4-A The Kuri Mao Company accumulates the following adjustment data at December 31.Dec.2Fees earned but unbilled total P 6, 000Store supplies of P 3, 000 have been usedUtility expenses of P 2, 250 are unpaidFees of P 2, 600 collected in advance have been earned346Salaries of P 8, 000 are unpaidPrepaid insurance totaling P 3, 500 has expiredInstructions:a) Determine the type of adjustment (prepaid expense, unearned revenue, accrued revenue, oraccrued expense).b) Prepare adjusting entries

Here in this question, we are required to make journal entry and determine the type of transaction.…

4-A The Kuri Mao Company accumulates the following adjustment data at December 31. Dec. 2 Fees earned but unbilled total P 6, 000 3 Store supplies of P 3, 000 have been used Utility expenses of P 2, 250 are unpaid Fees of P 2, 600 collected in advance have been earned Salaries of P 8, 000 are unpaid Prepaid insurance totaling P 3, 500 has expired 4 5 6 Instructions: a) Determine the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense). b) Prepare adjusting entries

4-A The Kuri Mao Company accumulates the following adjustment data at December 31. Dec. 2 Fees earned but unbilled total P 6, 000 3 Store supplies of P 3, 000 have been used Utility expenses of P 2, 250 are unpaid Fees of P 2, 600 collected in advance have been earned Salaries of P 8, 000 are unpaid Prepaid insurance totaling P 3, 500 has expired 4 5 6 Instructions: a) Determine the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense). b) Prepare adjusting entries

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A 1.
Allowance Method versus Direct Write-Off Method On March 10, May, Inc., declared a $2,500 account receivable from Anders Company as uncollectible and wrote off the account. On November 18, May received a $800 payment on the account from Anders. Assume that May uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that May uses the direct write-off method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that the payment from Anders arrives on the following February 5, rather than on November 18 of the current year. (1) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the allowance method. (2) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the direct write-off method. a. General…
2
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
1
Give answer In text not image
Question 1: Super Decorators Co had the following transactions with a customer during the year ended on 31 December 2019; November 1:Sold decoration material on account OMR 7,500, terms 1.5/10, n/30. November 4:Customer retuned some faulty materials of OMR 1,000 November 8:Customer paid OMR 2,500. December 1:Accepted a 90 days, 12% note from the customer for the balance amount. Required: a. Determine the date of maturity of the note. b. Determine the interest payable on maturity of the note. c. Journalize all the above transactions in the books of Super Decorators when the note is i)honoured on maturity and ii)dishonoured on maturity
Do not give answer in image formate
Given the following: 29-day cycle 4/17 Billing Date previous Balance $1,100 4/27 Payment $ 700 4/29 Charge $ 300 5/7 Payment $ 50 The average balance is:
Adjustment for Uncollectible Accounts Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $79,873. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $16,775 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. If an amount box does not require an entry, leave it blank. Aug. 31 - Select - - Select - - Select - - Select -
Please help me. Thankyou.