Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a. on december 31, 20x1, the notes receivable acco

a. On December 31, 20X1, the Notes Receivable account at P. Davis Materials Corporation had...

60.1K

Verified Solution

Question

Accounting

image

a. On December 31, 20X1, the Notes Receivable account at P. Davis Materials Corporation had a balance of $13,000, which represented a six-month, 12 percent note received from a customer on September 1. b. During the week ended June 7,201, McCormick Media received $34,000 from customers for subscriptions to its magazine Modern Business. On December 31, 20X1, an analysis of the Unearned Subscription Revenue account showed that half of the subscriptions were earned in 201. c. On November 1, 20X1, Perez Realty Company rented a commercial building to a new tenant and received $44,400 in advance to cover the rent for six months. Upon receipt, the $44,400 was recorded in the Unearned Rent account. d. On November 1, 20X1, the Mighty Bucks Hockey Club sold season tickets for 50 home games, receiving $4,500,000. Upon receipt, the \$4,500,000 was recorded in the Unearned Season Ticket Income account. At December 31, 20X1, the Mighty Bucks Hockey Club had played 4 home games. For each of the above independent situations, indicate the adjusting entry that must be made on the December 31,201, worksheet assuming no previous adjusting entries have been made during the year

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A 1.25 kg block is attached to a spring with spring constant 18 N/m . While...

Physics
Q

Hemming Co. reported the following current-year purchases and sales for its only product.      Date Activities Units Acquired at Cost Units...

Accounting
Q

The town plaza in a certain town is shown below The town s planning committee...

Geometry
Q

PFlag question Haya wants to withdraw 30 000 each year for 10 years from a...

Basic Math
Q

OPEN ENDED Sketch a graph of a function with each set of characteristics 69 infinite...

Basic Math
Q

HW Complete problems 1 4 below for independent practice When you are finished check the...

Algebra
Q

Question 5 Construct three different quadratic forms over R that has a matrix representation with...

Algebra
Q

Apogee Fashions uses standard costs for their manufacturing division. The allocation base for overhead costs...

Accounting
Q

24. The following information pertains to revenue earned by Timm Co.'s industry segments for the...

Accounting
Q

Current Attempt in Progress Bramble Corp. has issued 96,000 shares of $5 par value common...

Accounting
Q

Required Information Use the following information for the Exercies below. (Algo) [The...

Accounting
Q

The financial statements for Castile Products, Inc., are given below: Castile...

Accounting