1. Depreciation on the company's equipment for the year is computed to be $18,000. 2. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. 3. The Office Supplies account had a $700 debit balance at the beginning of the year; and $3,480 of office supplies were purchased during the year. The December 31 physical count showed $300 of supplies available. Journal entries?

1. Depreciation on the company's equipment for the year is computed to be $18,000. 2. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. 3. The Office Supplies account had a $700 debit balance at the beginning of the year; and $3,480 of office supplies were purchased during the year. The December 31 physical count showed $300 of supplies available. Journal entries?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data pertains to Integrity Company that adopts a defined benefit plan for its employees: ⚫ Defined benefit obligation, January 1, 2021 - P4,800,000 • Plan assets at fair value, January 1, 2021 - P6,250,000 For the year 2021: ⚫ Current service cost - P560,000 • Contributions made to the fund - P750,000 • Benefits paid to employees - P1,350,000 • Discount rate - 10% • Defined benefit obligation after remeasurement on December 31, 2021 P4,550,000 • Actuarial loss on plan assets - P31,000 How much is the Defined Benefit Liability/Asset at December 31, 2021? Choices: 1,206,000 Liability 1,206,000 Assets 1,694,000 Liability 1,694,000 Asset Show your computation
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