Adjusting entries for prepaid insurance, unearned revenue and prepaid rent and ledger accounts Non-GST version Monthly Craft Magazine’s ledger includes the following accounts:
Subscriptions revenue, Unearned subscriptions revenue, Prepaid insurance, Insurance expense, Prepaid rent and Rent expense.
The following transactions relating to subscriptions, insurance and rent occurred on the dates indicated. Ignore GST.
Subscriptions
1 July 2022. The 'Unearned subscriptions revenue' account contained a credit balance of $77,500. Of this balance, $21,900 is for subscriptions expiring at the end of October and $55,600 is for subscriptions expiring at the end of February.1 November 2022. Monthly Craft Magazine received $18,000 for subscriptions lasting 6 months.1 March 2023. Monthly Craft Magazine received $36,000 for subscriptions lasting 12 months.1 May 2023. Monthly Craft Magazine received $16,000 for subscriptions lasting 6 months.
Insurance
1 July 2022. The 'Prepaid insurance' account contained a debit balance of $11,970 for a policy that ends on 31 March.15 September 2022. Monthly Craft Magazine paid $30,000 for a 12-month policy beginning coverage on 15 September.
Rent
1 July 2022. The 'Prepaid rent' account contained a debit balance of $12,995 for the period July to November inclusive.1 December 2022. Monthly Craft Magazine paid $24,000 for 9 months’ rent.
Required
(a) Record the necessary adjusting entry at 30 June 2023 (the end of the financial year). (b) For each of the transactions listed above in this question, enter the beginning balance amount in the relevant T-account and post the amounts from the transactions directly to the relevant T-accounts. Then post the amounts from the adjusting entries from part (a) to the relevant T-accounts.
Answers
Adjusting entry at 30 June 2023:
Unearned subscriptions revenue $55,600
Subscriptions revenue $55,600.
(To recognize revenue for subscriptions expiring in February)
Prepaid insurance $8,650
Insurance expense $8,650
(To record insurance expense for 9 months from July to March)
Prepaid rent $8,000
Rent expense $8,000
(To record rent expense for 9 months from September to May)
T-account balances:
Subscriptions revenue
| Beginning balance $0 |
Unearned subscriptions revenue | Beginning balance $77,500 | Adjusting entry $55,600 | Transaction $70,000 |
| Ending balance $2,100 |
Unearned subscriptions revenue
| Beginning balance $77,500 | Adjusting entry ($55,600) | Transaction $0 |
| Ending balance $21,900 |
Prepaid insurance
| Beginning balance $11,970 | Adjusting entry ($8,650) | Transaction $30,000 |
| Ending balance $33,320 |
Insurance expense
| Beginning balance $0 |
Prepaid insurance | Beginning balance $11,970 | Adjusting entry $8,650 | Transaction $0 |
| Ending balance $3,320 |
Prepaid rent
| Beginning balance $12,995 | Adjusting entry ($8,000) | Transaction $24,000 |
| Ending balance $29,995 |
Rent expense
| Beginning balance $0 |
Prepaid rent | Beginning balance $12,995 | Adjusting entry $8,000 | Transaction $0 |
| Ending balance $4,995 |.
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Related Questions
which part of the business plan identifies plans for pricing policies?
Answers
The proposed marketing plan identifies plans for pricing policies
A marketing proposal is a thorough plan outlining possible advertising, marketing, and brand-awareness initiatives for a potential client's company. It is written by a marketing firm or internal marketers, and it is addressed to company stakeholders. Plans for pricing policies should be part of any planned marketing strategy. Pricing is a crucial marketing component, and a smart pricing plan may help a company meet its financial and marketing objectives.
When designing pricing strategies, a proposed marketing plan should take into account elements including the target market, competition, production costs, and value proposition. The recommended pricing approach should be explicitly described in the plan and how it fits with the company's overall marketing goals and objectives.
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A group of investments sold as a package is a
Answers
Answer:
Fund or an Exchange Traded Fund (ETF)
Explanation:
This group of investments are generally called a Fund or an Exchange Traded Fund (ETF). These are various assets investments that are bundled together and sold as a single entity which investors can easily buy as one investment. This fund gives the investor easy exposure and diversification to these various assets in their portfolio, but also safety since each individual price affects the overall price of the fund but also protects the one another, meaning if one asset's price falls the other assets in the fund can even out the ROI with an increase in price.
hi i know this is random but this actress looks like someone famous to me and i can't figure it out. the actress is kristan stewart but she looks like someone else so i'm wondering who does she look like to y'all?
