FINANCIAL ACCT LL W/ACCESS
4th Edition
ISBN: 9781260732948
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 3, Problem 3.13E
Below are transactions for Hurricane Company during 2018.
a. On October 1, 2018, Hurricane lends $9, 000 to another company. The other company signs a note indicating principal and 12% interest will be paid to Hurricane on September 30, 2019.
b. On November 1, 2018, Hurricane pays its landlord $4,500 representing rent for the months of November through January. The payment is debited to Prepaid Rent for the entire amount.
c. On August 1, 2018, Hurricane collects $13,200 in advance from another company that is renting a portion of Hurricane’s factory. The $13,200 represents one year's rent and the entire amount is credited to Deferred Revenue.
d.
e. Salaries for the year earned by employees but not paid to them or recorded are $5,000.
f. Hurricane begins the year with $1,500 in supplies. During the year, the company purchases $5,500 in supplies and debits that amount to Supplies. At year-end, supplies costing $3,500 remain on hand.
Required:
Record the necessary
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Below are transactions for Hurricane Company during 2021.
On October 1, 2021, Hurricane lends $7,600 to another company. The other company signs a note indicating principal and 6% interest will be paid to Hurricane on September 30, 2022.
On November 1, 2021, Hurricane pays its landlord $2,400 representing rent for the months of November through January. The payment is debited to Prepaid Rent for the entire amount.
On August 1, 2021, Hurricane collects $11,520 in advance from another company that is renting a portion of Hurricane’s factory. The $11,520 represents one year's rent and the entire amount is credited to Deferred Revenue.
Depreciation on machinery is $4,100 for the year.
Salaries for the year earned by employees but not paid to them or recorded are $3,600.
Hurricane begins the year with $800 in supplies. During the year, the company purchases $4,100 in supplies and debits that amount to Supplies. At year-end, supplies costing $2,100 remain on hand.
Record…
During 2018, LeBron Corporation accepts the following notes receivable.
a. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $5,000.
b. On June 1, LeBron lends cash to one of the company's vendors by accepting a six-month, 10% note for $9,000.
c. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three-
month, 8% note for $4,000.
Required:
Record the acceptance of each of the notes receivable. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
On September 1, 2021, Allied Moving Corp. borrows $110,000 cash from First
National Bank. Allied signs a six-month, 5% note payable. Interest is payable at
maturity. Allied's year-end is December 31.
1., 2. & 3. Record the following transactions for the note payable by Allied Moving
Corp. (If no entry is required for a particular transaction/event, select "No Journal
Entry Required" in the first account field. Do not round intermediate calculations.
Round your answers to nearest dollar amount.)
View transaction list
Journal entry worksheet
<
1.
2
Record the issuance of notes payable.
Date
Sep 01, 2021
3
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general jour
Chapter 3 Solutions
FINANCIAL ACCT LL W/ACCESS
Ch. 3 - Prob. 1RQCh. 3 - 2.Discuss the major principle that describes...Ch. 3 - 3.Samantha is a first-year accounting student. She...Ch. 3 - 4.Describe when revenues and expenses are...Ch. 3 - Rip Side of Question 7 5.Executive Lawn provides...Ch. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Consider the information in Question 7. Using...Ch. 3 - Prob. 9RQCh. 3 - There are two basic types of adjusting...
Ch. 3 - 11.Provide an example of a prepaid expense. The...Ch. 3 - Provide an example of a deferred revenue. The...Ch. 3 - 13.Provide an example of an accrued expense. The...Ch. 3 - Provide an example of an accrued revenue. The...Ch. 3 - Sequoya Printing purchases office supplies for 75...Ch. 3 - Jackson Rental receives its September utility bill...Ch. 3 - 17.Global Printing publishes several types of...Ch. 3 - At the end of May, Robertson Corporation has...Ch. 3 - Fill in the blank associated with each adjusting...Ch. 3 - Prob. 20RQCh. 3 - Prob. 21RQCh. 3 - Prob. 22RQCh. 3 - Prob. 23RQCh. 3 - Prob. 24RQCh. 3 - Describe the debits and credits for the three...Ch. 3 - In its first four years of operations, Chance...Ch. 3 - Prob. 27RQCh. 3 - Prob. 28RQCh. 3 - Determine revenues to be recognized (LO31) Below...Ch. 3 - Prob. 3.2BECh. 3 - Prob. 3.3BECh. 3 - Analyze the impact of transactions on the balance...Ch. 3 - Prob. 3.5BECh. 3 - At the beginning of May, Golden Gopher Company...Ch. 3 - Record the adjusting entry for prepaid rent (LO33)...Ch. 3 - Prob. 3.8BECh. 3 - Prob. 3.9BECh. 3 - Record the adjusting entry for deferred revenue...Ch. 3 - Prob. 3.11BECh. 3 - Midshipmen Company borrows 15,000 from Falcon...Ch. 3 - Prob. 3.13BECh. 3 - For each of the following accounts, indicate...Ch. 3 - Prob. 3.15BECh. 3 - Prob. 3.16BECh. 3 - Prob. 3.17BECh. 3 - The following account balances appear in the 2018...Ch. 3 - Prob. 3.19BECh. 3 - Prob. 3.20BECh. 3 - Consider the following situations: 1.American...Ch. 3 - Consider the following situations: 1.American...Ch. 3 - Refer to the situations discussed in E31....Ch. 3 - Differentiate cash-basis expenses from...Ch. 3 - Prob. 3.5ECh. 3 - Listed below are all the steps in the accounting...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Refer to the information in E310. Calculate the...Ch. 3 - Prob. 3.12ECh. 3 - Below are transactions for Hurricane Company...Ch. 3 - Prepare an adjusted trial balance (LO33, 34) The...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - On January 1, 2018, Red Flash Photography had the...Ch. 3 - Prob. 3.21ECh. 3 - Consider the following transactions. Required: For...Ch. 3 - Prob. 3.2APCh. 3 - Record adjusting entries (LO3-3) The information...Ch. 3 - Crimson Tide Music Academy offers lessons in...Ch. 3 - Prob. 3.5APCh. 3 - The year-end financial statements of Rattlers Tax...Ch. 3 - Complete the accounting cycle after adjusting...Ch. 3 - The general ledger of Red Storm Cleaners at...Ch. 3 - The general ledger of Zips Storage at January 1,...Ch. 3 - Consider the following transactions. Required: For...Ch. 3 - Prob. 3.2BPCh. 3 - Prob. 3.3BPCh. 3 - Prob. 3.4BPCh. 3 - Prob. 3.5BPCh. 3 - FIGHTING ILLINI Income Statement Service revenue...Ch. 3 - Prob. 3.7BPCh. 3 - The general ledger of Pipers Plumbing at January...Ch. 3 - The general ledger of Jackrabbit Rentals at...Ch. 3 - You may refer to the opening story of Tony and...Ch. 3 - Prob. 3.2APFACh. 3 - Prob. 3.3APFACh. 3 - Prob. 3.4APCACh. 3 - Prob. 3.5APECh. 3 - Prob. 3.7APWC
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