08 Jun Question The following transactions occurred
Question
The following transactions occurred during December 31, 2016, for the Falwell Company.
1.
A three-year fire insurance policy was purchased on July 1, 2016, for $12,000. The company debited insurance expense for the entire amount.
2. Depreciation on equipment totaled $15,000 for the year.
3. Employee salaries of $18,000 for the month of December will be paid in early January 2017.
4.
On November 1, 2016, the company borrowed $200,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2017.
5.
On December 1, 2016, the company received $3,000 in cash from another company that is renting office space in Falwell’s building. The payment, representing rent for December and January, was credited to deferred rent revenue.
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