Answers
Answer:
she looks like elly or mary rose
Fixed costs are _____.
a. the costs related to the product that have to be paid regardless of the amount you sell
b. the costs that change depending on a company's performance
c. the costs resulting from a business owner's choice when selecting one thing over another and how it will impact the business
d. none of the above
20 POINTS HURRY PLZZZ
Answers
Answer:
d. none of the above
Explanation:
Fixed costs are a firm's expenses that remain constant in a financial period. These are the costs that are not affected by the level or quantity of output. Fixed costs are the costs of staying in business because they have to be paid regardless of output level. Examples of fixed costs include rent, administrative salaries, insurance, depreciation, and license fees.
Costs that vary depending on company performance are variable costs. Opportunity costs are the costs resulting from a business owner's choice when selecting one thing over another and how it will impact the business
Answer:
The answer is A. the costs related to the product that have to be paid regardless of the amount you sell
Explanation:
a union of this sort, which raises wages by reducing the labor supply, is called: a.) a bilateral monopolyb.) a demand enhancement unionc.) an industrial union (inclusive)d.) a craft union (exclusive) Pick one and explain why?
Answers
The correct answer is d.) a union which raises wages by reducing labor supply is craft union (exclusive).
A craft union is a type of labor union that represents workers in a particular craft or skill, such as carpentry or plumbing. They tend to be exclusive, meaning they only represent workers in a specific industry or occupation, and they aim to limit the supply of labor in order to increase wages for their members.
By restricting the number of workers who can enter the field, craft unions effectively create a monopoly on the supply of labor, which allows them to negotiate higher wages and better working conditions.
This is different from an industrial union, which represents workers across multiple industries, or a demand enhancement union, which seeks to increase the demand for labor rather than restricting the supply.
A bilateral monopoly refers to a situation where both the labor union and the employer have significant bargaining power, which can lead to higher wages but may also result in a deadlock in negotiations.
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Carey company applies manufacturing overhead costs to products as a percentage of direct labor dollars. Estimated and actual values of manufacturing overhead and direct labor costs are summarized here:.
Answers
The predetermined overhead rate is 184% of direct labor cost
A
Estimated manufacturing overhead
$864,800
B
Estimated direct labor cost
$470,000
C = (A/B) x 100
Predetermined Overhead rate
184%
of direct labor cost
Wages paid to employees directly related to producing goods or rendering customer services are referred to as direct labour costs. The overall direct labour cost exceeds wages paid by a significant amount.
Direct labour includes those who assemble things, weld things, paint things, and operate machines. Any employee directly involved in a product's manufacture is referred to as direct labour. If your company makes bicycles, the workers who make the bicycles are regarded as direct labour.
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Peter is planning his finances for the next couple of years. He wants to save money to eventually buy a house because he will be getting married
soon. He has created a savings plan revolving around his necessary expenses, and he has set a target of three years to save up a down payment
for a house. At which phase of the financial life cycle is Peter in?
Peter is in the________
phase of the financial life cycle.
Fill in the blank
Answers
Answer:
Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer
Explanation:
Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer Beginning is the correct answer
Because susans standard deduction is greater than the amount she made, it turns out that Susan never owed taxes. How large of a refund should she expect from the Federal
government if she follows through on filing her 1040 form
Answers
Note that if Susan's standard deduction is greater than the amount she made, it means her taxable income is zero. If she had any taxes withheld from her paychecks throughout the year, she would be eligible for a full refund of those taxes.
What is the rationale for the above response?Assuming Susan is a single taxpayer under the age of 65 and not claimed as a dependent on anyone else's tax return, her standard deduction for tax year 2022 (filing in 2023) would be $12,950.
If Susan's total income for the year is less than or equal to $12,950, she would owe no federal income tax and would be eligible for a full refund of any federal income tax withheld from her paychecks or estimated tax payments she made throughout the year.
The exact amount of her refund would depend on how much federal income tax was withheld from her paychecks or paid in estimated tax payments throughout the year. Susan can determine the amount of her refund by completing her tax return using Form 1040 and any other applicable forms and schedules.
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active/passive she is watering the plants
Answers
Answer:
active
Explanation:
she "is" means she is currently watering the plants. if it was passive it would have been like this, "she watered the plants".
What does the term 'user
experience' refer to regarding a
website?
A. the overall ease of navigation and ability to
purchase on a company's website
B. the general experience a customer has when
using a product of a business
C. the customer experience when dealing with
customer service representatives
Answers
Answer:b
Explanation:
Should the job evaluation depend on an appraisal of the jobholder's performance? Why? Why not?
Answers
No, the Job evaluation should not base on the appraisal of the jobholder's performance.
