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a.

xyz corporation maintains its books on a cash basis. During 2021, the company collected $925,000 in fees from its clients and paid $672,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, deferred revenue, salaries payable, deferred rent revenue and interest payable.

In addition, 2021 depreciation expense on office equipment is $25,000

required: determine accrual-basis 1.)revenue, 2.) expense

b.

on June 1, 2021, XYZ purchased a 1 year fire insurance policy from HIJ company for $18,000.

1. Prepare the adjusting entry for XYZ on 12/31/21 if the original was recorded to a temporary account and no additional entries have been made for the year associated with this transaction

2. Prepare the adjusting entry for HIJ an 12/31/21 if the original entry was recorded to a permanent account and no additional entries have been made for the year associated with this transaction

3. Prepare the adjusting entry if the unadjusted trial balance for XYZ as of 12/31/21 shows a balance of $12,000 in prepaid insurance. If no adjusting entry is required, write no entry required

estion 10 XYZ Corporation mainiams its book on a cash basis. During 2021, the company collected $925,000 in fees from its clients and paid $672,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, deferred revenue, salaries payable, deferred rent revenue and interest payable: 11,000 4,000 December 31, 2021 December 31, 2020 Accounts receivable $132,000 $115,000 Supplies 11,000 17,000 Prepaid rent 11,000 9,000 24,000 21,000 Deferred (unearned) Revenue 13,000 10,000 Salaries payable 13,000 Deferred (unearned) Rent Revenue 2,000 Interest payable In addition, 2021 depreciation expense on office equipment is $25,000. Required: Required: Determine accrual-basis 1.) revenue, 2.) expense (10 points) Copy the statement below and answer in the same format. T Revenue 1.) > HTML CSS 4 3(12pt) Expense Arial TT: 2.) 111 lii graph 4 On June 1, 2021, XYZ purchased a lyear fire insurance policy from HIJ Company for $18,000 (10 points) Copy the entire question (1, 2 and 3) along with the tables below to answer in the same format 1. Prepare the adjusting entry for XYZ on 1231/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year 2180ciated with this transaction. (3 pts) Account Title Description Credit Date Debit 2)Prepare the woning enly for HIJ on 12/31C1 i the original entry was receted to a permanent account and no addition) entries have been made for these seistet niche scoper) Acc Tile Description DM Debit Cred 3.) Prepare the adjusting entry if the unadjusted trial balance for XYZ as of 12/31/21 shows a balance of $12,000 in prepaid insurance. If no adjusting entry is required, muite no estry required. (4 pts) Date Account Title Description Debit Credit

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