Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

14. Below are two related transactions for Golden Corporation. The annual accounting period ends December 31. For each date listed, give the required entry in

image text in transcribed 14. Below are two related transactions for Golden Corporation. The annual accounting period ends December 31. For each date listed, give the required entry in journal format. (a) October 1, 2009-Golden Corporation borrowed $100,000 and signed a one-year note. Total annual interest =$8,000. The principal and interest are due in one year (on September 30, 2010). (b) December 31, 2009-end of the annual accounting period. 15. Bridge Company keeps a small inventory of supplies used for cleaning and maintenance purposes. On January 1,2019 , the inventory of supplies on hand was $2,000. During the year, supplies purchased were debited to the supplies inventory account in the amount of $6,500. On December 31,2019 , the inventory count of supplies in the storeroom was $1,750. Give the adjusting entry required at December 31, 2019. 16. On November 1, 2019, Bruce Company leased some of its office space to Fairlane Company and immediately collected twelve months rent in advance of $600,000. Bruce debited cash and credited unearned rent revenue for $600,000. At December 31, 2019 (the end of the accounting period), give the adjusting entry Bruce should make in respect to the rent

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions