A Review of the Ledger of Remina Company at December 31 2017
Problem-4: Adjusting the Accounts
A review of the ledger of Remina Company at December 31, 2019, produces the post-obit data pertaining to the preparation of annual adjusting entries.
- Prepaid Insurance $10,440. The visitor has carve up insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on Apr 1, 2018 for $7,920. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2019, for $4,500. This policy has a term of two years.
- Unearned Hire Revenue $429,000. The visitor began subleasing role infinite in its new building on Nov ane. At December 31, the company had the following rental contracts that are paid in full for the unabridged term of the lease
Date Term (in months) Monthly Rent Number of Charter Nov. 1 9 $v,000 5 December. 1 6 $eight,500 4
- Notes Payable $120,000. This balance consists of a note for 9 months at an annual interest rate of ix%, dated November 1.
- Salaries and Wages Payable $0. In that location are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of $700 each per week, and 3 employees earn $500 each per week. Assume December 31 is a Tuesday. Employees do not work weekends. All employees worked the terminal 2 days of Dec.
Answer
Remina Visitor
Adjusting Periodical Entries
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Source: https://www.mathlearningcentre.com/accounting/pa/ac/268-ac-problem-4
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