QS 3-10Preparing adjusting entries (annual)-unearned revenue LO4 On November 1, 2017, Race Car Repairs collected $12,000...

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QS 3-10Preparing adjusting entries (annual)-unearned revenue LO4 On November 1, 2017, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2017, Race Car Repairs' year-end, it was determined that $3,000 of the services had not been provided (unearned). a. Record the journal entry on November 1, 2017. b. How much revenue was earned as of December, 31, 2017? c. To prepare the 2017 annual financial statements, record the adjusting entry for December, 31, 2017. Page 192 Dec. 31, 2017 QS 3-11Preparing adjusting entries (annual)-accrued interest expense LO4 Jan. 1, 2017 Mar May July Sept. Nov. Jan. Mar. Dec. 31, 2018 May July Sept. Nov. Jan Feb. Apr. June Aug. Oct. Dec. Feb Apr. 2017 June Aug Oct. Dec. 2018 Bank Loan Rise and Shine Ice Cream prepares annual financial statements and has a December 31 year-end. As of March 1, 2017, Rise and Shine Ice Cream took out a bank loan for $12,000 with an interest rate of 8%. Interest is incurred on a monthly basis and needs to be paid on December 31, 2018. a. What is the formula to calculate interest expense? b. How many months of interest expense have been incurred at December 31, 2017? C. In order to prepare the annual financial statements, record the adjusting journal entry on December 31, 2017. QS 3-10Preparing adjusting entries (annual)-unearned revenue LO4 On November 1, 2017, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2017, Race Car Repairs' year-end, it was determined that $3,000 of the services had not been provided (unearned). a. Record the journal entry on November 1, 2017. b. How much revenue was earned as of December, 31, 2017? c. To prepare the 2017 annual financial statements, record the adjusting entry for December, 31, 2017. Page 192 Dec. 31, 2017 QS 3-11Preparing adjusting entries (annual)-accrued interest expense LO4 Jan. 1, 2017 Mar May July Sept. Nov. Jan. Mar. Dec. 31, 2018 May July Sept. Nov. Jan Feb. Apr. June Aug. Oct. Dec. Feb Apr. 2017 June Aug Oct. Dec. 2018 Bank Loan Rise and Shine Ice Cream prepares annual financial statements and has a December 31 year-end. As of March 1, 2017, Rise and Shine Ice Cream took out a bank loan for $12,000 with an interest rate of 8%. Interest is incurred on a monthly basis and needs to be paid on December 31, 2018. a. What is the formula to calculate interest expense? b. How many months of interest expense have been incurred at December 31, 2017? C. In order to prepare the annual financial statements, record the adjusting journal entry on December 31, 2017.