Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need help please Back hmwk03.docx Use the following to answer questions 58 Determine the amount to recognize in September for accrual basis and for
i need help please Back hmwk03.docx Use the following to answer questions 58 Determine the amount to recognize in September for accrual basis and for cash basis. work doen in Septrinber) 7 pad Save with hat fin the povious poned Use the following to answer questions 9 - 10 On September 1st, the company received a $48,000 payment from a customer for services to be rendered evenly over the next six months. Deferred Revenue was credited on September 1st and no other entries regarding this transaction were made until December 31 st. 9. $ After the adjusting entry has been recorded on December 31", determine the ending balance in the deferred revenue account that should be recorded on the December 31 Balance Sheet. 10. $ After the adjusting entry has been recorded on December 31s, determine the amount of service revenue that should be recognized for this customer on the annual income statement on December 31 st. Use the following to answer questions 1112 On October 1w the company borrows $200,000 from a local bank for nine months. A note is signed with principal and 7% interest to be paid when the note matures next year. A note payable was recognized on October It, and no other entries regarding this transaction were made until December 31st. 11. S In the adjusting entry recorded on December 31 determine the amount of interest expense that should be reported. Back hmwk03.docx this transaction were made until December 31st. 9. $ After the adjusting entry has been recorded on December 31, determine the ending balance in the deferred revenue account that should be recorded on the December 31s Balance Sheet. 10. $ After the adjusting entry has been recorded on December 31, determine the amount of service revenue that should be recognized for this customer on the annual income statement on December 31 st. Use the following to answer questions 1112 On October 1st the company borrows $200,000 from a local bank for nine months. A note is signed with principal and 7% interest to be paid when the note matures next year. A note payable was recognized on October 1st, and no other entries regarding this transaction were made until December 31st. 11. $ In the adjusting entry recorded on December 31th determine the amount of interest expense that should be reported. 12. What effect would failure to record the adjusting entry for this note payable have on the financial statement items? A. would cause it to be overstated B. would cause it to be understated C. would have no effect Use the following to answer questions 1314 The company incurs employee salaries of $30,000 for the last week of December which will be paid on January 5 th
i need help please
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