i need the answer of question 4 and 5 and 6 regards, Question NO. 3 show the effect on Income statemet and Balance sheet1. Mullins Real Estate received a check for $30,000 on July 1 which represents a 6month advance payment of rent on a building it rents to a client. Unearned RentRevenue was credited for the full $30,000. Financial statements will be prepared onJuly 31.2. New Slang Pest Control pays its employees total salaries of $11,000 every Mondayfor the preceding 5-day week (Monday-Friday). On Monday, December 27, 2016,employees were paid for the week ending December 24, 2016. All employees workedthe five days ending December 31, 2016.3. New Slang Pest Control performed disinfecting services for a client in December2016. The client will be billed $3,200.4. On December 1, 2016, New Slang Pest Control collected $30,000 for disinfectingprocesses to be performed from December 1, 2016, through May 31, 2016.5. New Slang Pest Control borrowed $20,000 by signing a 10%, one-year note on July1, 2016.6. At December 31, 2016, before any year-end adjustments, Obama Company'sInsurance Expense account had a balance of $2,600 and its Prepaid Insuranceaccount had a balance of $7,600. It was determined that $3,200 of the PrepaidInsurance had expired.7.Boneta City College sold season tickets for the 2016 football season for $250,000. Atotal of 8 games will be played during September, October and November. InSeptember, three games were played. The adjusting journal entry at September 30.8. Ultramega Company collected $19,600 in May of 2016 for 5 months of servicewhich would take place from October of 2016 through February of 2017

The revenues and expenses are recorded in the income statement as and when they are incurred.

Answered: 4. On December 1, 2016, New Slang Pest…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter11: Current Liabilities And Payroll

Section: Chapter Questions

Problem 4PB

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