Question Completion:
Journalize the adjusting entries:
Answer:
Yazici Advertising
Adjusting Journal Entries:
Date Account Titles Debit Credit
October 31:
1. Supplies Expense $1,500
Supplies $1,500
To record the supplies expense for the year ended October 31.
2. Insurance Expense $50
Prepaid Insurance $50
To record the insurance expense for the month of October.
Explanation:
a) Data and Analysis:
October 31:
1. Supplies Expense $1,500 Supplies $1,500 ($2,500 - $1,000)
2. Insurance Expense $50 Prepaid Insurance $50 ($600 * 1/12)
3. From the scenario, the year-end is October 31.
The Correct Awnser is (A) because when you do the math, thats what you come up with
Answer and Explanation:
The journal entries are shown below:
a. On Jan 31
Warranty expense Dr ($173,000 × 6%) $10,380
To Product Warranty payable $10,380
(Being the warranty expense is recorded)
For recording this we debited the warranty expense as it increased the expenses and credited the product warranty payable as it also increased the liabilities
b. On Aug 15
Product Warranty payable $397
To Supplies $230
To wages payable $167
(Being the product warranty payable is recorded)
For recording this we debited the product warranty payable as it decreased the liabilities and the supplies and wages payable is credited as it decreased the assets and increased the liabilities
Answer:
FALSE
The statment is false, the gain is 15,000
Explanation:
When there is commercial substance the exchange of long-term assets will recognize a gain or a loss on exchange.
When there isn't the diference will be adjusted using the value of the new asset.
In this case <u>we have commercial substance,</u> so the buyer will report a gain on exchange for 15,000 which is the allowance made by the seller.
The value has 15,000 trade-in allowance. Which means it value is for 25,000
So the diference between the current fixed asset and the new one is 15,000
25,000 - 10,000 = 15,000
The statment is false, the gain is 15,000
Answer:
Make someone else director
Explanation:
I would be too lazy to do that. ;)
