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Bad White [126]
3 years ago
5

QS 3-7 Adjusting prepaid (deferred) expenses LO P1 For each separate case, record the necessary adjusting entry. On July 1, Lope

z Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchased $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31.
Business
1 answer:
kicyunya [14]3 years ago
5 0

Answer:

S/n   General Journal              Debit      Credit

a       Insurance expense        $1,200

               Prepaid Insurance                   $1,200  

        (To record insurance expired)

b       Supplies expense          $6,200

                Supplies                                  $6,200

                ($5,000 + $2,000 - $800)

         (To record supplies used)

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If you are going to receive $70,000 for 20 years starting 5 years from now, what is the present value of the cash flows discount
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336,405.28

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4 0
2 years ago
In March 2021, the Phillips Tool Company signed two purchase commitments. The first commitment requires Phillips to purchase inv
xeze [42]

Answer:

Journal entries

Date               Account title and explanation    PR. No.    Debit ($)    Credit ($)

June 15,2021        Purchases                                             $85,500

                             Loss on purchase commitment           $15,000

                             Cash                                                                        $100,000

                       (To record the payment for the loss on

                         purchase commitment)

June 30,2021  Estimated loss on purchase

                        commitment                                                $10,600

                           Estimated liability on purchase

                        commitment                                                                   $10,600

                       (To record the loss on purchase commitment)

Aug 30,2021        Purchases                                             $120,500

                             Loss on purchase commitment           $19,900

                            Estimated liability on purchase

                             commitment                                           $10,600

                           Cash                                                                           $151,000

                       (To record the payment for the loss on purchase commitment)

Explanation:

For June 15,  Loss on purchase commitment = Signed value of inventory - Market value of inventory = $100,000 - $85,500 = $14,500

For June 30, Loss on purchase commitment = Signed value of inventory - Market value of inventory = $151,000 - $140,400 = $10,600

For Aug 30, Loss on purchase commitment = Market price of inventory at June 30 - Market value of inventory at August 30 = $140,400 - $120,500 = $19,900

4 0
3 years ago
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