On April 1 your company prepaid six months of rent, $4,800. Requirements 1. Prepare the journal entry
Question:
Requirements
1. Prepare the journal entry for the April 1 payment.
2. Prepare the adjusting entry required at April 30.
3. Post to the two accounts involved and show their balances at April 30.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
Reqs 1 and 2 Journal DATE ACCOUNTS AND EXPLANATIONS ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
Students also viewed these Accounting questions
-
Some silent mutations have been found to be associated with disease. Suggest a possible mechanism for this. How would you test this hypothesis?
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
Exporting files into binary files is done in O Logical files O Physical backup O Physical full backup O Physical partial backup L
-
Lendell Company has these comparative balance sheet data: Additional information for 2019: 1. Net income was $25,000. 2. Sales on account were $375,000. Sales returns and allowances amounted to...
-
According to a recent study by the Annenberg Foundation, only 36% of adults in the United States could name all three branches of government. This was based on a survey given to a random sample of...
-
A sleeve-bearing machine is running up to speed, and as it passes through a known critical frequency, vibration at the critical frequency starts to occur, and even though the machine continues to...
-
Aquatran Incorporated uses leases as a method of selling its products. In early 2011, Aquatran completed construction of a passenger ferry for use between Manhattan and Staten Island. On April 1,...
-
4) Determine the support reactions for the system shown. There is a pin at A and a roller at B. The external force of 1000 N is applied at x = 2 meters. A F = 1000 N 4 meters B
-
Mean Beans, a local coffee shop, has the following assets on January 1, 2020. Mean Beans prepares annual financial statements and has a December 31, 2020 year-end. The companys depreciation policy is...
-
A select list of transactions for Anuradhas Goals follows: Apr 1 Paid six months of rent, $4,800. 10 Received $1,200 from customer for six-month service contract that began April 1. 15 Purchased...
-
On May 1 your company paid cash of $54,000 for computers that are expected to remain useful for three years. At the end of three years, the value of the computers is expected to be zero, so...
-
Each morning, Jamal Imery stocks the drink case at Jamals Beach Hut in Charlotte, North Carolina. Jamals Beach Hut has 110 linear feet of refrigerated display space for cold drinks. Each linear foot...
-
> For a recent year, McDonald's (MCD) company-owned restaurants had the following sales and expenses (in millions): Sales Food and paper Payroll and employee benefits Occupancy and other expenses...
-
You've just joined the investment banking firm of Dewey, Cheatum, and Howe. They've offered you two different salary arrangements. You can have $7,500 per month for the next three years, or you can...
-
Title: Services Marketing Case Study Questions- Moti Restaurant file:///C:/Users/Window/Downloads/Case_Study_9.pdf.pdf Questions: 1. Using the (8p's) of marketing as your guide. Explain each while...
-
How do you theorize the impact of government intervention and its influence on free market principles? Specifically, how does this balance affect national competitiveness and the attraction of...
-
How is the New Math movement of the 1950s and 1960s similar to the Reform Movement of today?
-
Phedre was working her first shift at the Hyacinth Burger Bar. She had gone through some training with the owner Melisande the previous day. She had found Melisande intimidating, despite her...
-
Record the following selected transactions for March in a two-column journal, identifying each entry by letter: (a) Received $10,000 from Shirley Knowles, owner. (b) Purchased equipment for $35,000,...
-
Indicate whether the solubility of carbon dioxide gas in soda increases or decreases for each of the following changes. (a) The temperature of the soda decreases from 20 C to 10 C. (b) The partial...
-
Ortiz Companys manufacturing overhead budget shows total variable costs of $198,000 and total fixed costs of $162,000. Total production in units is expected to be 150,000. It takes 20 minutes to make...
-
Everly Companys variable selling and administrative expenses are 12% of net sales. Fixed expenses are $50,000 per quarter. The sales budget shows expected sales of $200,000 and $240,000 in the first...
-
For Goody Company, the budgeted cost for one unit of product is direct materials $10, direct labor $20, and manufacturing overhead 80% of direct labor cost. If 25,000 units are expected to be sold at...
-
Car A and car B travel in the same direction along a straight section of the interstate highway. For the entire interval shown on the velocity-versus-time graph (see figure below), car A is ahead of...
-
A novice golfer on the green takes three strokes to sink the ball. The successive displacements of the ball are d = 4.02 m to the north, d = 2.10 m northeast, and d3 = 1.18 m at 30.0 west of south
-
A point particle with charge q = = -200 nC and mass m = 3.0 106 g is released from rest at the midpoint of a parallel-plate capacitor. The capacitor has plate separation d 3.0 mm. The negative...
Study smarter with the SolutionInn App