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Do you work hard to achieve good grades, but does not get success at that level? Studentwhiz has found out a simple yet interesting way to help its students achieve good grades by learning in a smart way through University of Phoenix Week 2 - Chapter 2 Homework - Question 5 Solutions and Week 2 - Chapter 2 Homework - Question 5 Course. Our main motive is that our students should pass their exams with flying colors. Week 2 - Chapter 2 Homework - Question 5 Study Material and Week 2 - Chapter 2 Homework - Question 5 Guide are also been provided so that students can learn from them. On our learning portal you will get study material which is 100% updated and imparted by our experts.

Week 2 - Chapter 2 Homework - Question 5

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Question 5

1.

A three-year fire insurance policy was purchased on July 1, 2013, for $12,000. The company debited insurance expense for the entire amount.

2.

Depreciation on equipment totaled $15,000 for the year.

3.

Employee salaries of $18,000 for the month of December will be paid in early January 2014.

4.

On November 1, 2013, the company borrowed $200,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2014.

5.

On December 1, 2013, the company received $3,000 in cash from another company that is renting office space in Falwell’s building. The payment, representing rent for December and January, was credited to unearned rent revenue.

  

Prepare the necessary adjusting entries at December 31, 2013, for the Falwell Company for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

 
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