Question & Answer: c 0 entombeducation.com to post a sedan 150GB a o s o e Arnox Co. follows the practice of recording prepaid expenses and unearned revenues in…..

c 0 entombeducation.com to post a sedan 150GB a o s o e Arnox Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet, accounts. The companys annual accounting period ends on December 312016. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $2.725 balance. During 2016, the company purchased supplies for $11,254, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2016, totaled $2,396. D. An analysis of the companys insurance policies provided the following facts. Date of Purchase April 1, 2014 Apr 1, 2015 August 1, 2016 Months of coverage cost $ 11,640 10440 9240 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid insurance account was debied for the full cost (Yearend adjusting entries for Prepaid insurance were property recorded in all prior years.) C. The company has 16 employees, who earn a total of $1,850 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, 2016, is a Tuesday, and all 15 employees worked the first two days of that week. Because New Years s Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6, 2017 a. The company purchased a building on January 1, 2016. It cost $620,000 and is expected to have a $45,000 salvage value at the end of its predicted 20-year life. Annual opreciation is $28,750. e. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,300 per month, starting on November 1, 2016. The rent was paid on time on November 1, and the amount received was credited to the Roet Earned accountHowever, 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 16. The tenant has agreed not to fall behind again. 1. On November 1, the company rented space to another tenant for $2,000 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; a 0

c 0 entombeducation.com to post a sedan 150GB a o s o e Arnox Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet, accounts. The companys annual accounting period ends on December 312016. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $2.725 balance. During 2016, the company purchased supplies for $11,254, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2016, totaled $2,396. D. An analysis of the companys insurance policies provided the following facts. Date of Purchase April 1, 2014 Apr 1, 2015 August 1, 2016 Months of coverage cost $ 11,640 10440 9240 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid insurance account was debied for the full cost (Yearend adjusting entries for Prepaid insurance were property recorded in all prior years.) C. The company has 16 employees, who earn a total of $1,850 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, 2016, is a Tuesday, and all 15 employees worked the first two days of that week. Because New Years s Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6, 2017 a. The company purchased a building on January 1, 2016. It cost $620,000 and is expected to have a $45,000 salvage value at the end of its predicted 20-year life. Annual opreciation is $28,750. e. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,300 per month, starting on November 1, 2016. The rent was paid on time on November 1, and the amount received was credited to the Roet Earned accountHowever, 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 16. The tenant has agreed not to fall behind again. 1. On November 1, the company rented space to another tenant for $2,000 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; a 0

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