a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 2,800 Mar 31 3,000 Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on Wednesday. 1 Bal c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.

a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 2,800 Mar 31 3,000 Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on Wednesday. 1 Bal c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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