Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you give me the answer to these already plotted in a table for financial accounting . problem # 7 preparing the adjusting entries at
can you give me the answer to these already plotted in a table for financial accounting . problem # 7 preparing the adjusting entries at year-end prepare the adjusting entry for Christine Gamba Cargo Under each of the following for the year ending Dec. 31, 2020 A. Paid 24,000 for a year fire Insurance policy to commence on September 1. The amount of Premium was debited to Prepaid Insurance. B. Borrowed 100,000 by issuing a 1-year note within the 7% Annual Interest to Century Savings Bank on October 1, 2020. C. Paid 160,000 cash to purchase a delivery van (surplus) on January 1. The van was expected to have a 3-year life and a 10,000 salvage value. Depreciation is computed on a straight-line basis. D. Received an 18,000 cash advance for a contract to provide services in the future. The contract required a 1-year commitment, starting April 1. E. Purchased 6,400 of supplies on account. At year's end, 750 of supplies remained on hand. F. Invested 90,000 cash in a certificate of deposit that paid 4% annual interest. The certificate was acquired on May 1 and carried a 1-year term to maturity. G. Paid 78,000 cash in advance of September 1 for a 1-year lease on office space
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started