10:43 Of Activity 6 - Adj.Activity 6- Adjusting Entries1. Dr. Vicky Bella, a consultant, employs one college student every summer to help her in herresearch work. As researcher, the student works five weekdays (Monday to Friday) for P450 perday and is paid every Saturday. The last three days of May will be paid on June 3. The calendarfrom May 21 to June 3 is reproduced below. Dr. Vicky uses the fiscal period ending May 31.MonTueWedSun2128ThuFriSat22292324252627303123Required: Prepare the adjustment for accrued salary on May 31.2. On September 15, Berto Motor Service Center issued a 90-day, 18% note amounting to P10,000for a loan from a friend. The service center uses the fiscal accounting period ending September30.Required: Entries on date of issue and end of September.3. Shaine Monte started a magazine publication called The Good Life. A subscriber pays P100 for oneissue. Fifty subscribers made a one year payment on March 1 and another 100 subscribers onAugust 1 which Monte credited to Advances from Subscribers. She sends the magazine to each ofthese subscribers every month.Required:a. Make the entry to record collections received on March 1 and August 1.b. Assuming no changes in subscribers, compute for the Subscription Revenue that sheshould report at the end of December and prepare the journal entry to adjust the liabilityto a revenue account.4. Master Architect designs houses for various clients. Its unadjusted trial balance as of December31, 2016 showed, among others, Unearned Professional Fees of P350,000 representing twoaccounts collected in advance: November 10 Monson account, P200,000 and December 15Samson account, P150,000. It takes S0 days for a design to be finished and delivered.Required:a. Prepare the entry to adjust the unearned revenue and recognize Professional Fees.b. Make postings to the general ledger accounts appearing below.Unearned Professional Fees404ExplanationRef DehitDateCreditBalance2018Nov. 10Collection from MonsonGJ 11P200,000150.000P200,000Dec. 15Collection from SamsonGJ 12350,000Dec. 31AEProfessional Fees702DateExplanationRefDebittCreditBalance2018Total services rendered.GI 12P1,000,000 P1,000,000Dec. 31AE 25. Leonard Company purchased a building on August 1, 2017 for P2,960,000 plus prepaid insurancefor one year P12,000. The building has an estimated useful life of ten years and a P200,000residual value.Required:a. Give the entry for the purchase of the building.b. Give the entry to record the payment for prepaid insurance.c. Give the entry to adjust for depreciation on December 31, 2017.d. Give the entry to adjust for expired insurance on December 31, 2017

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1. Dr. Vicky Bella, a consultant, employs one college student every summer to help her in her research work. As researcher, the student works five weekdays (Monday to Friday) for P450 per day and is paid every Saturday. The last three days of May will be paid on June 3. The calendar from May 21 to June 3 is reproduced below. Dr. Vicky uses the fiscal period ending May 31. Wed 24 31 Thu Fri Sun 21 28 Mon 22 29 Tue 23 30 Sat 27 25 26 2 3 Required: Prepare the adjustment for accrued salary on May 31.

1. Dr. Vicky Bella, a consultant, employs one college student every summer to help her in her research work. As researcher, the student works five weekdays (Monday to Friday) for P450 per day and is paid every Saturday. The last three days of May will be paid on June 3. The calendar from May 21 to June 3 is reproduced below. Dr. Vicky uses the fiscal period ending May 31. Wed 24 31 Thu Fri Sun 21 28 Mon 22 29 Tue 23 30 Sat 27 25 26 2 3 Required: Prepare the adjustment for accrued salary on May 31.

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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