Hi, please help me with my accounting assignment with explanations and solutions please for me to further understand. Thank you in advance 2021/11/28 16:51Enhancement ExerciseNameDateYear/SectionRatingSolve the following problems.A commission income account in the trial balance at the end of the year showedbalance of PHP12,000. 1/5 of the amount is already earned.1.a.What type of adjustment is used?b.What is the year end adjusting entry?

Income received in advance Income or portion of income received during a period but applicable to…

A commission income account in the trial balance at the end of the year showed a balance of PhP12,000. 1/5 of the amount is already earned. a. What type of adjustment is used? b. What is the year end adjusting entry?

A commission income account in the trial balance at the end of the year showed a balance of PhP12,000. 1/5 of the amount is already earned. a. What type of adjustment is used? b. What is the year end adjusting entry?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: List out any five users of accounting information and discuss how accounting information help them…

A: Accounting information means the financial data available for use by various stakeholders of the…

Q: The following are examples of a partial online offer of the “Transaction Business Model”, except:…

A: Innovation in communication and in technology have changed the desires of the people as well as how…

Q: how managers (internal user) and customers (external user) use accounting information? Give one…

A: Introduction:- Users of accounting information are classified into two types as follows under:-…

Q: Give me an examples of t account for my accounting class. I need examples with asset, liability…

A: T accounts are the general ledger accounts that is being prepared by the business for posting of…

Q: Hello, could you please teach me about income statement and balance sheet for my accounting class?…

A: Lets start with the basics. There are various steps after which statement of financial position or…

Q: Information must be sufficiently transparent so that it makes sense to reasonably informed users of…

A: Lets understand the basics.Information should have some charactaristics which helps stakeholders to…

Q: vide your course introduction. In addition, please respond to the following question. Explain what…

A: Generally Accepted Accounting Principles are standard accounting rules for reporting on financial…

Q: users of accounting information

A: The financial information is presented in the financial statement of the company that reflect the…

Q: Briefly discuss any five external users of financial information and their need

A: Financial information includes all of the company's transactional data with both internal and…

Q: How would you approach the implementation and application of new accounting standards?

A: INTRODUCTION: Accounting standards are important in the financial reporting of a corporation.…

Q: What can be understood by Staff Accounting Bulletins?

A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is…

Q: Suggest one or two methods that could be used to organize and quickly access personal financial…

A: Personal Financial documents and Records refers to documents related to financial transactions such…

Q: ancial report

A: Financial reporting refers to the concept of evaluating and formulating all the documents of the…

Q: ich of the following services cannot be performed for a no O Signing payroll checks. O Preparing…

A: Nonissuer client refers to the person or the client or companies who cannot issue securities nor…

Q: What are some of the expenses associated with the provision of accounting data? What are some of the…

A: Will be explained:

Q: Function Missing words Customer billing for provided Receipt and processing of and services Managing…

A: Here the context is match the following to choose the correct one in the missing words which are…

Q: What type of internal and external accounting reports will you use in the process of making…

A: Internal accounting reports are managerial reports which are generated for use by managers at…

Q: accounting will help in your personal and professional life

A: Accounting is an often overlooked career, and yet it is a skill that’s used regularly in daily life.…

Q: Cite at least 4 users of accounting information and state also why they are interested of such…

A: Financial statements are : Income statement Balance Sheet Cash flow statement Statement of…

Q: I would like to open a business account. Outline the steps required to open the most suitable…

A: The business bank account seems to be a bank account or kind of bank account that is being used for…

Q: Please I want answer for this question by your understanding and experience in this field and typing…

A: The financial statements of an organization replicate a genuine image of its monetary presentations.…

Q: Users of accounting information can be identified as internal and external users. List two of users…

A: The 4 financial statement A balance sheet is a financial statement that represents the financial…

Q: What are the possible careers for someone skilled enough in accounting information system

A: The accounting profession has evolved from simple tax preparation and bookkeeping to the advanced…

Q: Please help with explaining how I can answer the following if I chose the role of an investor:…

A: Investors are individuals or entities that provide capital to a business or organization with the…

Q: List out any five users of accounting information and discuss how accounting information help them…

A: User of Accounting Information are of two types: Internal Users: user who operate the organisation…

Q: Identify and discuss several professional organizations that play important roles in preparing…

A: The organizations listed below formulate and execute policies for the interest of investors in the…

Q: Write down the number of groups that provide financial information as well as several external user…

A: Internal users of financial statements are those entities who operate within the organization.…

Q: 9-10. Wellco received $25,000 in accounts receivable for merchandise sales.

