Answered step by step
Verified Expert Solution
Question
1 Approved Answer
12/31/21 Record the payment of semiannual interest on the bonds issued in January 2021 and the amortization of the premium for six months. The amortization
12/31/21 | Record the payment of semiannual interest on the bonds issued in January 2021 and the amortization of the premium for six months. The amortization is determined using the straight-line method. | ||
12/31/21 | Record interest due on outstanding note receivable that was converted to Accounts Receivable in November. A determination whether to write off the note as uncollectible will be made in 1Q22. | ||
12/31/21 | Record the adjustment to Unearned Revenues. Services related to Unearned Revenues of $22,000 were performed. | ||
12/31/21 | Amortize Prepaid Insurance. The 12-month insurance policy was purchased on Septempber 1. | ||
12/31/21 | Record Depreciation expense on Store Buildings $20,000; Office Buildings $30,000; and Office Equipment $10,000. | ||
12/31/21 | Record Depreciation expense of the Store Equipment: Compute Depreciation expense on the store equipment purchased in July. Depreciation expense on other Store Equipment assets is $62,500. | ||
12/31/21 | Estimated Allowance for Doubtful Accounts is computed to be 1% of current year sales. (Hint: the amount of the adjustment should be computed starting from the unadjusted balance in Allowance for Doubtful Accounts) |
put into journal entry.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started