subject
Business, 07.07.2020 21:01 xthom001ow7go3

Below are transactions for Wolverine Company during 2021.On December 1, 2021, Wolverine receives $4,000 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $13,200. The payment is debited to Prepaid Insurance for the entire amount. Employee salaries of $3,000 for the month of December will be paid in early January 2022.On November 1, 2021, the company borrows $15,000 from a bank. The loan requires principal and interest at 10% to be paid on October 30, 2022.Office supplies at the beginning of 2021 total $1,000. On August 15, Wolverine purchases an additional $3,400 of office supplies, debiting the Supplies account. By the end of the year, $500 of office supplies remains. Required:Record the necessary adjusting entries at December 31, 2021, for Wolverine Company. You do not need to record transactions made during the year. 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/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 20:20
The 2016 financial statements of the new york times company reveal average shareholders’ equity attributable to controlling interest of $837,283 thousand, net operating profit after tax of $48,032 thousand, net income attributable to the new york times company of $29,068 thousand, and average net operating assets of $354,414 thousand. the company's return on net operating assets (rnoa) for the year is: select one: a. 3.5% b. 6.9% c. 13.6% d. 18.7% e. there is not enough information to calculate the ratio.
Answers: 1
question
Business, 21.06.2019 20:40
Ail industries uses activity-based costing to assist management in setting prices for the company's three major product lines. the following information is available: activity cost pool estimated overhead expected use of cost driver per activity cutting $1,000,000 25,000 labor hours stitching 8,000,000 320,000 machine hours inspections 2,800,000 160,000 labor hours packing 960,000 64,000 finished goods units compute the activity-based overhead rates. (round answers to 2 decimal places, e.g. 12.25.)
Answers: 2
question
Business, 22.06.2019 03:30
Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?
Answers: 1
question
Business, 22.06.2019 21:00
There is just one person in our group, silvia, who seems to have radically different ideas about how to complete our project. she seems to purposely disagree with the majority opinions of the rest of us though yesterday she said something that made a lot of sense to us solve our production problem. i suggested to the entire group today that we hear silvia’s suggestions and asked silvia to share in-depth more of what she said yesterday. i am using which adaptive leader behavior?
Answers: 2
You know the right answer?
Below are transactions for Wolverine Company during 2021.On December 1, 2021, Wolverine receives $4,...
Questions
question
Mathematics, 24.09.2019 07:30