Prepaid Advertising $20,400. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as shown below. 3. Contract Date Amount Number of Magazine Issues 12 $9,600 May 1 A650 24 10,800 Oct. 1 B974 The first advertisement runs in the month in which the contract is signed. Notes Payable $62,200. This balance consists of a note for one year at an annual interest rate of 12 % , dated June 1 . 4. Prepare the adjusting entries at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No entry for the account titles and enter 0 for the amounts. Round answers to O decimal places, eg. 2,520.) Credit Debit No. Account Titles and Explanation 2336 Salaries and Wages Expense 1. 2336 Salaries and Wages Payable 87520 Unearned Rent Revenue 2. 87520 Rent Revenue 7750 Advertising Expense 3. 7750 Prepaid Advertising 4354 Interest Expense 4354 Interest Payable A partial adjusted trial balance of Bramble Company at January 31, 2020, shows the following. BRAMBLE COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Credit Debit Supplies $930 Prepaid Insurance 3,780 $1,030 Salaries and Wages Payable Unearned Service Revenue 980 950 Supplies Expense Insurance Expense 630 Salaries and Wages Expense 2,030 Service Revenue 2,230 Answer the following questions, assuming the year begins January 1 Your answer is correct X Your answer is incorrect. If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium? 4410 Total premium $ When was the policy purchased? The policy was purchased on July 1,2019 eTextbook and Media
Prepaid Advertising $20,400. This balance consists of payments on two
Prepaid Advertising $20,400. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as shown below. 3. Contract Date Amount Number of Magazine Issues 12 $9,600 May 1 A650 24 10,800 Oct. 1 B974 The first advertisement runs in the month in which the contract is signed. Notes Payable $62,200. This balance consists of a note for one year at an annual interest rate of 12 % , dated June 1 . 4. Prepare the adjusting entries at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No entry for the account titles and enter 0 for the amounts. Round answers to O decimal places, eg. 2,520.) Credit Debit No. Account Titles and Explanation 2336 Salaries and Wages Expense 1. 2336 Salaries and Wages Payable 87520 Unearned Rent Revenue 2. 87520 Rent Revenue 7750 Advertising Expense 3. 7750 Prepaid Advertising 4354 Interest Expense 4354 Interest Payable A partial adjusted trial balance of Bramble Company at January 31, 2020, shows the following. BRAMBLE COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Credit Debit Supplies $930 Prepaid Insurance 3,780 $1,030 Salaries and Wages Payable Unearned Service Revenue 980 950 Supplies Expense Insurance Expense 630 Salaries and Wages Expense 2,030 Service Revenue 2,230 Answer the following questions, assuming the year begins January 1 Your answer is correct X Your answer is incorrect. If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium? 4410 Total premium $ When was the policy purchased? The policy was purchased on July 1,2019 eTextbook and Media
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