Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Skysong, Inc. collected $13900 in May of 2024 for 4 months of service which would take place from October of 2024 through January of 2025.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Skysong, Inc. collected $13900 in May of 2024 for 4 months of service which would take place from October of 2024 through January of 2025. The revenue reported from this transaction during 2024 would be $3475. $0. $10425. $13900. Wildhorse Market recorded the following events involving a recent purchase of inventory: Received goods for $83400, terms 2/11,n/30. Returned $1700 of the shipment for credit. Paid $300 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $80360. increased by $82000. increased by $80366. increased by $80066. eTextbook and Media Marigold Corp. purchased a one-year insurance policy in January 2024 for $28080. The insurance policy is in effect from March 2024 through February 2025. If the company neglects to make the proper December 31, 2024 year-end adjustment for the expired insurance net income and assets will be overstated by $23400. net income and assets will be understated by $4680. net income and assets will be understated by $23400. net income and assets will be overstated by $4680. Marin industries borrows $20400 at 9% annual interest for six months on October 1 , 2025. Which is the appropriate entry to acerue interest if Marin has a December 31 2025, year-end? Interest Expense Notes Payable 1836 1836 Interest Expense 459 Interest Payable 459 Current Attempt in Progress Metlock, Inc. employs a five-day workweek and a September 30 year-end. Normal weekly wages amount to $32000. If September 30 falls on a Wednesday, what is the appropriate adjusting journal entry at fiscal year-end? \begin{tabular}{|c|c|c|} \hline Salaries and Wages Expense & 19200 & \\ \hline Cash & & 19200 \\ \hline \end{tabular} Salaries and Wages Expense 6400 Salaries and Wages Payable 6400 Salaries and Wages Expense 32000 Salaries and Wages Payable 32000 Salaries and Wages Expense 19200 Salaries and Wages Payable 19200

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

Financial Accounting Self Study Problems/Solutions Book

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

4th Edition

0471205133, 978-0471205135

More Books

Students also viewed these Accounting questions

Question

List the common parties of a trust.

Answered: 1 week ago