Job evaluation helps to determine the value of a job in comparison to other jobs in an organization.
The job appraisal have to do with evaluation of the performance of a certain employee occupying a certain job position.
So, the Job evaluation should not base on the appraisal of the jobholder's performance because the performance of different employee in certain position can changes.
Therefore, the Job evaluation should not base on the appraisal of the jobholder's performance.
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"If a key objective of Ooh Aah Massage Therapy is to build a team of bodywork practitioners, which of the following rewards does not align with that goal?
A. The manager keeps a chart on the office wall tracking who has earned the most tips.
B. If there is a problem at work, everyone is included in the discuss ion of how to fix it.
C. When Ooh Aah meets its revenue goal for the year, every practitioner gets a year-end bonus.
D. Time is set aside once a month for several practitioners to conduct training sessions for the whole staff, demonstrating their expertise and allowing learning to happen through questions from the who le group."
Answers
Answer:
The reward that does not align with the goal of building a team of bodywork practitioners is A. The manager keeps a chart on the office wall tracking who has earned the most tips.
Explanation:
Building a cohesive team of bodywork practitioners requires fostering a collaborative and supportive environment. Option A, where the manager keeps a chart tracking who has earned the most tips, promotes competition and individual achievement rather than teamwork. This type of reward system can create a sense of rivalry among practitioners and may discourage cooperation and collaboration.
On the other hand, options B, C, and D align with the goal of building a team. Option B emphasizes open communication and inclusiveness by involving everyone in discussions to solve problems. Option C provides a team-based reward in the form of a year-end bonus when the revenue goal is met, which promotes collective success and recognizes the contribution of each practitioner. Option D encourages knowledge sharing and skill development within the team, enhancing collaboration and professional growth.
By focusing on teamwork, collaboration, and professional development, Ooh Aah Massage Therapy can create a supportive and cohesive environment where practitioners can work together effectively and provide high-quality services to their clients.
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The repair service that fixes your farming equipment doesn’t seem to fix your plow correctly. The technician says that if you are not happy, you can buy a new plow from him, but the cost is extremely high. Do you have other options available to you for higher-quality repairs or cheaper equipment? Explain your answer.
Answers
Answer:
Your best option would be for higher quality repairs and higher quality equipment, this would save you more money and time in the long run where you have the ability to do other things.
Explanation:
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Answer:
No, because in command economies, there is no competition. So, there are no other repair services that would offer higher-quality repairs or cheaper equipment. Additionally, no incentive exists for the technician to provide high-quality service.
Explanation:
the actual answer
¿Cómo podría Wal-Mart mejorar su estrategia de marketing para atraer a los grandes consumidores potenciales de este sector en los mercados internacionales?
Answers
Answer:
Para poder atraer grandes consumidores potenciales del sector de retail en los mercados internacionales, Walmart tendría que focalizarse en 3 tareas específicas:
1- Por un lado, invertir en publicidad en los lugares en los que desee aumentar su rendimiento comercial, para poder dar a conocer su marca y atraer a nuevos clientes, ingresando así a mercados en los que hasta ahora no tiene presencia.
2- Además, debe lógicamente invertir en relocalizar muchos de sus centros de distribución a esos nuevos mercados, para así poder facilitar la distribución de los productos que comercializa en los nuevos territorios.
3- Por otra parte, debe garantizar un acceso al comercio electrónico, para poder así proveer a los consumidores los mismos bienes que ofrece en los Estados Unidos, pero en sus territorios de origen.
The governance mechanism MOST closely connected with deterring unethical behaviors by holding top management accountable for the corporate culture is:
Answers
When top management need to be held accountable for unethical behavior, the best way is to use a Board of Directors.
What does a Board of Directors do?
These are the representatives of the shareholders in the leadership of the company.
They are the highest authority in the company and the policies they implement are meant to hold top management accountable for unethical behavior that might threaten the shareholders.
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Hadoop's two major components are
a. a real-time data processor and a framework for data analytics
b. a data processing component and a distributed file system
c. a JobTracker and a group of TaskTrackers
d. a cluster and a group of servers
Answers
Hadoop's two major components are a data processing component and a distributed file system.
Hadoop is an open-source software framework for storing and processing large amounts of data on clusters of commodity hardware. It has two major components: a data processing component and a distributed file system.
The data processing component, also known as the MapReduce engine, is responsible for processing large amounts of data in parallel across a cluster of nodes.
The distributed file system, known as the Hadoop Distributed File System (HDFS), stores data on multiple nodes in the cluster and allows for distributed processing of data.
