![]() The tenant has agreed not to fall behind again.į. The company has worked out an agreement with the tenant, who has promised to pay both December and January rent in full on January 15. However, the tenant has not paid the December rent. The rent was paid on time on November 1, and the amount received was credited to the Rent Earned account. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,000 per month, starting on November 1, 2019. It cost $960,000 and is expected to have a $45,000 salvage value at the end of its predicted 30-year life. ![]() The company purchased a building on January 1, 2019. Because New Year’s Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6, 2020.ĭ. Assume that December 31, 2019, is a Tuesday, and all 15 employees worked the first two days of that week. ![]() They are paid each Monday for their work in the five-day workweek ending on the previous Friday. The company has 15 employees, who earn a total of $1,960 in salaries each working day. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)Ĭ. The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. An analysis of the company’s insurance policies provided the following facts. The inventory of supplies available at December 31, 2019, totaled $2,554.ī. ![]() During 2019, the company purchased supplies for $13,400, which was added to the Office Supplies account. The Office Supplies account started the year with a $4,000 balance. The following information concerns the adjusting entries to be recorded as of that date.Ī. Arnez Company’s annual accounting period ends on December 31, 2019. Accounting Assignment Help » Financial Accounting Assignment Help » Connect Financial Accounting Chapter 3 Homework Connect Financial Accounting Chapter 3 Homework ![]()
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