143.On January 1, DogMart Company purchased a two-year liability insurance policy for $22,800 cash. The purchasewas recorded to Prepaid Insurance. Prepare the January 31 adjusting entry.
|
$22,800/24 = $950
1/31 Insurance Expense
|
950
|
|
|
Prepaid Insurance
|
|
950
|
|
Moderate
|
|
|
|
ACCT.WARD.16.03-02 - 03-02
|
|
|
|
|
|
|
144.DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $1,400for office equipment and $2,650 for production equipment. Prepare two entries to record the depreciation.
12/31
|
Depreciation Expense - Office Equipment
|
1,400
|
|
|
|
Accumulated Depreciation - Office Equipment
|
1,400
|
|
|
|
|
12/31
|
Depreciation Expense - Production Equipment
|
2,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
145.On March 1, a business paid $3,600 for a twelve-month liability insurance policy. On April 1, the same businessentered into a two-year rental contract for equipment at a total cost of $18,000. Determine the following amounts:
(a)insurance expense for the month of March
(b)prepaid insurance as of March 31
(c)equipment rent expense for the month of April
(d)prepaid equipment rental as of April 30
146.On January 1, the Newman Company estimated its property tax to be $5,100 for the year.
(a)How much should the company accrue each month for property taxes?
(b)Calculate the balance in Property Tax Payable as of August 31.
(c)Prepare the adjusting journal entry for the month of September.
147.On January 1, Power House Co. prepays the year’s rent, $10,140. Prepare the journal entry by recording theprepayment to an asset account.