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Sidana [21]
2 years ago
15

Below are transactions for Hurricane Company during 2021. a. On October 1, 2021, Hurricane lends $7,200 to another company. The

other company signs a note indicating principal and 8% interest will be paid to Hurricane on September 30, 2022. b. On November 1, 2021, Hurricane pays its landlord $1,800 representing rent for the months of November through January. The payment is debited to Prepaid Rent for the entire amount. c. On August 1, 2021, Hurricane collects $11,040 in advance from another company that is renting a portion of Hurricane’s factory. The $11,040 represents one year's rent and the entire amount is credited to Deferred Revenue. d. Depreciation on machinery is $3,700 for the year. e. Salaries for the year earned by employees but not paid to them or recorded are $3,200. f. Hurricane begins the year with $600 in supplies. During the year, the company purchases $3,700 in supplies and debits that amount to Supplies. At year-end, supplies costing $1,700 remain on hand. Required: Record the necessary adjusting entries at December 31, 2021, for Hurricane Company for each of the situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
Business
1 answer:
blondinia [14]2 years ago
6 0

Answer:

ACCOUNT          

interest expense  144 debit

interest payable  144 credit

rent expense        1200 debit

prepaid expense  1200 credit

unearned revenue  4600 debit

rent revenue  4600 credit

depreciation expense  3700 debit

acc dep machine  3700 credit

salaries expense  3200 debit

salaries payable  3200 credit

supplies expense  2600 debit

supplies  2600 credit

Explanation:

Interest is calculate doing:

principal x rate x time

7,200 x 0.08 x 3/12 = 144

rent

1,800 for 3 months  there is 2 expired 1,800 x 2/3 = 1,200

earned revenue on rent

11,040 x 5 monhts / 12 = 4,600

supplies:

beginning + purchase - ending = consumed supplies

600 + 3,700 - 1,700 = 2,600

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Answer:

75,000

Explanation:

The straight-linedepreciation is calculate by dividing the acquisition value over the useful life

Machine A useful life is for 5 years

250,000 / 5 years = 50,000 per year

Machine B useful life is:

2 years in development project and then 8 years in a production division

total useful life for 10 years

250,000/ 10 years = 25,000

<u>Total development expense: </u>

machine A depreciation 50,000  + machine B depreciation 25,000 = 75,000

development expense 75,000

      acc depreciation machine A   50,000

      acc depreciation machine B   25,000

4 0
2 years ago
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Answer: C. Perceived Value

Explanation:

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It is essentially the customer, ranking a good or service in terms of how well they feel it fulfilled it's intended purpose.

When guests to an Establishment come with expectations for instance, how well the guests think these expectations are met (perceived Value) is what determines the overall satisfaction of the guest.

Hence the formula, Guest expectations + Perceived Value = Guest Satisfaction

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A general partnership, the essential type of association under common law is a course of action by which at least two people consent to partake in all advantages, benefits and monetary and legitimate liabilities of a business. Such partners have boundless liability, which implies their own assets are at risk to the partnership's commitments.  

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Yes because there were only 8 men
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