Problem 1: On January 1, 20X1, Delta Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2.
Create an adjusting entry also, would interest be charged for one year or two?
Problem 2: On Tuesday March 31, 20X1 the Delta Company had accrued wages of $2,000. Friday, April 3, Delta paid employee wages of $5,000 for the week.
How do you create an adjusting entry for EOM in March for accrued wages?
Problem 3: During 2018, Wehaw Company had credit sales of $56,000 and cash sales of $13,000. In 2018 Wehaw collected $31,000 of accounts receivable resulting from sales on credit. Wehaw incurred operating expenses of $63,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Wehaw also purchased for cash a three-year insurance policy on January 1, 2018. The cost of this policy was $9,000.
What is Wehaw's 2018 accrual basis net income or loss?
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