3. On April1, 2017 JHJ Shoe Company purchased a 12-month insurance policy for $1,200. Required: Record the entry to purc

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3. On April1, 2017 JHJ Shoe Company purchased a 12-month insurance policy for $1,200. Required: Record the entry to purchase the insurance policy on April1. Also, recorded the adjusting required at December31, 2017. 4. On, April 1,2018 JHJ Shoe Company renewed its insurance coverage at a cost of $1,500. Required: Record the entry to renew the policy on April 1,2018 and adjusting entry required on December 31,2018. Your adjusting entry should reflect the balance in the prepaid insurance account on January 1,2018. 5. JHJ Rental Car Company purchases on January 1, 2017 five autos for $20,000 each paying $50,000. The autos will be depreciated over a 4-year useful life. Required: Record the acquisition of the autos on January 1, 2017. Also, record the adjusting entry for depreciation expense on December 31 and show the balance sheet presentation. 6. Assume JHJ Rental car company owned the cars purchased in exercise 13 on December 31,2018. Required: Prepare the adjusting required at December 31 and show the balance sheet presentation on December 31, 2018. 7. Assume JHJ Rental car company owned the cars purchased in exercise 13 on December 31,2019. Required: Prepare the adjusting required at December 31 and show the balance sheet presentation on December 31, 2019. 2

8. Assume JHJ GameStop in 2017 receives from 1,000 customers $50 for NBA2K18. At December 31, 900 customers have picked up their games. Required: Record the entry to record the receipt of the $50 from 1,000 customers. Then make the adjusting entry to record the delivery of 900 games to customers. 9. Assume JHJ GameStop in 2017 receives from 3,000 customers $100 for NBA2K18. At December 31, 2,500 customers have picked up their games. Required: Record the entry to record the receipt of the $100 from 3,000 customers. Then make the adjusting entry to record the delivery of 2,500 games to customers.

Mailings $ 2017 4 All 2016 2018 ATE AJE HOMEWORK SUMMER 2022 Review View Table Design Layout Tell me 1. Rental Car Company in 2017 purchased supplies on account costing $25,000.00 At the end of the year supp on hand totaled $5,000.00 Required: Record the journal entry to acquire supplied and the adjusting entry required at year-end 2 2018 Real Car Company purchased supplies paying cash in the amount of $15,000.00 and purchased an additional $20,000.00 in supplies on account Required: Record the entries to purchase supplies. Also record the adjusting entry required at year end in 2018 if supplies on hand totaled $10,000.00. Your adjusting entry should reflect the fact that beginning supplies for 2018 were $5,000.00. (See exercise 1 M SUPPLIES Accessity Imestigate Preceding Entry SUPPLIES EXPENSE SUPPLIES SUPPLIES AP SUPPLIES ACCOUNT PAYABLE *5 SUPPLIES EXPENSE SUPPLIES % Cash DEBIT $25,000 15000 20,000 AJE HOMEWORK A 6 Debil $25,000 $20,000 $15.000 30,000 Supplies & 87 Credit 7 $25,000 $20,000 $15,000 MacBook Pro 20,000 $30,000 49 Purchase of supplies On accoun Alt-used supplies Purchase of supplies Purchase of supplies On account CREDIT $20,000 30,000 *CO 8 O 9 Shad