Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5 to 9 please! 1) On January 1, 2016, Company X buys a one-year insurance policy for $1200. What is the adjusting Journal Entry to
5 to 9 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? 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 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