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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3Q: On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2....

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Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $100 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?
Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the. following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $230 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July? View transaction list Journal entry worksheet Record the salaries incurred but not yet paid. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal raw 6 tv MacBook Air
Molly Mocha employs one college student every summer in her coffee shop The student works the five Veekdays and is on the following Monday (For example, a student who works Monday through Friday, June through June 5, is paid for that work on Monday, June ) The coffee shop adjusts its books needed to show salaries oamed but unpaid at month endThe student works the last week of Julywhich Monday, July 28, through Friday, August the student eams per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense July?
Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop makes an adjusting entry each month to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $190 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July? Mc Graw Hill View transaction list Journal entry worksheet ( 1 Record the salaries incurred but not yet paid. Note: Enter debits before credits. Date July 31 Record entry General Journal Clear entry Debit
Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop makes an adjusting entry each month to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $100 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?
Mr X enrolls in a 12-month customer service assistance program for a computer software from CYBER COMPANY costing P1,200 per month on August 1, 20x8. Given that the computer assistance occurs evenly throughout the year, CYBER COMPANY uses the “proportion of time” as its measure for membership revenue, what is the amount of sales revenue to be recognized on December 31?
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Apply what you have learned Task 8: (Individual/Pair/Group Work) Snoopy enterprises provides collection services to its customers. year-end adjusting journal entries are prepared every Dec. 31 as its books are closed. make the appropriate adjusting entry for each of the ff items: 1. Uncollectible accounts at year-end is estimated to be P6,950. 2. Rent paid last April amounted to P400, 000, one fourth of which has already expired. This was initially recorded as prepaid rent upon payment. 3. Depreciation expense for its transportation equipment, P6,780 4. Supplies purchased during the year amounted to P4,290, of which one- third has been used during the year. 5. Unpaid salaries of its cleaners as of December 31 is P7,460. 6. Unearned interest has a balance of P3,120, of which P2,560 has already been earned during the year. the amount was initially credited to unearned interest upon collection
Journalize the transactions.
Calculate Little Pear Administration Pty Ltd’s superannuation expense for the month of September using the following information: (Show your workings for superannuation). For month of September Employee Salary Annual Leave Sick Leave Overtime Allowance Superannuation (Show your workings) David Reed $6,100 $469 $300 $600 $180 dry cleaning Carol Wright $3,732 - $144 $250 $50 first aid Debra Foy $2,180 - - $445 - Michael Green $4,920 $378 - - $250 car allowance John Mills $11,600 $892 $446 $125 $350 travel allowance Peter Black $400 - $15 - - Total