*************************************************************************************************************************************

i just have few more little questions. plz help. thank you so much :)

Question 2:

****************************************************************************************************************************

one last question plz. thank you a lot

Question 3:

thank you so much for answering these questions :)

On June 1, 2021, Kimberly Ltd. pays $5,640 to Brothers Insurance Corp. for a one-year insurance policy. Both companies have fiscal years ending December 31 and adjust their accounts annually. (a) Your answer is partially correct. Record the June 1 transaction on the books of (1) Kimberly and (2) Brothers. (List all debit entries before credit entries. Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (1) Kimberly Ltd. Date Account Titles and Explanation Debit Credit June 1 Prepaid Insurance 5640 Cash 5640 (2) Brothers Insurance Corp. Date Account Titles and Explanation Debit Credit June 1 Cash 5640 Unearned Revenue 5640 (b) Your answer is correct. Calculate the amount of insurance that expired during 2021 and the unexpired cost at December 31. Expired in 2021 $ 3290 Unexpired cost at December 31, 2021 $ 2350 (c) Your answer is partially correct. Prepare the adjusting entry required on December 31 by (1) Kimberly and (2) Brothers. (List all debit entries before credit entries. Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (1) Kimberly Ltd. Date Account Titles and Explanation Debit Credit Dec. 31 Insurance Expense $3.290 Prepaid Insurance $3,290 (2) Brothers Insurance Corp. Date Account Titles and Explanation Debit Credit Dec. 31 Uneared Revenue $3,290 Insurance Revenue $3.290 (d) Post the above entries and indicate the adjusted balance in each account. (Post entries in the order of journal entries presented in the previous question.) Kimberly Ltd. Prepaid Insurance Insurance Expense Brothers Insurance Corr. Deferred Revenue Insurance Revenue The total weekly payroll for Colada Auto Repairs Ltd. is $4,350 ($ 870 per day). The payroll is paid every Saturday for employee salaries earned during the same five-day workweek (Monday through Friday, inclusive). Salaries were last paid on Saturday, September 25. This year the company's year end, September 30, falls on a Thursday. Salaries will be paid next on Saturday, October 2. (c) Prepare the journal entry for payment of the salaries on October 2. (List all debit entries before credit entries. Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Oct 2 Sheridan Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly. 1. 2. 3. The company has a 6%, $9,000 bank loan payable due in one year. Interest is payable on the first day of each following month and was last paid on March 1. At the end of March, the company earned $270 interest on its investments. The bank deposited this amount in Sheridan's cash account on April 1. Sheridan has five employees who each earn $200 a day. Salaries are normally paid on Mondays for work completed Monday through Friday of the previous week. Salaries were last paid on Monday, March 29. March 31 falls on a Wednesday this year. Salaries will be paid next on Monday, April 5. At the end of March, the company owed the utility company $590 and the telephone company $220 for services received during the month. These bills were paid on April 10. (Hint: Use the Utilities Expense account for the utility and telephone services.) At the end of March, Sheridan has earned service revenue of $2,830 that it has not yet billed. It bills its clients for this amount on April 4. On April 30, it collects $2,050 of this amount due. 4. 5. For each of the above situations, prepare the journal entry to record the subsequent cash transaction in April. (List all debit entries before credit entries. Credit 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 for the amounts.) Debit Credit No. Date Account Titles and Explanation Apr. 1. 1 2. Apr. 1 3. Apr. 5 4 Apr. 10 5. Apr. 4 Apr. 30