Question

In: Accounting

unadjusted trial balance pre- paid rent 3000 prepaid advertising 6000 prepaid insurance 3250 need to adjust...

unadjusted trial balance

pre- paid rent 3000

prepaid advertising 6000

prepaid insurance 3250

need to adjust trail balance using following entry

15 days of rent remained pre-paid at the start of June.

3 months of advertising remained pre-paid at the start of June.

5 months of insurance remained pre-paid at the start of June.

cal

Solutions

Expert Solution


Related Solutions

At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,960 and...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,960 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: Prepare the adjusting journal entry on December 31. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. How would you prepare the adjusting journal entry on December 31? How would you prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance?
Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid Advertising. Prepaid Insurance, Office...
Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid Advertising. Prepaid Insurance, Office Supplies, Inventory, Accumulated Depreciation Liabilities: Interest Payable, Utilities Payable, Commissions Payable, Unearned Rent Revenues: Rent Revenue, Interest Revenue Expenses: Office Supplies Expense, Commissions Expense, Utilities Expense, Insurance Expense, Advertising Expense, Depreciation Expense, Interest Expense, Rent Expense Review the following items and make the necessary adjusting entries using the account titles shown above as of December 31, 2019. If no entry is required, write N/A...
on the end-of-period spreadsheet, prepaid insurance has a balance of $2400 in the unadjusted trail balance...
on the end-of-period spreadsheet, prepaid insurance has a balance of $2400 in the unadjusted trail balance debit column and an adjustment of $200 in the adjustments credit column. what amount should appear for prepaid insurance in the adjusted trail balance column and ultimately the balance sheet?
Unadjusted Trial Balance December 31, 2019 Debit Credit Cash 165,200 Office Supplies/Lures 8,500 Prepaid Insurance 2,900...
Unadjusted Trial Balance December 31, 2019 Debit Credit Cash 165,200 Office Supplies/Lures 8,500 Prepaid Insurance 2,900 Equipment - Boat 17,000 Accounts Payable 4,500 Unearned Service Revenue 21,000 Notes Payable 15,000 Common Stock 14,000 Additional Paid in Capital - CS 134,000 Service Revenue 32,000 Unearned Revenue- Gain on Sale 400 Interest Expense 300 Salaries Expense 11,000 Utilities Expense 3,000 Boat Gas Expense 13,000 Total 220,900 220,900 Prepare Adjusting Journal Entries The 3/1/19 Notes Payable principle from First Hawaiian Bank is due...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end of Hanson Company's accounting year. Insurance expense has a $2,000 balance at the same point in time. The following policies are in effect at December 31, 2018: Policy Type Date Acquired   Policy Term Total Premium Paid When Acquired Liability 1-31-17 2 years $48,000 Auto 6-30-18 2 years . $9,000 Business interruption . 8-1-18 1 year $840 1. Determine the adjusted balance in prepaid insurance...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end of Hanson Company's accounting year. Insurance expense has a $12,000 balance at the same point in time. The following policies are in effect at December 31, 2018: Policy Date Policy Total Premium Type Acquired Term Paid when acquired Liability 1-31-17 2 years $48,000 Auto 6-30-18 2 years 9,000 Business interruption 8-1-18 1 year 840 1. Determine the adjusted balance in prepaid insurance at December...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end of Hanson Company's accounting year. Insurance expense has an unadjusted $2,000 balance at the same point in time. Some policies that were in effect have expired. Some of those were renewed and some were not. The following policies are in effect at December 31, 2018: Policy                                                                 Date                 Policy            Total Premium   Type                                                               Acquired             Term         Paid when acquired Liability                                                              1-31-17          2 years         $48,000 Auto                                                                   6-30-18            ...
Category Cost: Rent Monthly, cost $3000, Utilities Monthly $1100, Insurance Quarterly $1200, Property Taxes, annually $6000,...
Category Cost: Rent Monthly, cost $3000, Utilities Monthly $1100, Insurance Quarterly $1200, Property Taxes, annually $6000, Steel per shelf $9.00, forming per shelf $.25, Labor per shelf $.75 Price charged per shelf $20.00 This company will break even with monthly production of ____ units, and sales of __________ 250; $5000 !0,000; $500 $5000; 250 500; $10,000
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT