Reference no: EM132915039
Problem 1: Devan Co. began the year with $1,200 in office supplies. During the year, Devan purchased $2,800 worth of additional supplies. At the end of the year, Devan only had $500 worth of supplies remaining. What adjusting entry must Devan make at year end?
Option 1: Debit: Supplies Expense, $3,500; Credit: Supplies, $3,500
Option 2: Debit: Supplies, $3,500; Credit: Supplies Expense, $3,500
Option 3: Debit: Supplies, $2,100; Credit: Supplies Expense, $2,100
Option 4: Debit: Supplies Expense, $2,100; Credit: Supplies, $2,100
Problem 2: On March 1, 2020, Jimenez purchased a one-year insurance policy for $2,400. On that date, Jimenez debited Prepaid Insurance for $2,400. If Jimenez prepares financial statements at the end of March, the adjusting journal entry would include a:
Option 1: debit to Insurance Expense for $200.
Option 2: debit to Insurance Expense for $2,400.
Option 3: credit to Insurance Expense for $2,200.
Option 4: None of these.
Option 5: credit to Prepaid Insurance for $2,200.
What adjusting entry must mavis make at february
: As of December 31, 2020, 45% of the work had been completed. What adjusting entry must Mavis make at February 28, 2021?
|
Compute Lawrence gross pay for the past week
: During the past week, Lawrence worked 8 hours each day Monday through Thursday, 10 hours on Friday, and 6 hours on Sunday. Compute Lawrence's gross pay
|
What journal entry should bonger company record on december
: Shaw Company's fiscal year-end is December 31. What journal entry, if any, should Bonger Company record on December 31, 2020?
|
What distinguishes accrued from deferred liabilities
: What distinguishes current liability from noncurrent liability? In terms of current liabilities what distinguishes accrued liabilities from deferred liabilities
|
What the adjusting journal entry would include a
: Jimenez debited Prepaid Insurance for $2,400. If Jimenez prepares financial statements at the end of March, the adjusting journal entry would include a
|
What are business analytics
: What are business analytics and why are they important in organizations today? What impact has the internet had on marketing strategy and research and developme
|
What is the main research hypothesis
: UCP Business School offered a course titled " Research skills in Business" to two Sections of BBA, A and B. Section A was offered this course with a text book,
|
What journal entry to record on friday would involve a debit
: Previous Friday, and an entry is made each Friday to accrue the payroll for that week, the journal entry to record on Friday would involve a debit to
|
Calculate the amount of losses
: Assuming that all the defendant in the case are financially able to pay their share of the losses, calculate the amount of losses
|