For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the adjusting entry at the end of the current year, December 31. The process includes (1) determining if revenue was earned or an expense was incurred and (2) determining whether cash was received or paid in the past or will be received or paid in the future. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. b. Purchased a machine for $47,000 cash on January 1. The company estimates annual depreciation at $3,700. c. Paid $2,600 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount. View transaction list Journal entry worksheet 1 2 3 Prepare the adjusting entry needed at December 31. Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry View general journal

For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the adjusting entry at the end of the current year, December 31. The process includes (1) determining if revenue was earned or an expense was incurred and (2) determining whether cash was received or paid in the past or will be received or paid in the future. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. b. Purchased a machine for $47,000 cash on January 1. The company estimates annual depreciation at $3,700. c. Paid $2,600 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount. View transaction list Journal entry worksheet 1 2 3 Prepare the adjusting entry needed at December 31. Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry View general journal

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPA: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the...

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UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and (b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1.
Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returns
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.
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On December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.