Option a. a real-time data processor and a framework for data analytics is incorrect because Hadoop is not designed for real-time processing of data.
Option c. a JobTracker and a group of TaskTrackers is incorrect because these are components of the MapReduce engine, which is part of the data processing component of Hadoop.
Option d. a cluster and a group of servers is incorrect because Hadoop consists of more than just a cluster and a group of servers. It includes both a data processing component and a distributed file system.
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In what way is your emergency fund a form of insurance?
Answers
MusicPod's earnings per share ratios were $2.59 and $2.31, respectively, for the current and prior years. MusicPod's stock was trading at $65 and $59.50 per share at the end of the current and prior years, respectively. The company paid cash dividends per share of $0.97 in the current year and $0.75 in the prior year. Total stockholders' equity was $13,692 million and $12,016 million in the current and prior years, respectively. The common shares outstanding were approximately 1,788,000 during both the current and prior years. MusicPod's dividend yield ratio for the current year is closest to:
Answers
The dividend yield ratio of MusicPod for the current year is 1.49%.Explanation:Dividend yield is the percentage of the annual dividend of a share of stock divided by the price of a share of stock. This ratio assists investors in evaluating the revenue they can receive from a stock investment.
For instance, a company that pays a dividend of $1 per share but trades for $20 per share has a 5% dividend yield. That is, 5% of the stock's current price is paid in dividends.In this problem, the dividend yield ratio is calculated as follows:Dividend yield = Annual dividend / Current market price per shareThe annual dividend for the current year was $0.97, and the current market price per share was $65.
Therefore,Dividend yield = $0.97 / $65 = 0.0149 ≈ 1.49%Thus, the dividend yield ratio of MusicPod for the current year is 1.49%.
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Which Important personal quality does Jane seem to possess?
Jane is friendly and kind toward her coworkers. She makes interesting conversation with them during lunch. Her attitude helps to maintain a
harmonious atmosphere at work. Jane thus possesses an important personal quality known as
Answers
Answer:
kindness
Explanation: sorry im guessing by what the paragraph tells me..
Answer:
courteousness
Explanation:
These are all attributes of a courteous individual.
quality assurance programs have been successful in many manufacturing environments because they increase workers’ autonomy over the work process. True or False
Answers
True: Programs for quality control have been effective in many production settings because they provide employees more control over how their jobs are carried out.
What do you mean by Quality assurance?Quality assurance is a structured process for determining if a good or service complies with established requirements (QA). QA creates and upholds standards for creating or producing dependable goods. Process audits, process standards, process documentation, and process checklists are a few examples of quality assurance practises. Inspection, peer reviews of deliverables, and the software test procedures are a few instances of quality control procedures.
The term quality assurance (QA), which is used in both the manufacturing and service sectors of the economy, refers to the methodical measures taken to guarantee that the goods delivered to customers meet their contractual and other agreed-upon requirements for achievement, design, reliability, and maintainability.
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Your employer will withhold the following taxes from your $200 paycheck:
A Federal Income Tax (10%): $20.00
B Social Security Tax (6.2%): $12.40
C Medicare Tax (1.45%): $2.90
C State Income Tax (5%): $10.00
Answers
If you could franchise a business - what business would you choose? (2-3 sentences)
Answers
Answer:
I would choose the Franchise Dunkin Donuts since many people get hungry in the morning. And since plenty of people work in the day times. It would be a mastermind full proof plan of sweet success.
Explanation: In Russia dog does not eat your homework, I do.
economists generally agree that trade restrictions are detrimental to trade and reduce government efficiency. why then do governments restrict trade? arguments for restricting trade include to promote national defense, to impose sanctions on other countries, to protect domestic infant industries, to create or preserve domestic jobs, to ensure fair competition, and to retaliate for unfair trade policies of other governments.
Answers
The promotion of national defense, the imposition of sanctions on other nations, the protection of domestic infant industries, the creation or preservation of domestic jobs, the promotion of fair competition, and retaliation for unfair trade practices of other governments are all justifications for trade restrictions.
What justifications are offered by economists for trade restrictions?The most frequently cited justifications for trade restrictions are safeguarding domestic jobs, maintaining national security, defending emerging industries, avoiding unfair competition, and the potential to utilize the limitations as a negotiating chip.
Why do economists object to laws that impede international trade?Since trade restrictions increase the cost of goods and services at the border, economists often oppose them. As a result, they pass the cost to customers who pay more when buying goods and services.
