Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

webapps/assessment/take/take.jsp?course assessment 1d-78616-18 course de 31127_18 content id-921136 1 OPNU Remaining Time: 05 minutes, 41 seconds Question Completion Status: Question 4 25 points Save Answer

image text in transcribed
webapps/assessment/take/take.jsp?course assessment 1d-78616-18 course de 31127_18 content id-921136 1 OPNU Remaining Time: 05 minutes, 41 seconds Question Completion Status: Question 4 25 points Save Answer The trial balance of Timlin Company shows the following balances for selected accounts on November 30, 2015 Prepaid Insurance $12,000 Unearned Service Revenue $ 4,800 Equipment 60,000 Notes Payable 25,000 Accumulated Depreciation-Equip. 8,800 Interest Payable 500 Instructions: Using the additional information given below, prepare the appropriate monthly adjusting entries at November 30. Show computations. A. Revenue for services rendered to customers, but not yet billed, totaled $6,000 on November 30. B. The equipment was purchased on January 2, 2014, for $60,000 with an estimated life of 10 years and an estimated salvage value of $12,000. Timlin uses the straight-line depreciation method. C. An insurance policy was acquired on June 30, 2015; the premium paid for 2 years was $12,000. D. Timlin received $4,800 fees in advance from a customer on November 1, 2015. Three-fourths of this amount was earned by November 30. 3(12pt) T. TTT Arial I webapps/assessment/take/take.jsp?course assessment 1d-78616-18 course de 31127_18 content id-921136 1 OPNU Remaining Time: 05 minutes, 41 seconds Question Completion Status: Question 4 25 points Save Answer The trial balance of Timlin Company shows the following balances for selected accounts on November 30, 2015 Prepaid Insurance $12,000 Unearned Service Revenue $ 4,800 Equipment 60,000 Notes Payable 25,000 Accumulated Depreciation-Equip. 8,800 Interest Payable 500 Instructions: Using the additional information given below, prepare the appropriate monthly adjusting entries at November 30. Show computations. A. Revenue for services rendered to customers, but not yet billed, totaled $6,000 on November 30. B. The equipment was purchased on January 2, 2014, for $60,000 with an estimated life of 10 years and an estimated salvage value of $12,000. Timlin uses the straight-line depreciation method. C. An insurance policy was acquired on June 30, 2015; the premium paid for 2 years was $12,000. D. Timlin received $4,800 fees in advance from a customer on November 1, 2015. Three-fourths of this amount was earned by November 30. 3(12pt) T. TTT Arial

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

Monthly Bank Reconciliation Statement Log

Authors: Elizabeth S.R.M. Cole

1st Edition

1541036824, 978-1541036826

More Books

Students also viewed these Accounting questions

Question

Prove (1.5) by induction on N.

Answered: 1 week ago

Question

Did I allow myself adequate time to generate options?

Answered: 1 week ago

Question

Determine miller indices of plane A Z a/2 X a/2 a/2 Y

Answered: 1 week ago