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Original Entry On August 1, the company paid $72,000 cash for a four-year insurance policy.
Compute the ending balance in the prepaid insurance account; assume that the balance as of the beginning of the year was $0.
The company provides security services to its clients. On April 1, the company received $270,000 cash for a three-year security contract.
Compute the ending balance in the unearned security revenue account; assume that the balance as of the beginning of the year was $0.
Make the journal entry necessary on Friday, January 3, of the following year to record the cash payment of wages for the week.
Make the journal entry necessary on the company's books on March 23 to record the purchase of office supplies .
On July 1, 2009, the company paid a three-year premium of $5,400 on an insurance policy that is effective July 1, 2009, and expires June 30, 2012.
The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned revenues.
Shop Rite received a note from a customer on June 1, 2009, as payment for services. The amount of the note is $1,000 with interest at 12%.
Davis Company bills some of its customers in advance for its design services. During the year, Davis received $60,000 cash in advance from its customers.
On November 1, the company received a $10,000 check for services. The transaction was recorded as unearned revenue.
On February 25, Pendleton paid $36,000 for 12 months of rent beginning on March 1. On February 25, Pendleton made a journal entry debiting Prepaid Rent Expense.
Interest of $9,600 is payable for September 2009 through December 2009 on a 9%, $320,000 loan and has not been recorded.
In analyzing the records, Silva notices that the nominal accounts have not yet been closed for this year.
The employees of Han Company earned $105,000. The employees received $90,000 in cash and were promised that they will receive the remaining $15,000 .
The firm purchased land for $450,000, $160,000 of which was paid in cash and a note payable signed for the balance.
Purchased $3,300 of supplies on account from White Supply Company. The cost of the supplies to White Supply Company was $2,400.
What is the process used by Wal-Mart to transform this tremendous amount of transaction data into summarized information reported to the general public .
What advice would you give him about the advantages and the disadvantages of using a computerized accounting system?
Susan just learned in her introductory accounting class that debiting Cash increases the account.
Companies come to you when they face difficult decisions about how to make certain journal entries.
Unless you work in a small family-owned business, it doesn't make any sense to learn the correct method for posting debits and credits.
They argue that as computers become smarter and more powerful, they will develop enough capacities to make good business decisions.
What journal entry would Shanghai Petrochemical make to record the sale, on account, of crude oil with an invoice sales value of $100 and a cost of $70?
The store owner uses this cash register tape at the end of each day to verify that the correct amount of cash is in the cash register drawer.