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corporate member registers their full allotment of tickets and 127 nonmembers register? If required, round your answers to two decimal places. Breakeven appears in the interval of to registered nonmembers. (c) Consider three scenarios: round your answers to two decimal places. For subtractive or negative numbers use a minus sign. The highest profit is $ The lowest profit is $
Answers
Breakeven occurs between a certain range of registered nonmembers. In this case, the exact range is not provided.
The highest profit is yet to be determined, as it depends on various factors such as ticket prices and costs. Without more specific information, it is not possible to calculate the exact highest profit. The lowest profit, again, cannot be determined without additional information on ticket prices and costs. It is important to consider that in some scenarios, the lowest profit may even be negative, indicating a loss rather than a profit.
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Sophie invested $92,000 in an account paying an interest rate of 6 1 8 6 8 1 % compounded continuously. Damian invested $92,000 in an account paying an interest rate of 6 5 8 6 8 5 % compounded monthly. After 14 years, how much more money would Damian have in his account than Sophie, to the nearest dollar?.
Answers
After 14 years, Damian would have more money in his account than Sophie, to the nearest dollar.
Sophie's investment of $92,000 in an account with a continuous compounding interest rate of 6.18681% would grow exponentially over time. Using the continuous compounding formula A = P * e^(rt), where A is the final amount, P is the principal amount, e is Euler's number, r is the interest rate, and t is the time in years, we can calculate the final amount for Sophie's investment.
On the other hand, Damian's investment of $92,000 in an account with a monthly compounding interest rate of 6.58685% would grow with monthly compounding.
Using the compound interest formula A = P * (1 + r/n)^(nt), where n is the number of compounding periods per year, we can calculate the final amount for Damian's investment.
By comparing the final amounts of both investments after 14 years, we can determine the difference in money Damian would have in his account compared to Sophie, rounded to the nearest dollar.
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Which of the following are part of the marketing mix? (Check all that apply)
Answers
Answer:
product, price, place, promotion—are often referred to as the marketing mix. These are the key elements involved in marketing a good or service, and they interact significantly with each other.
Explanation:
PLZZ mark brainlyist
If you could replace all of the grass in the world with something else, what would it be and why?
Answers
Answer:
I would replace it with cannabis, everyone is happier when there is green :)
Explanation:
Answer:
I would replace it with oil because oil is a rare resource
Explanation:
I need help asapppppp!
Answers
If you borrow $7,000 with an interest rate of 3 percent, to be repaid in five equal yearly payments at the end of the next five years, what would be the amount of each payment? Use Exhibit 1-D. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)
Amount of each paymet
Answers
The amount of each yearly payment would be $1,614.49. In this problem, we will use the concept of time value of money to calculate the equal payments that would be required to repay a loan of $7,000 with an interest rate of 3% over a period of five years.
The time value of money refers to the idea that money today is worth more than the same amount of money in the future, because of the potential to earn interest or returns on investment. When we make financial decisions that involve cash flows over time, we need to take into account the time value of money in order to accurately calculate the present or future value of those cash flows.
Now, let's look at the specific problem at hand.
If you borrow $7,000 with an interest rate of 3 percent, to be repaid in five equal yearly payments at the end of the next five years, what would be the amount of each payment?
To solve this problem, we can use a financial calculator or look up time value factor tables, such as the Exhibit 1-D referenced in the problem statement. These tables provide values that we can use to calculate the present or future value of cash flows over time, given an interest rate and a number of periods.
In this case, we want to calculate the equal annual payments required to repay a loan of $7,000 with an interest rate of 3% over a period of five years. To do this, we can use the formula for the present value of an annuity:
\(PMT = PV\times (r / (1 - (1 + r)^{(-n)})\)
where PMT is the equal payment, PV is the present value of the loan (which is $7,000 in this case), r is the interest rate per period (which is 3% per year), and n is the number of periods (which is 5 years).
Using Exhibit 1-D, we can find the time value factor for an annuity due of 1 for 5 periods at an interest rate of 3%. The time value factor is 4.246.
Plugging in the values we have, we get:
\(PMT = $7,000 \times (0.03 / (1 - (1 + 0.03)^{(-5)})) \times 4.246\)
Simplifying the equation, we get:
\(PMT = $7,000 \times 0.03 \times 4.246 / (1 - 1.03^{(-5)})\)
Using a calculator, we can find that PMT is approximately $1,614.49.
Therefore, based on the given information and the time value factor table, we can estimate that the equal annual payments required to repay a loan of $7,000 with an interest rate of 3% over a period of five years is approximately $1,614.49.
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What type of advertising aims to spread a particular social message or to promote public welfare?
A.
corporate advertising
B.
retail advertising
C.
product advertising
D.
public service advertising
Answers
Answer:
D, Public service advertisements