1. Ordinary operating maintenance on equipment was recorded

1. Ordinary operating maintenance on equipment was recorded as follows:

Equipment 2,500

Accounts Payable 2,500

2. Pronghorn received an advance on a custom order for merchandise that will be shipped during the be shipped during the next accounting year.

Cash 19,800

Sales Revenue 19,800

3. Pronghorn Corp, is holding inventory on consignment for Rubber Ltd. Pronghorn will only pay Rubber when a sale is made to a customer. Pronghorn made the following inventory:

Inventory 17,100

Accounts Payable 17,100

4. On the last day of the accounting period, a 12-month insurance policy was purchased. The insurance converge is for next accounting year.

Insurance Expense 4,900

Cash 4,900

(a2)

For each transaction, if there was a violation of component of the conceptual framework (i, e., qualitative characteristic, element, element, or principle, or principle), give the entry that should have been recorded, if any.

 

Leave a Comment

Your email address will not be published. Required fields are marked *

GradeEssays.com
We are GradeEssays.com, the best college essay writing service. We offer educational and research assistance to assist our customers in managing their academic work. At GradeEssays.com, we promise quality and 100% original essays written from scratch.
Contact Us

Enjoy 24/7 customer support for any queries or concerns you have.

Phone: +1 213 3772458

Email: support@gradeessays.com

© 2020 -2025 GradeEssays.com. All rights reserved.

WE HAVE A GIFT FOR YOU!

15% OFF 🎁

Get 15% OFF on your order with us

Scroll to Top