d. In late October, Faraday agreed to become the sponsor for the sports segment of the evening news program on a local television The station billed Faraday $4,350 for 3 months' sponsorship-November 2019, December 2019, and January 2020-in advance. these payments were made, Faraday debited prepaid advertising. At December 31, 2 months' advertising has been used and 1 m remains unused. Required: 1. Prepare adjusting entries at December 31 for these four activities. Dec. 31 Insurance Expense Prepaid Insurance (Record use of prepaid insurance) Dec. 31 Utilities Expense Utilities Payable (Record use of utilities) ✓ V Dec. 31 Rent Expense Rent Payable (Record use of equipment) Dec. 31 Advertising Expense Prepaid Advertising (Record use of prepaid advertising) 1,620 1,520 1,440 2,175 X 1,620 1,520 1,440 2,175 X

d. In late October, Faraday agreed to become the sponsor for the sports segment of the evening news program on a local television The station billed Faraday $4,350 for 3 months' sponsorship-November 2019, December 2019, and January 2020-in advance. these payments were made, Faraday debited prepaid advertising. At December 31, 2 months' advertising has been used and 1 m remains unused. Required: 1. Prepare adjusting entries at December 31 for these four activities. Dec. 31 Insurance Expense Prepaid Insurance (Record use of prepaid insurance) Dec. 31 Utilities Expense Utilities Payable (Record use of utilities) ✓ V Dec. 31 Rent Expense Rent Payable (Record use of equipment) Dec. 31 Advertising Expense Prepaid Advertising (Record use of prepaid advertising) 1,620 1,520 1,440 2,175 X 1,620 1,520 1,440 2,175 X

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...

See similar textbooks

Similar questions

On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.6 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 6% promissory note. Interest is payable at maturity. Trico’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).)
On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the repayment of the note at maturity. Note: Enter debits before credits. Date General Journal Debit Credit February 01, 2022
On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021
On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the issuance of note. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2021
Entity A is preparing its oparing its December 31, 20x1 financial statements, Provide the year-end adjusting entries for the following: Required 1. Entity A entered into a 1-year contract for a billboard advertising on August 1, 20x1. The monthly rent for the billboard is 200,000, payable at the start of each month. Entity A has paid the rentals for the months of August to november 20x1 Required 2 Entity A received a 10%, P180,000, one-year, note receivable from a customer on October 31, 20x1. Both the principal and interest on the note are due on November 1, 20x2.
Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.
More info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $270, plus sales tax of 5%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done - X
Required Information [The following information applies to the questions displayed below.] Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $45 in advance for a one-year subscription. During the month of August 2019, Evans Ltd. sold 180 one-year subscriptions and received payments in advance from all new subscribers. Only 72 of the new subscribers paid their fees in time to receive the August newsletter; the other subscriptions began with the September newsletter. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) Required: a-1. Use the horizontal model to record the effects of subscription fees received in advance during August 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.) Assets Balance Sheet Assets Liabilities a-2. Use the horizontal model to record the effects of subscription revenue earned during August 2019.…
On November 1, 2024, Survival Training Corporation borrows $49,000 cash from Community Savings and Loan. Survival Training signs a three-month, 6% note payable. Interest is payable at maturity. Survival's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys' sales were $1,450,000. Previous quarterly entries debiting Product Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year? Journal entry necessary to bring the account to the needed balance at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank fill in the blank fill in the blank fill in the blank
Jennifer’s Landscaping Services signed a $400-per-month contract on November 1, 2019, toprovide plant watering services for Lola Inc.’s office buildings. Jennifer’s received 4 months’service fees in advance on signing the contract.Required:1. Prepare Jennifer’s journal entry to record the cash receipt for the first 4 months.2. Prepare Jennifer’s adjusting entry at December 31, 2019.3. CONCEPTUAL CONNECTION How would the advance payment [account(s) and amount(s)]be reported in Jennifer’s December 31, 2019, balance sheet? How would the advance payment[account(s) and amount(s)] be reported in Lola’s December 31, 2019, balance sheet?
Lyon County Bank agrees to lend the Grimwood Brick company $100,000 on January 1. Grimwood Brick Company signs a $100,000, 8% 9-month note. What is the adjusting entry required if Grimwood Brick company prepared financial statements on June 30?