Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can anyone help me with this question? Oriole Company has the following balances in selected accounts on December 31, 2021. Oriole has a calendar year

Can anyone help me with this question?

Oriole Company has the following balances in selected accounts on December 31, 2021. Oriole has a calendar year end. Accounts Receivable $ 0 Accumulated DepreciationEquipment 0 Equipment 7,100 Interest Payable 0 Notes Payable 8,400 Prepaid Insurance 2,316 Salaries Payable 0 Supplies 2,580 Unearned Revenue 30,600 All the accounts have normal balances. The information below has been gathered at December 31, 2021. 1. Oriole Company borrowed $8,400 by signing a 4%, one-year note on September 1, 2021. 2. A count of supplies on December 31, 2021, indicates that supplies of $970 are on hand. 3. Depreciation on the equipment for 2021 is $970. 4. Oriole Company paid $2,316 for 12 months of insurance coverage on June 1, 2021. 5. On December 1, 2021, Oriole collected $30,600 for consulting services to be performed evenly from December 1, 2021, through March 31, 2022. 6. Oriole performed consulting services for a client in December 2021. The client will be billed $5,100. Payment from the customer is expected on January 14, 2022. 7. Oriole Company pays its employees total salaries of $10,400 every Wednesday for the preceding five-day week (Monday through Friday). On Wednesday, January 5, 2022, employees were paid for the last five weekdays of 2021.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematics Of Finance

Authors: Petr Zima

2nd Edition

0070082030, 9780070082038

More Books

Students also viewed these Accounting questions

Question

=+What are the states of nature?

Answered: 1 week ago