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Attached are there accounting questions on PDF, thank you for your help! Exercise 10-1 Jenny Kanne and Cindy Travis borrowed $15,000 on a 7-month, 8%
Attached are there accounting questions on PDF, thank you for your help!
Exercise 10-1 Jenny Kanne and Cindy Travis borrowed $15,000 on a 7-month, 8% note from Golden State Bank to open their business, KT's Coffee House. The money was borrowed on June 1, 2014, and the note matures January 1, 2015. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 SHOW LIST OF ACCOUNTS LINK TO TEXT Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31, 2014. Balance in interest payable account $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the entry required on January 1, 2015, when the loan is paid back. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Credit Exercise 10-10 Canyon Company issued $600,000, 10-year, 6% bonds at 103. Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT Suppose the remaining Premium on Bonds Payable was $10,800 on December 31, 2017. Show the balance sheet presentation on this date. CANYON COMPANY Balance Sheet (Partial) December 31, 2017 $ : SHOW LIST OF ACCOUNTS $ Exercise 10-7 Valenti Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2014, Valenti sells 6,300 subscriptions for cash, beginning with the December issue. Valenti prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the adjusting entry at December 31, 2014, to record subscription revenue in December 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the adjusting entry at March 31, 2015, to record subscription revenue in the first quarter of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 31 Account Titles and Explanation Debit CreditStep by Step Solution
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