Prepare the appropriate subsequent cash entries. FILL SCREM PRINTER VESON RACK NEXTH Sandhill Co. has the following
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Prepare the appropriate subsequent cash entries.
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FILL SCREM PRINTER VESON RACK NEXTH Sandhill Co. has the following balances in selected accounts on December 31, 2017. Sandhil has a calendar year end Accounts Receivable Accumulated Depreciation-Equipment Equipment 7,800 Interest Payable Notes Payable 11,400 Prepaid Insurance Salarles Payable 2,196 Supplies 2,620 Uneamed Revenue 34,200 All the accounts have normal balances. The information below has been gathered at December 31, 2017. Sandhill Co. borrowed $11,400 by signing a 4%, one-year note on September 1, 2017. A count of supplies on December 31, 2017, indicates that supplies of $920 arE on hand. 3. Depreciation on the equipment for 2017 is $1,230. Sandhill Co. paid $2,196 for 12 months of Insurance coverage on June 1, 2017. 5. On December 1, 2017, Sandhill collected $34,200 for consulting services to be performed evenly from December 1, 2017, through Harch 31, 2018. Sandhill performed consulting services for a dient in December 2017. The dient will be biled $3,000. Payment from the ccustomer is expected on Jamuary 15, 2018. 7. Sandhill Co. pays its employees total salarles of $10,300 every Wednesday for the preceding five-day week (Monday through Friday). On Wednesday, January 3, 2018. emplovees were paid for the last five weekdays of 2017. 1. 2. 4. 6. FILL SCREM PRINTER VESON RACK NEXTH Sandhill Co. has the following balances in selected accounts on December 31, 2017. Sandhil has a calendar year end Accounts Receivable Accumulated Depreciation-Equipment Equipment 7,800 Interest Payable Notes Payable 11,400 Prepaid Insurance Salarles Payable 2,196 Supplies 2,620 Uneamed Revenue 34,200 All the accounts have normal balances. The information below has been gathered at December 31, 2017. Sandhill Co. borrowed $11,400 by signing a 4%, one-year note on September 1, 2017. A count of supplies on December 31, 2017, indicates that supplies of $920 arE on hand. 3. Depreciation on the equipment for 2017 is $1,230. Sandhill Co. paid $2,196 for 12 months of Insurance coverage on June 1, 2017. 5. On December 1, 2017, Sandhill collected $34,200 for consulting services to be performed evenly from December 1, 2017, through Harch 31, 2018. Sandhill performed consulting services for a dient in December 2017. The dient will be biled $3,000. Payment from the ccustomer is expected on Jamuary 15, 2018. 7. Sandhill Co. pays its employees total salarles of $10,300 every Wednesday for the preceding five-day week (Monday through Friday). On Wednesday, January 3, 2018. emplovees were paid for the last five weekdays of 2017. 1. 2. 4. 6.
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Answer Answer 1 a Dec 31 Interest Expense 152 Interest Payable 11400 4 412 152 b Aug 31 Interest Exp... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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