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1. Journalize the following accrued Expense transactions:

a. XYZ Company purchased a one-year insurance policy on August 1, 2012 and paid $280,000 cash to MetLife insurance company. Journalize the insurance transactions on the following dates:

August 1, 2012

December 31, 2012

July 31, 2013

b. ABC Co. borrowed $420,000 at 6% rate on June 1, 2012 payable in 12 months, and signing a note payable (N/P). Journalize on: Jun 1, 2012, December 31, 2012 and may 31, 2013.

c. Office Supplies inventory account of VCX Co. had a beginning balance of $72,000 on January 1, 2013. During 2013 the VCX Company purchased $450,000 of supplies. The ending supplies inventory of 2013 is $88,000 on December 31, 2013.

Determine the cost of supplies in 2013 and journalize purchase and use of supplies transactions on December 31, 2013.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9799532

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