entry a. The payment of the P19,000 insurance premium for two years in advance…
A: An adjusting journal entry is a journal entry made at the conclusion of an accounting period in a…
Q: Directions: Prepare the adjusting entry for each of the following situations. The last day of the…
A: In this numerical has covered the concept of Adjusting Entry. The Adjusting Entry is generally…
Q: Milford Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid,salaries…
A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…
Q: On the 1 September 2019 Jacobson Limited paid insurance premiums of $18,000 for 12 months to 31…
A: Journal: Recording of a business transactions in a chronological order. First step in the process of…
Q: The unadjusted balance in Supplies was $800 at December 31, 2018. The unadjusted balance in Supplies…
A: Step1: Preparation of the adjusting entry for supplies expenses. We have,Supplies Expenses = $ 800 -…
Q: on january prepaid insurance was increased for $1,896 related to the cost of a two year premium,…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: A one-year insurance policy was purchased on June 1 for $1,680. Journalize the adjusting entry…
A: Introduction:- At the time of purchase the insurance policy, debit the Prepaid Expense account to…
Q: isurance Company collected a premium of $18,000 for a 1-year insurance policy on April 1. What…
A: The revenue and expenses are to be recorded in the period when they are due.
Q: For each separate case, record the necessary adjusting entry.
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…
Q: Smokey Company purchases a one-year insurance policy on July 1 for $10,992. The adjusting entry on…
A: Answer – Debit Insurance expenses $5496 and credit Prepaid insurance $5496 (Option B)
Q: In December Craig paid $241.23 for Insurance to cover a 3-month period. So at the end of the…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: g. Wages paid in June include the balance in the Wages Payable account at May 31 plus S36,100 of…
A: A journal entry is prepared in order to record the business transactions in the books of accounting.…
Q: Multiple Choice Quiz: On May 1 of the current year, a two-year insurance policy was purchased for…
A: Prepaid expense: Prepaid expense means future expenses which are paid in advance. Initially,…
Q: Journalize the following transactions into the general journal in accordance with the rules of…
A: Journal entries are used to record accounting transactions of the firm during its operations where…
Q: Prepare the adjusting entry for each of the following for the year ending Dec. 31, 2008: a. The…
A: Adjusting entries are those journal entries which are passed at the end of the period in order to…
Q: Gizmo Inc. purchased a one-year insurance policy on October 1 for $4,320. The adjusting entry on…
A: Adjusting entry refers to the entries made at the end of the year to assign the correct expense or…
Q: on october 1, the company receives 8,800 from a customer for a one year property insurance policy.…
A: The adjusting entry is prepared by the company when any transaction is omitted from recording into…
Q: Aylmer Inc has a December 31 year end. Aylmer does not perform monthly adjusting entries. The…
A: Required adjusting entries are:
Q: Aylmer Inc has a December 31 year end. Aylmer does not perform monthly adjusting entries. The…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: The Prepaid Insurance account began the year with a balance of $460. During the year, insurance in…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: A tenant rented space in oUY compantes office butlding. $450per month" paying Six months rent in…
A: Unearned revenue is a revenue that is not generated but received in advance. It is treated as…
Q: Journalize the entries for the following adjustments at January 31, the end of the accounting period…
A: Journal is the recording of financial transactions for a going concern in a chronological order…
Q: Instructions The prepaid insurance account had a beginning balance of $3,755 and was debited for…
A: Answer) Adjustment Journal Entry Account Titles and Explanation Debit Credit…
Q: on january 1, prepaid insurance was debited for 1,896 related to the cost of a two-year premium,…
A: The following journal entry should be recorded when prepaid expense is purchased on January 1:
Q: Adjusting entries for accrued salaries Paradise Realty Co. pays weekly salaries of $25,500 on Friday…
A: Salary for one day = weekly salaries / No. of days = $25,500 / 5 days = $5,100 per day
Q: Smokey Company purchases a one-year insurance policy on July 1 for $3,600. The adjusting entry on…
A: Total amount paid for purchases a one-year insurance policy = $3,600 Expense for the year ended on…
Q: United Airlines purchases a 24-month insurance policy for $48,000 on December 1 for immediate…
A: Income statement: Income statement: All revenues and expenses are shown in income statement. It…
Q: Insurance in the amount of $60,000 was purchase annually and paid for up front on April 1st. a)…
A: Prepare the journal entry to record the payment of insurance in advance.
