This question is worth up to 6 points extra credit. You must label your answers with a, b, c and d and use a table to create the journal entries required for a and b. Ava Company is in their 1st year of business. Ava’s year ends on December 31. Ava’s accountant is reviewing specific accounts at year end and finds that insurance was paid for 12 months beginning May 1: $2,400. Assume no other adjustments were paid related to this payment throughout the year a. What is the adjusting entry for the year ended December 31 if the payment was initially recorded as an expense? Create a table and write your journal entry in the answer space. Account Debit Credit               b. Alternatively : What is the adjusting entry if the $2,400 payment on May 1 was initially recorded as an asset. Create a table and write your journal entry in the answer space.   Account Debit Credit             c. After either adjustment is made what is the adjusted insurance expense for the year ended December 31? __________ d. What is the adjusted Balance in Prepaid Insurance as of Dec 31? ________

The account “Land” would be classified on a Balance Sheet as

During the year, Noah Company disposed of an asset with an original cost of $[a] and book value of $[b] for $[x] cash. When recording the sale, the debit to accumulated depreciation will be $_______________

“Stockholders’ Equity” would be found on which financial statement?

The intangible asset that is  “an exclusive right granted by the federal government to protect artistic or intellectual properties.”

Prepare the journal entry for the following transaction during the current month. Also the journal entries must be written in proper journal entry form. Debits first!   Raj Inc. paid $500 cash to pay for advertising purchased last month on account. Account Debit Credit  [a] 500    [b]   500

Prepare the journal entry for the following transaction. Use complete account titles (do not abbreviate!).  The journal entries must be written in proper journal entry form. Debits first!   Sheldon Inc. received $15,000 cash from investors and issued common stock to them. Account Debit Credit  [a] 15,000    [b]   15,000

Prepare the journal entry for the following transaction during the current month. Use complete account titles (do not abbreviate!).  Also the journal entries must be written in proper journal entry form. Debits first! Leonard Inc provided $10,250 of services to customers on account this month. Account Debit Credit  [a] $10,250    [b]   $10,250

Prepare the journal entry for the following transaction during the current month. Also the journal entries must be written in proper journal entry form. Debits first!   Howard Inc. received this month’s utility bill for $700, which will be paid bext month. Account Debit Credit  [a] 700    [b]   700

Below is the list of accounts for ABC Company Accounts Receivable [a] Accounts Payable [b] Wages Payable [g] Note Payable (due in 2 years) [c] Income Tax Expense [d] Retained Earnings [f] Prepaid Rent [h] What are the total liabilities? _________Enter an amount