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10 to 13 please 1) On January 1, 2016, Company X buys a one-year insurance policy for $1200. What is the adjusting Journal Entry to
10 to 13 please
1) On January 1, 2016, Company X buys a one-year insurance policy for $1200. What is the adjusting Journal Entry to be completed January 31, 2016? 2) For the same company in question #1, what is the monthly adjusting Journal Entry November 30, 2016? Is it the same as the JE on Jan 31, 2016? Why or why not? 1 3) On January 1, 2016, Company Y borrows $1000 for one year at 12% interest. What is the adjusting Journal Entry January 31, 2016? 4) For the same company in question #3, what is the monthly adjusting Journal Entry December 31, 2016? Is it the same as the JE on January 31, 2016? Why or why not? 5) On Jan 2 Company Z buys 50 widgets for $25 each 1/10 n 30 on account. 6) Shipping on the purchase is $245 FOB shipping. 7) Jan 5 Company Z returns 1 widget for credit. 8) On Feb 1, the company sells 10 widgets for $50/each 2/10 n 30 on account. Assume COGS is $30/widget. 9) The customer who bought the widgets from Company Z returns two of them for credit. 10) On Feb 11 the customer pays Company Z. 11) What are all of the factors that can increase or decrease Cost of Goods available for sale? I 12) What is the formula to calculate Cost of Goods Sold under a periodic inventory system? 13) What is the basic adjusting entry for each of four adjustment types Prepaid Expense, Unearned Revenue, Accrued Expense and Accrued Revenue? How are account balances under or overstated before adjustment for each of these four types Step by Step Solution
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