Q: TThe following rmation appiles to the questions displayed belo Following are transactions of The…
A: Total interest is the overall amount of interest paid on a loan or charging load for the life of the…
Q: Susan Wilson earned a salary of $440 for the last week of October. She will be paid on November 1.…
A: Adjusting entries are those entries that are prepared at the end of an accounting period to adjust…
Q: Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Adjusting Entry: 12/31/-1 Closing Entry: 12/31/-1 Payment of Payroll: 1/3/-2 - Prepare the entries…
A: Adjusting Entry: Adjusting entry is made to record any unrecognized income or expenses for the…
Q: A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: Requlred Informatlon [The following Information apples to the questions displayed below.] A company…
A: Compute the amount of monthly insurance expense.
Q: f. Salaries of $35,000 for employees for work done to the end of January has not been paid. h.…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Adjusting…
Q: Prepare the adjusting entry for Sonnie Ramos Tours under. each of the following situations. The last…
A: Adjusting entries are the accounting entries passed at the end of the period to record the…
Q: Assume that on February 1, Procter & Gamble (P&G) paid $720,000 in advance for 2 years’…
A: Journal Entries means a record of all business transactions in the accounting books of the business.…
Q: Josh earned wages of $650 since he was last paid in mid July and will be paid on August 1. The…
A: Amount of salary accrued to Josh for work done in month of July= $650 This amount of $650 will be…
Q: the correct adjusting entry for accured and unpaid employee salaries of 8800 on dec 31 is deb sal…
A: Adjusting entries indicates those entries, which are passed in the books of accounts at the end of…
Q: Please prepare Journal Entries & T Accts for: 2019 December Adjusting…
A: Journal entries for the above transactions are as follows:
how do i journalize the following
wages accured but not paid at july 31 are 700
insurance premiums expired during the year are 1,000
Step by step
Solved in 2 steps
- JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on 6,000, 60-day, 5.5% note (for 24 days) 22.00 Interest on 9,000, 90-day, 6% note (for 12 days) 18.00 40.00JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal. Interest on 5,000, 60-day, 7% note (for 12 days) 11.67 Interest on 2,500, 30-day, 8% note (for 9 days) 5.00 16.67Prepare journal entries to record the following transactions. Create a T-account for Prepaid Insurance, post any entries that affect the account, and tally the ending balance for the account (assume Prepaid Insurance beginning balance of $9,000). A. April 1, paid cash for one-year policy, $18,000 B. December 31, unexpired premiums, $4,500
- Reviewing insurance policies revealed that a single policy was purchased on March 1, for one years coverage, in the amount of $9,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided: A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
- ACCRUED INTEREST PAYABLE The following is a list of outstanding notes payable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal.Adjusting journal entry December 31 2021: Dr. Insurance Expense 24000 Cr. Pre-Paid Insurance 24000 If the beginning balance in prepaid insurance was 1500 and 30,000 was recorded in the balance sheet for an insurance premium during the year, what is the ending balance in pre-paid insurance after the adjusting entry?How to adjust and write this on general journal? The prepaid insurance account amounts to $12,000. Of this amount, $8,500 has expired as of December 31.
- 7)Neal Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should Neal report as a current liability for Unearned Insurance Premiums on December 31? a)$10,000. b)$13,500. c)$15,000. d)$5,000c. On September 1, 2019, North Dakota Manufacturing paid a premium of $13,560 in cash for a one-year insurance policy. On December 31, 2019, an examination of the insurance records showed that coverage for a period of four months had expired. Record the adjustment for insurance expired. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019On October 1, 2021 a company paid 10,800 for 6 months insurance premiums adjusting entries
