COMMERCE 1AA3 Study Guide - Quiz Guide: Interest Expense, Deferral, Promissory Note
11 Jan 2019
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Suppose donald"s ltd. holds a loan receivable from a client. At the end of may, $ 125 of interest revenue has been earned but not received. Prepare the adjusting entry at may 31. (record debits first, then credits. True- in accrual accounting, revenue may be earned prior to or after cash is received. The following transactions for habari company occurred during january 2017: Jan 1 purchased a two-year insurance policy for cash, ,400. Jan 4 paid utilities bill that was received in december 2015, . Jan 9 performed a service on account, ,000. Jan 16 paid monthly salary to employees, ,700. Jan 21 received ,000 from a customer on account. Jan 25 received from january 9 transaction. Jan 31 prepared the adjusting entry for insurance from january 1 transaction. Do not enter commas, spaces, decimals, or dollar signs in your answer. For example, if your answer is ,333, then enter it as 2333.
