subject
Business, 06.02.2020 02:45 yqui8767

Arnez company’s annual accounting period ends on december 31, 2017. the following information concerns the adjusting entries to be recorded as of that date. the office supplies account started the year with a $2,775 balance. during 2017, the company purchased supplies for $11,461, which was added to the office supplies account. the inventory of supplies available at december 31, 2017, totaled $2,442.an analysis of the company's insurance policies provided the following facts. policy date of purchase months of coverage costa april 1, 2015 24 $ 10,824b april 1, 2016 36 9,576c august 1, 2017 12 8,424 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. (year-end adjusting entries for prepaid insurance were properly recorded in all prior years.)the company has 15 employees, who earn a total of $2,650 in salaries each working day. they are paid each monday for their work in the five-day workweek ending on the previous friday. assume that december 31, 2017, is a tuesday, and all 15 employees worked the first two days of that week. because new year’s day is a paid holiday, they will be paid salaries for five full days on monday, january 6, 2018.the company purchased a building on january 1, 2017. it cost $935,000 and is expected to have a $45,000 salvage value at the end of its predicted 25-year life. annual depreciation is $35,600.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, 2017. the rent was paid on time on november 1, and the amount received was credited to the rent earned account. however, the tenant has not paid the december rent. 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. the tenant has agreed not to fall behind again. on november 1, the company rented space to another tenant for $2,718 per month. the tenant paid five months' rent in advance on that date. the payment was recorded with a credit to the unearned rent account. required: 1. use the information to prepare adjusting entries as of december 31, 2017.2. prepare journal entries to record the first subsequent cash transaction in 2018 for parts c and e.

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 22.06.2019 04:30, divagothboi
How does your household gain from specialization and comparative advantage? (what is produced, what is not produced yet paid to a specialist to produce? )
Answers: 3
image
Business, 22.06.2019 20:00, princesincer9256
The master manufacturing company has just announced a tender offer for its own common stock. master is offering to buy up to 100% of the company's stock at $20 per share contingent on at least 64% of the outstanding shares being tendered. after the announcement of the offer, the stock closed on the nyse up 2.50 at $18.75. a customer has 100 shares of master stock in his cash account. the customer tells you that he wishes to "cash out" his position. you should recommend that the customer:
Answers: 2
image
Business, 22.06.2019 20:20, misslux
An economic theory that calls for workers to take control of factories is .
Answers: 3
image
Business, 22.06.2019 22:40, tonypewitt
Johnson company uses the allowance method to account for uncollectible accounts receivable. bad debt expense is established as a percentage of credit sales. for 2018, net credit sales totaled $6,400,000, and the estimated bad debt percentage is 1.40%. the allowance for uncollectible accounts had a credit balance of $61,000 at the beginning of 2018 and $49,500, after adjusting entries, at the end of 2018.required: 1. what is bad debt expense for 2018 as a percent of net credit sales? 2. assume johnson makes no other adjustment of bad debt expense during 2018. determine the amount of accounts receivable written off during 2018.3. if the company uses the direct write-off method, what would bad debt expense be for 2018?
Answers: 1
You know the right answer?
Arnez company’s annual accounting period ends on december 31, 2017. the following information concer...

Questions in other subjects: