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b.
On June 1, 2021 XYZ purchased a year fire insurance policy from HIJ Company for $18,000. (10 points) Copy the entire question (1, 2 and 3) along with the tables below to answer in the same format 1.) Prepare the adjusting entry for XYZ on 1231/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year 21sociated with this transaction. Date Account Title Description Debit Credit 2.) Prepare the poving stay for HIJ on 12/31/21 if the originalety was teeded to a permanent account and no additiona) entries have beester the ti pes) DM Account Title Description Debit Credit 3) Prepare the adjusting entry if the unadjusted trial balance for XYZ as of 1231/21 shows a balance of $12,000 in prepaid insurance. If no adjusting entry is required, write no estry required Date Account Title Description Debit Credit Use this information to answer the following questions: (20 points) You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/2021. You notice several omissions, incorrect items and additional information during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co.'s 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated. Assume no Income taxes. An answer (N, 0 or U) must be provided in each individual square. Do not include dollar amounts. Use the following code for your answers. N = No Effect 12/31/2021 0 = Overstated 12/31/2021 12/31/2021 Expenses U = Understated 12/31/2021 Revenue 12/31/2021 Net Income Equity Copy the table below to answer in the given table format: Liabilities 12/31/2021 Assets Transaction information Uncollectible accounts of $7,000, as a percentage of sales, are estimated at the end of the year. No entry has not been recorded. XYZ Co initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $420 in Insurance expense. A review Segurance policies reveals that 36 & Copy the table below to answer in the given table format: 12/31/2021 12/31/2021 12/31/2021 12/31/2021 12/31/2021 Revenue Expenses 12/31/2021 Assets Net Income Equity Transaction information Liabilities Uncollectible accounts of $7,000, as a percentage of sales, are estimated at the end of the year. No entry has not been recorded. XYZ Co initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $420 in Insurance expense. A review of insurance policies reveals that $125 of insurance is unexpired. $10,000 of the received and recorded rent revenue pertains to the year 2022. No further entries have been recorded. $2,000 interest on a note receivable was not yet received or recorded During 2021, the company received a $6500 cash advance from a customer for merchandise to be manufactured and shipped in 2022. The $6500 was credited to deferred revenue. No further entries have been recorded. In December 2021.XYZ entries have been recorded. In December 2021, XYZ declared cash dividends on common stock of $50,000 that will be paid in January 2022. No entry has been recorded. $20,000 in depreciation on some equipment was still unrecorded. $10,000 of the rent paid and recorded as expense this year pertains to 2022. No further entries have been recorded. On December 31, 2021, XYZ received a utility bill for December electricity usage of $190 that will be paid in early January of 2022. No entry has been recorded. Supplies purchased during 2021 for $1,000 cash were recorded by a debit to Supplies expense and a credit to Cash. Only $200 of supplies remain at the end of the year, but no further entries have been recorded. 35T 4 3(12pt) Arial
