Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Why 2a is yes? what is the journal entries for that? question 2c Show Anna's journal entry when she pays Charlie on April 1, why

Why 2a is yes? what is the journal entries for that?
question 2c "Show Anna's journal entry when she pays Charlie on April 1", why mine is wrong? what is the right answer?
thanks so much!
image text in transcribed
image text in transcribed
urnal entries, 3 points each ann an Armen Anna Corp has 88,000 followers on Instagram. It's been a side hustle for her, but she's now ready to take it to the next leve (For all questions, asume you are Anna Corp, which has a December 31 fiscal year end and respective quarters March. I prepodel Elit Sertie 1200 20/12/00 la. Anna downloads an editing apyrned FotoEdit for free. Bir advanced features require an annual subscription fce of S1200. Anna makes the payment on March 1. Stw the journal entry. tact Inventorytetowo hot cach 1200 e 1b. Is an adjusting journal entry needed on March 31? If so, show it. If no, explain why Edit App Expense 100 Prepedel Elit Service loo Ic. If Anna forgets to make the adjusting journal entry, what is the effect of this omission gh the incorrectly) reported financial statements? On cach line below, write Overstated, Understated, or No Elleet. X Revenues Expenses to effect Unelerstatul Destabel & Assets Overstated V X Liabilities to effect Owners cquityOvereated Net income 3.28 2a. On March 28. a Monday morning. Anna Corp signs an employment contract with Charlie, a professional editor, who starts working immediately. He will be paid weekly, on Fridays, at a daily rate of $400 (assume zero taxes). So his first payday will be Friday, April 1. Show all journal entries for the month of March x les 4.1 None. Dr. nege P. Cr. cach & 4x80 = 320 Ak. llen. 31. tot adpring event 3 Wage Expense 320 Waye Parquable 320 400/5=80 forgets to make an adjusting journal entry, what is the effect of this omission on the incorrectly financial statements ending March 317 On each line, write Overstated, Understated, or No Effect ported finance Revenues No Effect Vrelorstayed Overstabel Assets Liabilities Expenses No Effect helertakeel Overstated Net income Owners cquity Salaries Brene so April, 24 2c. Show Anna's journal entry when she pays Charlie on April 1. April. I Salaries Pansable 320 X, 5 ch to 32 cash 80400 1400 /14=1000 3a. On April 24, Anna Corp is hired by.client Danny Donuts for prbduct placement of donuts in Anna's posts. Anna charges $14,000 for up to 14 product placements within the next 3 months beginning immediately Danny pays the full amount immediately. Show the journal entry. Cash 14.000 Serree Reveme 14.000 (Uneamed) 3b. Op June 30. Anna cours 4 Product placements. Is an adjusting journal entry needed? If so, show it. If no, explain why. Oneameel Serrbie Rerewe 4002 soas sentee Revenue 4000 3c IT Anna forgets to make the adjusting journal entry, what is the effect of this omission on the incorrectly) reported financial statements ending June 30? On each line below, write Overstated, Understated, or No Effect. Assets Revenues Unelerstatel As Eeffect Chelenstated Expenses No Effect Overstrated Thelerstated Liabilities Owners equity Net income

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

Accounting for Non-Accounting Students

Authors: John R. Dyson

8th Edition

273722972, 978-0273722977

More Books

Students also viewed these Accounting questions

Question

=+ Does it speak to you in a personal way? Does it solve a problem?

Answered: 1 week ago

Question

=+Part 4 Write one unifying slogan that could work here and abroad.

Answered: 1 week ago