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I need help: CASE STUDY #3 On August 1st, 2023, Kaloni Inc. purchased a one-year insurance policy for their delivery truck for $2,100. The fiscal
I need help:
CASE STUDY #3 On August 1st, 2023, Kaloni Inc. purchased a one-year insurance policy for their delivery truck for $2,100. The fiscal year end for the company is December 31st. A. Prepare the original journal entry to record the purchase of the policy (4 marks) Date Particulars Debit Credit B. Prepare the adjusting journal entry as at December 31st, 2023. Show your work. (5 marks) Date Particulars Debit Credit Show your work: CASE STUDY #4 /8 Riverina Inc. received the following bills in January 2024 that pertain to December 2023: On June 1st, 2023, Riviera Restaurant contacted Ace Landscaping to get some landscaping done around their property. After quite a bit of discussion back and forth, both parties came to an agreement regarding the work to be done and the timeline of the work. Riviera Restaurant paid Ace Landscaping a $4,000 deposit on June 15th, for work that will be performed on August 1st. Rivera Restaurant has a July 31 year-end. A. Prepare the journal entry that Ace Landscaping will record in their books as acknowledgement of the deposit they received from Riviera Restaurant (4 marks) Date Particulars Debit CreditB. Prepare the journal entry that Ace Landscaping will record in their books as at year end (4 marks) Date Particulars Debit Credit CASE STUDY #5 /4 Express BBQ received the following bills in January 2024 that pertain to December 2023: Equipment 510 Car Repair $ 781 Utilities $ 200 Total $1,491 Prepare the adjusting journal entry for the invoices that arrived in January 2024. Date Particulars Debit Credit CASE STUDY #5 /23 Burlington Gazette purchased printing equipment at a cost of $42,000 on September 3rd, 2024. Management estimates that the equipment will have a residual value of $6,000 at the end of its four year useful life. Burlington Gazette has a December 31st year-end. A. What is the annual depreciation expense of the printing equipment? Show your work (3 marks)B. Prepare a depreciation schedule for the printing equipment's life (10 marks) Year Starting Annual Depreciation Ending (Specify the dates) Book Value Expense Book Value D. Howwould the printing equipment be presented on the Balance Sheet as at Dec 31, 2027 (6 marks)Step by Step Solution
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