Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions for Habari Company occurred during January 2017: Jan 1 Purchased a two-year insurance policy for cash, $8,400. Jan 4 Paid utilities bill

The following transactions for Habari Company occurred during January 2017: Jan 1 Purchased a two-year insurance policy for cash, $8,400. Jan 4 Paid utilities bill that was received in December 2015, $450. Jan 9 Performed a service on account, $12,000. Jan 16 Paid monthly salary to employees, $2,700. Jan 21 Received $18,000 from a customer on account. Jan 25 Received $600 from January 9 transaction. Jan 31 Prepared the adjusting entry for insurance from January 1 transaction. Jan 31 Accrued wages of $2,750. Do not enter commas, spaces, decimals, or dollar signs in your answer. For example, if your answer is $2,333, then enter it as 2333 If your answer is negative, i.e. a net loss of $2,333, then enter your answer in brackets withoutcommas, spaces, decimals, or dollar signs as: (2333) What is the amount of income under the accrual basis?

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

ISO 27001 Controls A Guide To Implementing And Auditing

Authors: IT Governance

1st Edition

1787781445, 978-1787781443

More Books

Students also viewed these Accounting questions

Question

Why are managers sensitive to media evaluations?

Answered: 1 week ago

Question

a cognitive reaction to the anticipation of future misfortune.

Answered: 1 week ago

Question

What is the defination of a goal?

Answered: 1 week ago