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a. Details of Prepaid Insurance are shown in the account Prepaid Insurance Jan 1 Bal 2,500 Mar 31 3,600 Tiger prepays insurance on March 31
a. Details of Prepaid Insurance are shown in the account Prepaid Insurance Jan 1 Bal 2,500 Mar 31 3,600 Tiger prepays insurance on March 31 each year. At December 31, $700 is still prepaid. b. Tiger pays employees each Friday. The amount of the weekly payroll is $6,200 for a five-day work week The current acCounting period ends on Thursday Tiger has a note receivable. During the current year, Tiger has earned accrued interest revenue of $500 that it will collect next year d. The beginning balance of supplies was $3,400. During the year, Tiger purchased supplies costing $6,300, and at December 31 supplies on hand total $2,100. Tiger is providing services for Sting Ray Investments, and the owner of Sting Ray paid Tiger $10,600 as the annual service fee. Tiger recorded this amount as Unearned Service Revenue Tiger estimates that it has earned 60% of the total fee during the current year f. Depreciation for the current year includes Office Furniture, $3,800, and Equipment, $5,600. Make a compound entry C. e. Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Tiger Corporation. Include an explanation for each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) a. Details of the Prepaid Insurance account reveal a annual insurance premium. At December 31, $700 is still nro Deginning of the year) debit balaref $2.500 and a debit to the account on March 31 for $3.600 to record the payment of an Journal Entry Date Accounts and Explanation Debit Credit Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question b. Tiger pays employees each Friday. The amount of the weekly payroll is $6,200 for a five-day work week. The current accounting period ends on a Thursday Journal Entry Date Accounts and Explanation Debit Credit Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question c. Tiger has a note receivable. During the current year, Tiger has eamed accrued interest revenue of $500 that it will collect next year Journal Entry Date Accounts and Explanation Credit Debit Dec 31 d. The beginning balance of supplies was $3,400. During the year, Tiger purchased supplies for $6,300, and at December 31 the supplies on hand total $2,100 Joumal Entry Date Accounts and Explanation Credit Debit Dec 31 e. Tiger is providing services for Sting Ray Investments, and the owner Tiger estimates that it has eamed 60 % of the total fee during the current year Sting Ray paid Tiger $10,600 as the annual service fee. Tiger recorded this amount as Uneamed Service Revenue Journal Entry Date Accounts and Explanation Debit Credit Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question f. Depreciation for the current year includes Office Furniture, $3,800, and Equipment, $5,600. Make a compound entry Journal Entry Date Accounts and Explanation Debit Credit Dec 31 Choose from any list or enter any number in the input fields and then continue to the next
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