1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sertanlavr [38]
3 years ago
13

Below are transactions for Wolverine Company during 2021.

Business
1 answer:
Ivanshal [37]3 years ago
4 0

Answer:

Check the explanation for the answer

Explanation:

Wolverine Company

Adjusted journal entries for the year ended 31st December 2021.

<u>DATE         PARTICULARS                                    DEBIT ($)   CREDIT ($)</u>

1/12/2021 Rent receivable                                        4000

                       Deferred revenue                                                          4000

                      Being the correction of rent deferred

                      revenue

1/7/2021        Insurance expenses                                13200

                     Prepaid insurance                                                            13200

                     Being the correction of error of prepaid

                     insurance      

1/1/2020      Salaries expenses                                    3000

                    Salaries payable                                                                3000

                    Being the correction of salaries

                   expenses

1/11/2021      Loan interest expenses                            1500

                    Loan payable                                                                      1500

                    Being the  correction of loan

                    expenses

1/8/2020      Office supplies expenses                         4400

                    Prepaid office supplies                                                        4400

                   Being the correction of error of office

                   supplies

                                  Total                               <u>26100            26100</u>

The word ’journal’ means a dairy or day books which is use for recording of any financial transaction. It helps in reducing the possibility of an error when transactions are first recorded. The journal is not part of the double entry system; its purpose is giving details of entries, which will appear in the Ledger.  

Deferred revenue which can also be refer to as unearned revenue are income receive on goods or services which have not been rendered to the customer, because the service has not been rendered to the payer, it is a debt or liability to the company so this should be treated as a credit entry under Journal entry.

Accrued expenses: these are expenses owed or due for payment by the company which has not been paid, for example, owing of employment wages or salaries at the end of accounting period, the expenses should be debited under journal entry and wages payable should be credited.

You might be interested in
As you get closer to needing the money from an investment, what happens to your risk tolerance
Sedbober [7]

Risk tolerance gets lower and lower as you get closer to needing the money from your investment.

If you don't need the money for 50 years, you are more likely to take risks in the stock market or other higher risk investments in return for higher rewards. If you need the money tomorrow, you will not be willing to risk it all in the stock market because even though it <em>could </em>double, you might lose it all.

8 0
3 years ago
The Sugar Sweet Company will choose from two companies to transport its sugar to market. The first company charges
Harlamova29_29 [7]

Answer:

Both will charge $6,904 when they transport 16 tons of sugar.

Explanation:

The amount of sugar to be transported is S, since we need to calculate at which amount of sugar both truck companies charge the same total price, we need to solve the following:

first company charges $4,500 + $150.25 S

second company charges $3,696 + $200.50 S

since both companies will charge the same total amount, then

$4,500 + $150.25 S = $3,696 + $200.50 S

$4,500 - $3,696 = $200.50 S - $150.25 S

$804 = $50.25 S

$804 / $50.25 = S

S = 16

$4,500 + ($150.25 x 16) = $4,500 + $2,404 = $6,904

5 0
3 years ago
A commercial building worth $400,000 is insured under a Commercial Property policy for $240,000, and an 80% coinsurance clause a
Mekhanik [1.2K]

Answer: $15,000

Explanation: The 80% coinsurance clause on the property means that the insurance policy holder is agreeing to contribute up to 80% of the property's worth. Hence in the event of a loss to the building worth $20,000; the insures policyholder would receive :

(Actual contribution/expected contribution) x value of loss to the property

Where : Expected contribution = 80% of property's worth

ie (80/100) x $400,000 = $320,000

then the insured is to receive: ($240,000/$320,000) x $20,000 = $15,000

4 0
3 years ago
You will have less money available for other purchases if you choose a car that costs _______ instead of a car that costs ______
Leona [35]
The correct answer would be B. This is because you are spending more money aka $12,000 which would result in you having less money than if you bought one for $8,000!
7 0
3 years ago
If a person can encourage people to follow an idea, what role can this person play on a team at work?
vazorg [7]
A leader  would be the role for him/her

4 0
3 years ago
Other questions:
  • When her income increased from $10,000 to $20,000, Heather's consumption of macaroni decreased from 10 pounds to 5 pounds and he
    9·1 answer
  • 98 points list 2 reasons why trump is a good prez and 3 reasons why he is not
    13·2 answers
  • Which two things do benefits tell you about a product
    13·1 answer
  • As an upper level manager in his organization, Lionel Tucker has been asked to mentor a less experienced, lower-level employee.
    6·1 answer
  • The expense recognition (matching) principle requires that expenses (expenses/assets/liabilities) be recorded in the same accoun
    8·1 answer
  • 1. Why is the production department of a company important? (1-2 sentences. 2.0 points)
    5·1 answer
  • Which of the following tends to result in a decrease in the selling price of houses in an area? A. An increase in the population
    10·1 answer
  • During its first year of operations, JKL Company paid $11,065 for direct materials and $11,200 for production workers' wages. Le
    15·1 answer
  • Which aspect of organizing Is concerned with dividing a large task Into smaller tasks and assigning the tasks to the right emplo
    15·2 answers
  • Assume that the adult population of the United States is 191.6 million, total employment is 117.6 million, and 9.4 million are u
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!