Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below) All of the current year's entries for Anshuman Company have been made, except the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below) All of the current year's entries for Anshuman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Anshuman collected six months' rent of $8,880 on storage space. At that date, Anshuman debited Cash and credited Unearned Rent Revenue for $8,880 b. On October 1 of the current year, Anshuman borrowed $19.200 from a local bank and signed a one-year, 14 percent note for that amount. The principal and interest are payable on the maturity date. c Depreciation of $3.500 must be recognized on a service truck purchased in July of the current year at a cost of $16.000 d Cash of $5,100 was collected on November of the current year, for services to be rendered evenly over the next year beginning on November of the current year. Uneared Service Revenue was credited when the cash was received e On November 1 of the current year, Anshuman paid a one-year premium for property insurance $9,360, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount t Anshuman earned service revenue of $4,100 on a special job that was completed December 29 of the current year. Collection will be made during January of the next year. No entry has been recorded g. At December 31 of the current year, wages earned by Anshuman employees totaled $14.700. The employees will be paid on the next payroll date in January of the next year. h On December 31 of the current year, Anshuman estimated it owed $450 for this year's property taxes on land. The tax will be paid when the bill is received in January of next year. 2. Prepare the adjusting entry required for each of Anshuman's transaction at December 31 of the current year (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 3 4 5 6 7 8 On September 1 of the current year, Zimmerman collected six months' rent of $8,880 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8.880. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 4 47 View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 > On October 1 of the current year, the company borrowed $19,200 from a local bank and signed a one-year, 14 percent note for that amount. The principal and interest are payable on the maturity date. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 4 5 6 7 8 Depreciation of $3,500 must be recognized on a service truck purchased in July of the current year at a cost of $16,000. Note: Enter debits before credits Debit General Journal Transaction Credit Record entry Clear entry View general journal ed Journal entry worksheet 1 2 3 Cash of $5,100 was collected on November of the current year, for services to be rendered evenly over the next year beginning on November 1 of the current year. Unearned Service Revenue was credited when the cash was received Note: Enter debits before credits. Transaction General Journal Debit Credit d Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 4 1 2 5 7 6 8 On November 1 of the current year, Zimmerman paid a one-year premium for property insurance, $9,360, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount. Note: Enter debits before credits. Transaction General Journal Debit Credit e Record entry Clear entry View general journal 01:00:58 View transaction list kipped Journal entry worksheet The company earned service revenue of $4,100 on a special job that was completed December 29 of the current year Collection will be made during January of the next year. No entry has been recorded. Note: Enter debits before credits Transaction General Journal Debit Credit f Record entry Clear entry View general Journal 3:45 View transaction list Journal entry worksheet 1 2 3 4 5 6 8 At December 31 of the current year, wages earned by employees totaled $14,700. The employees will be paid on the next payroll date in January of the next year. Note: Enter debits before credits Transaction Credit General Journal Debit 9 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 On December 31 of the current year, the company estimated it owed $450 for this year's property taxes on land. The tax will be paid when the bill is received in January of next year. Note: Enter debits before credits Transaction General Journal Debit Credit h Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Process Audits And 6 Sigma Excellence To Mitigate Risk And Improve Business Performance

Authors: Mr Indulis Laimonis Svikis

1st Edition

B09M5FPYR4, 979-8769768996

More Books

Students also viewed these Accounting questions

Question

Consistently develop management talent.

Answered: 1 week ago

Question

Create a refreshed and common vision and values across Europe.

Answered: 1 week ago

Question

Provide the best employee relations environment.

Answered: 1 week ago