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- Use the following question to answer next 10 Questions. Comprehensive Problem Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The following information relates to the obligations of the company as of March 31, 2021: Trade payables Accounts payable for suppliers, goods, and services purchases on open account amount to P1,670,000 as of March 31, 2021 before considering of the following items: On March 31, 2021, the company has a P50,000 debit balance in its accounts payable to a supplier, resulting from a P50,000 advance payment for goods ordered by the company. The balance also includes an advance payment of P20,000 made by a customer to Dell in anticipation of a purchase to be made by the customer in April 2021. Additional information: Goods were in transit to the company from a vendor on March 31, 2021. The invoice cost was P35,000. The goods were shipped FOB seller on March 29, 2021 and were received on April 4, 2021. Goods shipped FOB…On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.The company received a bill for December’s utilities on January 5. The bill was for $235. So at 12/31, should we record account payable for this?
- Designer Architects had the following additional information at its November 30, 2020, year-end: The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30: EI*Premium IncomeTaxes* CPP* TotalDeductions NetPayable OfficeSalaries SalesSalaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00 *These values are based on assumed payroll deductions.**The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively. The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required:Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) Analysis Component:If the above entries are not recorded on November 30, 2020, what is the effect on the…On May 1, 2018,Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contractrequires Varga to provide computer technology support services whenever requested over the period fromMay 1, 2018, to April 30, 2019, with Shaffer paying the entire $6,000 on May 1, 2018. How much revenueshould Varga recognize in 2018?In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.
- Near the end of 20X0, Jamboree Enterprises completes services for a customer and sends an invoice for $500. As of year-end, no payment has been received. If Jamboree reports 20X0 revenue of $500, it must be using _______ basis accounting.Below are transactions for Wolverine Company during 2021.1. On December 1, 2021, Wolverine receives $4,000 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue.2. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $13,200. The payment is debited to Prepaid Insurance for the entire amount.3. Employee salaries of $3,000 for the month of December will be paid in early January 2022.4. On November 1, 2021, the company borrows $15,000 from a bank. The loan requires principal and interest at 10% to be paid on October 30, 2022.5. Office supplies at the beginning of 2021 total $1,000. On August 15, Wolverine purchases an additional $3,400 of office supplies, debiting the Supplies account. By the end of the year, $500 of office supplies remains.Required:Record the necessary adjusting entries at December 31, 2021, for Wolverine Company. You do not need to record…Pures Company received an invoice for $942 dated March 9 with terms 5/10, 2/20, n/60. (a) If the invoice is paid on March 18, how much is to be paid? (b) If the invoice is paid on March 26, how much is to be paid? (c) If the invoice is paid on April 3, how much is to be paid? O(a) $894.9, (b) $923.16, (c) $942 O(a) $942, (b) $923.16, (c) $894.9 Other:
- Chantelle Chance is a hair dresser who started in business on October 1, 2018 and has not registered to collect the GST. Quarterly revenues from her business for her first year of operations were as follows: October To December 2018 - $4000January to March 2019 - $6500April to June 2019 - $9000July to September 2019- $9500Total for year ending September 2019 -$29000 For the quarter ending December 31, 2019 business revenues were $11500. Required: Advise Chantelle if registration for the GST is required and include the reasons for your answer. IF required state when GST Collection should start and By what date registration must be completed."On December 31, 2019, Kew has 500,000 debit balance in accounts payable to Ross a supplier resulting from a 500,000 advance payment for goods to be manufactured" what amount should be reported as accounts payable on december 31, 2019. answer: 500,000. question: why do we add 500,000 in accounts payable account since this is an advance payment. Isn't this should be a deduction to Accounts Payable?Chantelle Chance is a hair dresser who stated in business on October 1, 2018 and has not registered to collect the GST. Quarterly revenues from her business for her first year of operations were as follows: October To December 2018 - $4000January to March 2019 - $6500April to June 2019 - $9000July to September 2019- $9500Total for year ending September 2019 -$29000 For the quarter ending December 31, 2019 business revenues were $11500. Required: Advise Chantelle if registration for the GST is required and include the reasons for your answer. IF required state when GST Collection should start and By what date registration must be completed.