Problem:
Journalize the following accrued revenue transactions:
PRV Bank extended $400,000 credit at 5% interest to a customer on April 1, 2012 for one year (N/R). The principal and interest rates will be collected on March 31, 2013.
Required:
Journalize the transactions on the following dates:
April 1, 2012
Dec. 31,2012
March 31,2013
ETN Insurance Company sold an insurance policy and collected $210,000 cash on October 1, 2012 from the customer for one-year coverage.
Required:
Please journalize on the following dates:
October 1, 2012
December 31, 2012
September 31, 2013
XYZ Co. collected $1,800,000 cash (advances) from a customer on November 22, 2012 with promise to deliver merchandise on March 1, 2013. Cost or the merchandise to xyz company: $1,100,000.
Journalize on:
November 22, 2012
December 31, 2012
Delivery March 1, 2013
Provide correct solution of the given problem with step by step calculations.