Reference no: EM131145781
A review of the ledger of Terrell Company at December 31, 2012, produces these data pertaining to the preparation of annual adjusting entries.
1. Prepaid Insurance $15,200. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on July 1, 2011, for $9,600. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2012, for $7,200. This policy has a term of 18 months.
2. Unearned Sales Revenue $22,800: The company began selling magazine subscriptions on October 1, 2012, on an annual basis. The selling price of a subscription is $24. A review of subscription contracts reveals the following.
.PNG)
3. Notes Payable, $40,000: This balance consists of a note for 6 months at an annual interest rate of 7%, dated October 1.
4. Salaries Payable $0: There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of $600 each per week, and three employees earn $700 each per week. Assume December 31 is a Wednesday. Employees do not work weekends. All employees worked the last 3 days of December.
Instructions
Prepare the adjusting entries at December 31,2012.
|
Tiffany is a good manager but a poor accountant
: Open Road Travel Court was organized on July 1, 2011, by Tiffany Lampkins. Tiffany is a good manager but a poor accountant.
|
|
How is monetary policy useful if money is neutral
: Discuss the statement "Because neither fiscal nor monetary policy can affect the natural level of output, it follows that, in the medium run, the natural level of output is independent of all government policies."
|
|
Which forecasting method would you prefer to use and why
: Use the regression model to predict the shipments for the years 1992 through 1999.Which forecasting method would you prefer to use and why? Note: Compute MAPE for the two forecasting methods to compare the accuracy for the period 1992-1998.
|
|
What is the probability that next year the total precipitati
: What is the probability that next year the total precipitation for New York State is more than 50.4 inches? What is the probability that next year the total precipitation for New York State is between 41 and 48.8 inches? What is the probability that ..
|
|
The company has separate insurance policies
: Unearned Sales Revenue $22,800: The company began selling magazine subscriptions on October 1, 2012, on an annual basis. The selling price of a subscription is $24. A review of subscription contracts reveals the following.
|
|
Analyze the section showing typical stock information
: Analyze the section showing typical stock information and financial positions of companies. Next, analyze one company's financial position and determine whether or not the stock potential will rise, remain stable, or decrease in value.
|
|
Review article - harnessing the power of corporate culture
: Review assigned article, "Harnessing the Power of Corporate Culture (Developing Leaders for a Sustainable Global Society)". Consider the "new model of leadership" discussed in the article
|
|
Compute the profit-maximizing price and quantity
: Compute the profit-maximizing price and quantity, and illustrate with a complete graph.
|
|
What is the probability that the customer can drive
: A particular customer lives 25 minutes from Collina's Italian Café. If the customer places a telephone order at 6:00 P.M., what is the probability that the customer can drive to the café, pick up the order, and return home by 7:00 P.M.?
|