Acc211 Chapter 3

ACC211 Chapter 3
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*Brief Exercise 3-1
Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.  
Brief Exercise 3-3

Your answer is correct.
On July 1, 2014, Crowe Co. pays $27,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31.  
Brief Exercise 3-4

On July 1, 2014, Crowe Co. pays $9,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Zubin Insurance Co. Zubin uses the accounts Unearned Service Revenue and Service  
Brief Exercise 3-5

Your answer is correct.
Assume that on February 1, Procter & Gamble (P&G) paid $733,000 in advance for 1 years’ insurance coverage. Prepare P&G’s February 1 journal entry and the annual adjusting entry on June 30.  
Brief Exercise 3-6

Your answer is correct.
LaBouche Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash payment of $300 received in advance. Prepare LaBouche’s November 1 journal entry and the December 31 annual adjusting entry  
Brief Exercise 3-7

Your answer is correct.
Dresser Company’s weekly payroll, paid on Fridays, totals $6,970. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $6,970 cash payment on Friday, January 2.  
Date Account Titles and Explanation Debit Credit
Dec. 31 Salaries and Wages Expense 4,182    
Salaries and Wages Payable     4,182
Jan. 2 Salaries and Wages Expense 2,788    
Salaries and Wages Payable 4,182    
Cash     6,970


Brief Exercise 3-8

Your answer...