A) XYZ Company purchased a one year insurance policy on August 1, 2014 which covers...
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Accounting
A) XYZ Company purchased a one year insurance policy on August 1, 2014 which covers Aug.1, 2014 to July 31,2015 period and paid $300,000 cash to Liberty Mutual Insurance Company.
-Journalize the insurance transactions on: Aug.1, 2014; Dec.31, 2014; and July 31, 2015.
B) ABC company borrowed $450,000 ( received cash) from TD bank at a 5% annual interest rate on June 1, 2014 payable on May 31, 2015 and signed the one year note payable (N/P).
-Journalize the borrowing, interest, and payment transactions on June 1, 2014. ec 31 2014 and May 31, 2015.
C) Office supplies inventory account of VCX company had beginning inventory balance of $75,000. On Jan 1, 2014. On Feb. 12, 2015, the company purchased $460,000 of office supplies. The ending office supplies inventory on Dec. 31, 2015 is determined to be $88,000. 1) Determine cost of supplies used and 2) Journalize the purchase and office suppl. Expense( Used supplies) transactions.
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