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A review of the ledger of Bonita Corporation at its year end, July 3 1 , 2 0 2 4 , produces the following unadjusted
A review of the ledger of Bonita Corporation at its year end, July produces the following unadjusted data for the preparation of annual adjusting entries:
Prepaid Insurance, July unadjusted balance, $ : The company purchased an insurance policy on December with a twoyear term, which expires November
Buildings, July unadjusted balance, $ : The company owns a building purchased on September for $ with an estimated year useful life. The company uses straightline depreciation.
Deferred Revenue, July unadjusted balance, $ : The selling price of a digital magazine subscription is $ for monthly issues delivered over a twoyear period. The company had sold subscriptions on January during a special promotion.
Salaries Payable, July unadjusted balance, $ : There are nine salaried employees. Salaries are paid every Monday for the previous fiveday workweek Monday to Friday employees receive a salary of $ each per week, and employees earn $ each per week. July is a Wednesday.
a How much insurance expires per month for the building?
Insurance expires per month $a How much insurance expires per month for the building?
Insurance expires per month $
a What was the original purchase price of the policy on December
Original purchase price of the policy
$
a How much should the adjusted balance in the Prepaid Insurance account be at July
Adjusted balance in the Prepaid Insurance account
$
b How much is annual depreciation expense for the building?
Annual depreciation expense
$b Calculate the unadjusted balance in the Accumulated DepreciationBuildings account as at July
Unadjusted balance in the Accumulated DepreciationBuildings account
$
b How much should the adjusted balance in the Accumulated DepreciationBuildings account be at July
Adjusted balance in the Accumulated DepreciationBuildings account
$
c How much does the company earn per month for the magazine subscriptions?
Revenue
$
c How much should the adjusted balance in the Deferred Revenue account be at July
Adjusted balance in the Deferred Revenue account $ d How much salary was paid on the last payday, Monday, July
Salary
$
d How much, if any, salary is owed to the employees on July
Salary
$
d How much salary will be paid on the next payday, Monday, August
Salary $ e Prepare the adjusting journal entries required for each of the above four items at July Hint: Use the account Subscription Revenue for item cCredit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.
No Date Account Titles and Explanation
Debit
Credit
July
July
July
July I would like to make some clarifications of Assignment # which is due this Sunday June at :pm
The second transaction of Assignment # Question involves the acquisition of delivery drone partly through debt financing. It is from your textbook Problem A
When calculating the depreciation expense, you should use the purchase cost only $ in this case The borrowing interest should not be included as depreciation expense. Instead, borrowing cost should be directly recorded as interest expense. In addition, since the delivery drone was acquired on July middle of the year we should only record half of the annual depreciation amount for the first year.
The first transaction of Assignment # Question is quite challenging. It is from your textbook Problem A Following are the detailed explanations with regard to the amount of the adjustment:
After months of insurance coverage the balance in the P Can u please make the answer correct thanks
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