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: n your own words, what does relevance mean to you? After tackling this topic, then research…

A: Relevance means the necessity of work at a specific point of time. Relevance means the work which we…

Q: While analyzing a financial reporting problem, demonstrate the three basic methods of matching…

A: The financial reporting has been analyzed by comparing the financial statement of 2 accounting…

Q: w transactions are recorded and reported are created. Why do you need to learn about information…

A: Accounting Information System: Accounting information can be used for other calculations and…

Q: You've studied about how transactions are documented and reported in your accounting classes. Why…

A: System of Accounting Information: Accounting information may be utilized for more than just reading…

Q: lo can i get help with something

A: All accounting related queries and question solutions are been provided.

Q: Required steps to complete a worksheet in accounting

A: Introduction Worksheet in accounting: Work sheet is the multiple column sheets which contains…

Q: What duties/responsibilities impacted you most and why?  on your accounting practicum training

A: The question is asking about the duties or responsibilities that had the most impact during my…

Q: What would you contribute to a conversation about accounting topic? For example, you might discuss…

A: When contributing to a conversation about an accounting topic, it's important to ensure that your…

Q: Posting is a step in the accounting cycle that involves transferring information from the journal…

A: In book keeping first part is journal entries and second part is ledger entries In short journal is…

Q: Fill in the blanks below with the accounting principle, assumption, or related item that best…

A: All blanks are filled in step 2

Question

Hi, please help me with my accounting assignment with explanations and solutions please for me to further understand. Thank you in advance

2021/11/28 16:51
Enhancement Exercise
Name
Date
Year/Section
Rating
Solve the following problems.
A commission income account in the trial balance at the end of the year showed
balance of PHP12,000. 1/5 of the amount is already earned.
1.
a.
What type of adjustment is used?
b.
What is the year end adjusting entry?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Give me an introduction paragraph about AI on the Accounting Industry
Please explain with examples how travel agency business analyse and manage their accounting system into a reliable system ?
May you tell me where I can get reliable IFRS relevant to accounting changes?
Using sec.gov, go to Regulations then Staff Interpretations. Locate Staff Accounting Bulletin No. 99 (“SAB 99”) and summarize the issue addressed by this guidance
Please give an overall description about Revenue Recognition for service company( Like Educational Institution) references IFRS. Please highlight main main things. Thank you in advance.
*(Element: Asset, Liability, Revenue, Expense, Equity) **(a link explaining this method of referencing is available on the ACCT1008 Legrnonline site under the "Subject Essentials" block) REQUIRED: Please write a letter in your own words, using the Harvard** referencing system wherever appropriate addressing the queries raised by Sabra Ong (the client). Sabra Ong has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about a journal entry she prepared on the 31" October (see question 2). When ŞSabra discussed this transaction with her friend Jed Skee, he told her that she should debit the account "Accounts Payable" but she does not know why and is a bit embarrassed to ask her friend to explain. Explain with reference to the appropriate accounting definition the accounting element that was debited on the 31“ of October. Ensure you explain why the account was debited. Up to an additional 2 marks will be awarded for…
compliance requirements in terms of documenting transactions and reporting .you should list the elements required in a tax invoice which a computerized accounting system will quickly and accurately procedure
Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of installing an accounting information system. Make sure you are specific in your recommendations.
Post two comments about the article on the message board 'Antecedents of the Accounting Profession' by Willard E. Stone
This is a question from the Accounting Information Systems by James Hall. What is a source document? List down all source documents in the revenue cycle and their functions.
Hello! I need help with the following accounting principles question. It states that for each box, we can either select the user as being an external or internal user. Thank you in advance!
Write a research paper discussing where accounting records are kept.