On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance premiums and recorded the funds in Unearned Revenue. Umbrella records insurance revenue on a monthly basis. How much will be in the Unearned Revenue account on November 30, 2021?

Q: On October 1, 2021, Pastina signed a $50,400 note that requires interest to paid annually on…

A: Journal Entry is record of a transaction in accounting records. Signing of Note is a liability for…

Q: Prepaid Insurance amounting to P35,000 was recorded by FDNACCT Co. on April 1, 2021 for a year of…

A: Prepaid insurance is the amount of insurance that is paid by an entity in advance. In other words,…

Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

Q: An employee at LaserKinetics.com borrows $10,000 on May 1 and must repay a total of $10,700 exactly…

A: Interest rate is the rate of return paid from an investment. Amount borrowed = $10,000 Repaid =…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: Adjusting entries are a collection of journal entries produced at the end of an accounting period to…

Q: On November 1, 2021, JP Designs signed a $300,000, 6%, six-month note payable with the amount…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Included in Sheridan Company's December 31, 2020, trial balance are the following accounts: Accounts…

A: The balance sheet is also known as a statement of financial position considered as one of the most…

Q: On September 1, Kennedy Company loaned $112,000, at 9% annual interest, to a customer. Interest and…

A: The question is based on the concept of Financial Accounting.

Q: On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Maturity date of Note = Issue date + Period = October 1, 2019 + 1 years = October 1, 2020 No. of…

Q: On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the…

A: No. of days for which interest to be recognized in the following year = Total days of notes - total…

Q: Parker & Washington, Inc. borrows $120,000 on January 1, 2021. They must pay back the loan, with 6%…

A: Note payable means the instrument which is issued by company acknowledging the debt due by company…

Q: On July 1, 2021, a company loans one of its employees $23,000 and accepts a ten-month, 8% note…

A: Revenue is the amount that a company earns from normal activities conducted by the business for…

Q: ABC Corporation’s liability account balances at June 30, 2018, included a 10% notes payable in the…

A: What amount should be recorded as accrued interest for this note:- Accrued interest:-       =…

Q: On January 1, 2019, Brooks Inc, borrows $90,000 from a bank and signs a 5% installment note…

A: While making annual payment to bank, the annual payment consists of some portion of principal…

Q: On December 1, 2021, Liang Chemical provides services to a customer for $90,000. In payment for the…

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

Q: On March 15, 2021, Julio borrowed $910 from Sheridan Credit Union at 7.19% per annum calculated in…

A: A line of credit seems to be a sort of loan made to meet a short-term personal or commercial cash…

Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…

A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…

Q: You company provided the following information on Dec. 31, 2019: Accounts Payable Bank note payable…

A: Current Liabilities are those liabilities which are due and payable within one year. Out of the…

Q: On June 2021, A Corporation loaned $1,000,000 from a bank, payable in 10 equal instalments. The…

A: A liabilities account in balance sheet is classified as current liabilities when such obligation is…

Q: On December 1, 2021, Liang Chemical provides services to a customer for $90,000. In payment for the…

A: Please find below all the journal entries -

Q: On July 1, 2021, a company loans one of its employees $27,000 and accepts a eight-month, 8% note…

A:

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: Ajam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000…

A: Ajam Inc. Balance Sheet March'31, 2019 Liabilities Current Liabilities:     Accounts…

Q: The business  is expected to make principal payments totalling $400,000 towards the loan during the…

A: Note payable is a liability account so by paying the principal amount of $ 400000 will reduce the…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What…

A: Accrued interest on December 31 on the note = Face value of note x rate of interest x no. of days /…

Q: 5. On April 1, 2021, the company paid an insurance company $10,000 for a one-year fire insurance…

A: Introduction: Adjusting journal entries is the product of accrual accounting and complies with the…

Q: Mackenzie Corp, is preparing the December 31, 2020, year-end financial statements. Following are…

A: Adjusting Entries :— It is the journal entry made at the ending the accounting period to adjust the…

Q: 1. Chapter-9 Homework Question. Help

A: Required journal entry for the issuance of note payable:

Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of…

Q: In the prior year TBTI had paid the entire year’s insurance policy upfront which expired as of…

A: Journal Entry:- A Journal Entry is simply an outline of the debits and credits of the dealing entry…

Q: On July 1, 2021, Guarin Co. obtained fire insurance for a three-year period at an annual premium of…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: On October 1, 2021, Oberley Corporation loans one of its employees $25,000 and accepts a 12-month,…

A: Given: Note receivable = $25,000 Due period = 12 month Interest rate = 8%

Q: On June 1, 2021, Demer Consulting provides services to a customer for $150,000. To pay for the…

A: The journal entries are prepared to record the day to day transactions of the business during the…

Q: On October 1, 2019, Muscat Company borrowed OMR 8,000 cash by signing a note payable due in one year…

A: We have the following information: Borrowed OMR 8,000 on October 1, 2019 Note payable is signed…

Q: ncluded in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Liability refers to the amount which is owned by the company to the outsiders. On the basis of…

Q: Included in Adams Company’s December 31, 2020, trial balance are the following accounts: Accounts…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: On September 15, 2018, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an…

A: Note Receivable is the amount receivable on account of note received from customer.

Q: AAA Insurance Company issues one year, motor/vehicle insurance for a total premium of P15,000. If it…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: On January 1, 2019, Brooks, Inc. borrows $90,000 from a bank and signs a 5% installment note…

A: Interest accrued on 12/31 = Amount borrowed x rate of interest x year = $90,000 x 5% x 1 years =…

Q: On April 15, 2021, Sampson Consulting provides services to a customer for $110,000. To pay for the…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: A gift shop signs a three-month note payable on May 1/2020 of OMR 36,000 with an annual interest of…

A: Notes payable may be defined as a liability which occurs when credit sale has been done, and the…

Q: On February 1, 2021, a company loans one of its employees $21,000 and accepts a nine-month, 8% note…

A: Interest = Principal x rate of interest x no. of months/12 months

Q: On June 30, 2020, the XYZ Corporation granted a two-year, non-interest bearing P2,000,000 advance to…

A: Present Value of receivable on June 30,2020 = face value of receivable x Present value factor (12%,…

Q: XYZ Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in…

A: Sales Revenue : (Accounts Receivable, Ending + Cash collection) - Accounts Receivable, Beginning =…

Q: The following transactions occurred during December 31, 2021, for the Microchip Company.   On…

A: Interest=$90,000×8%×312=$1,800

Q: On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli…

A: A journal entry is done to record the transaction that took place in the books of accounts.

Q: Do the entries below look correct for the following line items? June 21: The following expenses…

A: Accrued expenses: Accrued expenses are the expenses that have been incurred but have not been paid…