30. On March 31, 2014, the Turi Company purchased a two-year fire insurance policy. Turi recorded the parchase by debiting Prepaid Insurance and crediting Cash for $10.000. Which of the following adjusting entries should Trident prepare at the end of 2014? a. Prepaid Insurance 3,750 Insurance Expense 3,750 b. Insurance Expense 3,750 Prepaid Insurance 3.750 c. Prepaid Insurance 5,500 Insurance Expense 3,500 d. Insurance Expense 5,000 Prepaid Insurance 5,000 7 Pappy Corporation received cash of $36,000 on September 1, 2017 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2017 adjusting entry is a debit Rent Revenue and credit Unearned Rent Revenue, $12,000 b. debit Rent Revenue and credit Uneared Rent Revenue, $24,000. a dobit Uneamed Rent Revenue and credit Rent Revenue. $12.000 d. debit Cash and credit Unearned Rent Revenue, $24,000. CA S Panda Corporation paid cash of $120,000 on June 1, 2017 for one year's rent in advance and recorded the transaction with a debit to Prepaid Rent The December 31, 2017 adjusting entry is debit Prepaid Rent and credit Rent Expense, 350,000 b. debit Prepaid Rent and credit Rent Expenso, $70,000. debit Rent Expense and credit Prepaid Rent, $70,000 d. debit Prepaid Rent and credit Cash, 550,000 The Company purchased equipment on November 1, 2017 and gave a 3-month, 0 note with a face value of $80,000. The December 31, 2017 adjusting entry is . debit interest Expense and credit interest Payable, 5/ 200 dobit interest Expense and credit Interest Payable 51.000 de interest Expense and crear Cash 1.200. dett interest Expense and credit interest Payable 1.200 10 Star Corporation loaned 500,000 to another corporation on December 1, 2017 and received month on Werest-beng note with a face value of $600,000. What ingly would start make on December 31, 2017 Der Rand Groenterol Revenue 12.000 DC Rev 4.000 De Roc and redeel Revenue 4.000 12000 T 30. On March 31, 2014, the Turi Company purchased a two-year fire insurance policy. Turi recorded the purchase by debiting Prepaid Insurance and crediting Cash for $10,000. Which of the following adjusting entries should Trident prepare at the end of 2014? a Prepaid Insurance 3,750 Insurance Expense 3.750 b Insurance Expense 3,750 Prepaid Insurance c. Prepaid Insurance 5,500 Insurance Expense 5.500 d. Insurance Expense 5,000 Prepaid Insurance 5,000 3,750 7 Pappy Corporation received cash of $36,000 on September 1, 2017 for one year's rent in advance and recorded the transaction with a credit to Uneared Rent Revenue. The December 31, 2017 adjusting entry is a. debit Rent Revenue and credit Uneamed Rent Revenue, $12,000 b. debit Rent Revenue and credit Uneared Rent Revenue, $24,000 debit Uneared Rent Revenue and credit Rent Revenue $12.000 d debit Cash and credit Unearned Rent Revenue. $24,000. Panda Corporation paid cash of $120,000 on June 1, 2017 for one year's rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2017 adjusting entry is a. debit Prepaid Rent and credit Rent Expense, $50,000. debit Prepaid Rent and credit Rent Expense, S70,000 debit Rent Expense and credit Prepaid Rent, 70,000. d. debit Prepaid Rent and credit Cash, $50,000 9 Tate Company purchased equipment on November 1, 2017 and gave a 3-month, 9% note with a face value of $80,000. The December 31, 2017 adjusting entry is a debit Interest Expense and credit Interest Payable, $7 200 b. debit Interest Expense and credit Interest Payable, $1,800. debit Interest Expense and credit Cash $1,200. d debit Interest Expense and credit Interest Payable, $1,200 10 Starr Corporation loaned $600,000 to another corporation on December 1, 2017 and received a 3-month, 8% interest-bearing note with a face value of $600,000. What adjusting entry should Starr make on December 31, 2017 a. Debit Interest Receivable and credit Interest Revenue, $12,000 b. Debit Cash and credit Interest Revenue, $4,000. C. Debit Interest Receivable and credit Interest Revenue, $4,000 d. Debit Cash and credit Interest Receivable, $12,000. 1
