Question
a.?? Details of Prepaid Rent are shown in the? account: Prepaid Rent Jan 1 Bal. 5,500 Mar 31 11,000 Sept 30 11,000 LumberLumber Contractors pays
a.?? | Details of Prepaid Rent are shown in the? account:
LumberLumber Contractors pays office rent semiannually on March 31 and September 30. At December? 31, part of the last payment is still available to cover January to March of the next year. No rent expense was recorded during the year. | ||||||||||||||||||||||||||||||||||||
b. | LumberLumber Contractors pays its employees each Friday. The amount of the weekly payroll is$ 5 comma 000$5,000 for a? five-day workweek, and the daily salary amounts are equal. The current accounting period ends onTuesdayTuesday. | ||||||||||||||||||||||||||||||||||||
c. | LumberLumber Contractors has lent money to help employees find? housing, receiving notes receivable in return. During the current year the entity has earned interest revenue of$ 2 comma 800$2,800 from? employees' loans, which it will receive next year. | ||||||||||||||||||||||||||||||||||||
d. | The beginning balance of Supplies was ?$5 comma 9005,900. During the? year, the company purchased supplies costing?$30 comma 00030,000?, and atDecember 31December 31 the inventory of supplies remaining on hand is?$6 comma 1006,100. | ||||||||||||||||||||||||||||||||||||
e. | LumberLumber Contractors is installing cable in a large? building, and the owner of the building paidLumberLumber Contractors?$56 comma 00056,000 as the annual service fee.LumberLumber Contractors recorded this amount as Unearned Service Revenue.Robin ZweigRobin Zweig?, the general? manager, estimates that the company has earnedseventy percentseventy percent of the total fee during the current year. | ||||||||||||||||||||||||||||||||||||
f. | Amortization for the current year includes? Equipment, ?$32 comma 00032,000?; and? Trucks,?$51 comma 00051,000. Make a compound entry. ?Hint: This means include all the accounts in one journal entry. |
?(For your? convenience, the descriptions of the transactions shown in this? pop-up have been fully integrated into the directions for each journal entry so you may now close the? pop-up while solving this? problem.)
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