Reference no: EM131260497
The information necessary for preparing the 2018 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31.
a. On July 1, 2018, Gamecock receives $5,500 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue.
b. At the beginning of the year, Gamecock’s depreciable equipment has a cost of $39,000, a six-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the six years.
c. On May 1, 2018, the company pays $4,200 for a two-year fire and liability insurance policy and debits Prepaid Insurance.
d. On September 1, 2018, the company borrows $15,000 from a local bank and signs a note. Principal and interest at 9% will be paid on August 31, 2019.
e. At year-end there is a $2,450 debit balance in the Supplies (asset) account. Only $950 of supplies remains on hand.
Required:
Record the necessary adjusting entries on December 31, 2018. No prior adjustments have been made during 2018. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)
|
What is the expected number of breakdowns per year
: What is the expected number of breakdowns per year with station employees performing maintenance? - What is the cost of the current maintenance policy?
|
|
How art is experienced through senses and artist connection
: As you read Alice Walker's "Everyday Use," be aware of how the quilt in the story is discussed as both an artistic creation with aesthetic properties that enhance a sensory response, as well as a creation that has a significant practical use.
|
|
Reports zero taxable income
: Bonnie, who is single, reports a zero taxable income in 2016. Bonnie itemized her deductions and takes the personal exemption. She reports positive AMT timing adjustments of $200,000. and the other AMT positive adjustments of $100,000 for the year. W..
|
|
Probability that the contention ends on round
: What is the probability that the contention ends on round k, and what is the mean number of rounds per contention period? Please calculate first few terms to get the approximated answer.
|
|
Gamecock credits deferred revenue
: The information necessary for preparing the 2018 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31. On July 1, 2018, Gamecock receives $5,500 from a customer for advertising services t..
|
|
Return the airline of the plane
: Create a Plane class. This class will represent a plane in our system. It should contain a constructor, two instance variables (an Airline enumeration, and a String) and three methods (getAirline,getModel, toString)
|
|
What is the normal force in the hoop after it has cooled
: The timber member has a cross-sectional area of 1750 mm2 and its modulus of elasticity is 12 GPa. Compute the change in the total length of the member after the loads shown are applied.
|
|
David hall chief of the maintenance department
: David Hall, chief of the maintenance department at Mechanical Dynamics, has presented you with the following failure curve. What does it suggest?
|
|
How do television and computers influence children cognition
: How do television and computers influence children's cognition? What are the advantages and disadvantages of home schooling? How prejudice and discrimination could lead a child to develop a self-fulfilling prophecy?
|