Ask Experts Questions for FREE Help !
Ask
    anxiousunflower's Avatar
    anxiousunflower Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 1, 2018, 11:09 PM
    Accounting HELP ASAP
    A review of the ledger of Carmel Company at December 31, 2017, produces the following data pertaining to the preparation of annual adjusting entries.

    1. Prepaid Insurance $10,580. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on April 1, 2016, for $8,640. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2017, for $4,100. This policy has a term of 2 years.
    2. Unearned Rent Revenue $459,600. The company began subleasing office space in its new building on November 1. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease.

    Date Term
    (in months)
    Monthly
    Rent
    Number of
    Leases
    Nov. 1 9 $4,600 6
    Dec. 1 6 $8,800 4

    3. Notes Payable $128,000. This balance consists of a note for 9 months at an annual interest rate of 9%, dated November 1.
    4. Salaries and Wages Payable $0. There are 9 salaried employees. Salaries are paid every Friday for the current week. 4 employees receive a salary of $700 each per week, and 5 employees earn $600 each per week. Assume December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December.

    Prepare the adjusting entries at December 31, 2017.


    idk what I am doing
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
    Uber Member
     
    #2

    Jun 2, 2018, 04:56 AM
    Wdk why you are taking accounting! Please read rules regarding homework posting.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounting Homework Problem Need Help ASAP [ 63 Answers ]

The mortgage payable is payable in semiannual installments of $4,800 each plus interest. The next payment is due on October 31, 2013. Interest has been properly accrued and is included in accrued expenses. Balance sheet is June 30, 2013 Accrued Expenses are 46,000 I need help in what to put for...

Accounting Help ASAP!! [ 6 Answers ]

The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.) Mortgage payable $ 1,443 Accumulated depreciation 3,655 Prepaid expenses 880 Accounts payable 1,444 Equipment 11,000 Notes payable after 2013 1,200 Long-term investments 1,100 Flip's...


View more questions Search