Reference no: EM132445878
Questions -
Q1. On January 1, 20X1, Delta Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2.
Create an adjusting entry also, would interest be charged for one year or two?
Q2. On Tuesday March 31, 20X1 the Delta Company had accrued wages of $2,000. Friday, April 3, Delta paid employee wages of $5,000 for the week.
How do you create an adjusting entry for EOM in March for accrued wages?
Q3. During 2018, Wehaw Company had credit sales of $56,000 and cash sales of $13,000. In 2018 Wehaw collected $31,000 of accounts receivable resulting from sales on credit. Wehaw incurred operating expenses of $63,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Wehaw also purchased for cash a three-year insurance policy on January 1, 2018. The cost of this policy was $9,000.
What is Wehaw's 2018 accrual basis net income or loss?
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