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TRADITIONAL HOMEWORK ITEMS - FALL 2021 - ACT 3391 General Instructions for the Traditional Homework-refer to the instructions for traditional item nos. 1 to 2. a c. d. e. 3. (Il points) Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2018, the end of the accounting year, for each of the following independent situations. If no AJE is required, indicate "none." Assume the firm only makes AJEs at the end of the accounting year. On March 1, 2018, the firm collected $12,000 of rent for 12 months in advance. The journal entry to record the receipt included a credit to a permanent account. b. On August 31, 2018, the firm collected $12,000 of rent for 12 months in advance. The journal entry to record the receipt included a credit to a temporary account On September 30, 2018, the firm collected $2,000 of rent for 2 months in advance. The journal entry to record the receipt included a credit to a balance sheet account On August 1, 2018, the firm collected $3,000 of rent for 3 months in advance. The journal entry to record the receipt included a credit to an income statement account On December 1, 2018, the firm paid $6,000 for a 6-month insurance policy. The journal entry to record the payment included a debit to a balance sheet account f On May 1, 2018, the firm paid $12,000 for a 12-month rental of a machine. The journal entry to record the payment included a debit to an income statement account On March 31, 2018, the firm paid $6,000 for a 6-month rental of a machine. The joumal entry to record the payment included a debit to a permanent account. h. On October 1, 2018, the firm paid $1,000 for a 1-month rental of a machine. The journal entry to record the payment included a debit to a temporary account. On March 1, 2018, the company borrowed 5480,000 at 4%. The principle is due on March 1, 2019. The interest is due every three months and the company made the first interest payment on June 1, 2018. j On August 1, 2017, the company borrowed 54,000,000 for four years at 6%. The interest is due and payable every year on August 1. The principle is due and payable in four equal installments on August 1, 2018, 2019, 2020, and 2021. The company made its interest and principle payments as required. On September 30, 2018, the firm bought $200,000 of 3%, three-year bonds. The firm paid $200,000 for this investment. The company will collect 3,000 of interest on the bonds every six months starting on March 31, 2019. i. k. 4. (5 points) On November 1, 2019, Y borrowed $8,000,000 at 3%. Y will pay interest every 6 months with interest payments every May 1 and November 1. Y will repay $4,000,000 of the principal on May 1, 2020 and the remainder on November 1, 2020. Assume Y only makes AJEs every December 31 AND does NOT make reversing entries. Prepare the entries Y should make on: November 1, 2019 b. December 31, 2019 c May 1, 2020 d. November 1, 2020 December 31, 2020 a. c. 5. (4 points) Presented below are selected account balances for Company as of 12-31-xx Accounts payable $ 175,000 Unearned revenues $ 100,000 Retained earnings 54,325,000 Sales revenues $3,100,000 Gain on the sale of a stock investment $ 40,000 Loss on the sale of a bond investment $ 10,000 Cost of goods sold $1,100,000 Selling and administrative expenses $ 600,000 Interest expense $ 30,000 Income tax expense $ 310,000 Prepare the entry (ONE ENTRY) C should make to close out the temporary accounts. Do NOT use an "income summary" account - close the temporary accounts directly into retained earnings b. What is C's retained earnings balance AFTER making the closing entry? 10:387 5G ACT3391Traditional WitemNos 3to.... U TRADITIONAL HOMEWORK ITEMS - FALL 2021 - ACT 3391 General Instructions for the Traditional Homework - refer to the instructions for traditional item nos. I to 2. 3. (11 points) Prepare the Adjusting Journal Entries (AJES) that should be made on December 31, 2018, the end of the accounting year, for each of the following independent situations. If no AJE is required, indicate "none." Assume the firm only makes AJEs at the end of the accounting year. a. On March 1, 2018, the firm collected $12,000 of rent for 12 months in advance. The journal entry to record the receipt included a credit to a permanent account b. On August 31, 2018, the firm collected $12,000 of rent for 12 months in advance. The journal entry to record the receipt included a credit to a temporary account c. On September 30, 2018, the firm collected $2,000 of rent for 2 months in advance. The journal entry to record the receipt included a credit to a balance sheet account d. On August 1, 2018, the firm collected $3.000 of tent for 3 months in advance. The journal entry to record the receipt included a credit to an income statement account. e. On December 1, 2018, the firm paid S6,000 for a 6-month insurance policy. The journal entry to record the payment included a debit to a balance sheet account. f. On May 1, 2018, the firm paid $12,000 for a 12-month rental of a machine. The journal entry to record the payment included a debit to an income statement account g. On March 31, 2018, the firm paid $6,000 for a 6-month rental of a machine. The journal entry to record the payment included a debit to a permanent account h. On October 1, 2018, the firm paid $1,000 for a 1-month rental of a machine. The journal entry to record the payment included a debit to a temporary account. i. On March 1, 2018, the company borrowed 5480,000 at 4%. The principle is due on March 1, 2019. The interest is due every three months and the company made the first interest payment on June 1, 2018 j. On August 1, 2017, the company borrowed 4,000,000 for four years at 6%. The interest is due and payable every year on August 1. The principle is due and payable in four equal installments on August 1, 2018, 2019, 2020, and 2021. The company made its interest and principle payments as required k. On September 30, 2018, the firm bought S200,000 of 3%, three- year bonds. The firm paid $200.000 for this investment. The company will collect $3,000 of interest on the bonds every six months starting on March 31, 2019. V Dashboard Calendar To Do Notifications Inbox 10:39 5G