Accrued salaries of P 20,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022?
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Accrued salaries of P 20,000 was overlooked at the end of 2021. What would be the
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- How should accounting errors discovered in the same accounting period they relate be correct. For example, during year 2021, ABC corporation discovered an error in March of 2021 where an expense was debited instead of a fixed asset. How should the error be corrected O Wait until following year to correct the error O Correct the error using prior year in this case 2020. O Reverse the erroneous entry and post the correct entry as soon as the error is discovered, in this this case in the year 2021 O Do nothing, it will self correctOn January 1, 2021, allowance for doubtful accounts showed a normal balance of P 60,000. During 2021, Cook provided doubtful accounts expense at P 128,000, derecognized in accounting books worthless accounts of P 92,000, and unexpectedly recovered P 24,000 of bad debts written off two years ago. QUESTION: What would be the allowance for doubtful accounts at December 31, 2021?On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,413, Vaughn Manufacturing estimates that 11% of its accounts receivable balance of $93,300 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Vaughn Manufacturing determined that B. Jared’s account was uncollectible and wrote off $1,255. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credi
- A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…At December 31, 2022, the trial balance of Concord Corporation contained the following amounts before adjustment. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Debit (b) (c) $189,800 Credit $ 1,570 871,700 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $11,020 of accounts receivable will be uncollectible. Repeat part (a), assuming that instead of a credit balance there is a $1,570 debit balance in Allowance for Doubtful Accounts. During the next month, January 2023, a $2,050 account receivable is written off as uncollectible. Prepare the journal entry to record the write-off. (d) Repeat part (c), assuming that Concord Corporation uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,600, Whispering Winds Corp. estimates that 8% of its accounts receivable balance of $67,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. Record this journal entry
- Part A Albert Trading Limited used the statement of financial position approach to estimate the impairment loss of receivable. An aging of account receivable at 31 December 2019 revealed that S68,000 of the $835,000 outstanding accounts receivable will prove uncollectible. The Allowance for Impairment has a debit balance of $6,200 prior to adjustment. Required: (Explanation of the Journal Entry is not required) Prepare an adjusting entry on 31 December 2019 to recognize the impairment loss of receivable. Part B On 12 January 2020, Peter Lee, a major customer, declared bankruptey, and Albert Trading, determined that a receivable from Peter Lee in the amount of $3,400 was worthless. Required: (Explanation of the Journal Entry is not required) Prepare the journal entry required by Albert Trading in this situation.Rodriguez Corp. changed from the straight-line method of depreciation on its plant assets acquired in early 2018 to the double- declining-balance method in 2020 (before finalizing its 2020 financial statements) because of a change in the pattern of benefits received. The assets had an eight-year life and no expected residual value. Information related to both methods follows: Double-Declining- Balance Depreciation Straight-Line Depreciation Year Difference 2018 $410,000 $205,000 $205,000 2019 307,500 205.000 102.500 2020 230,625 205,000 25,625 Net income for 2019 was reported at $452,000; income for 2020 before depreciation and income tax is $482.000. Assume an income tax rate of 30%. The change from the straight-line method to the double-declining-balance method is considered a change in estimate. What net income is reported for 2020? Net income, 2020 What is the amount of the adjustment to opening retained earnings as at January 1, 2020? Adjustment to opening retained earnings,…On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,366, Shamrock, Inc. estimates that 9% of its accounts receivable balance of $107,900 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Shamrock, Inc. determined that B. Jared’s account was uncollectible and wrote off $1,212. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount…
- On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,371, Tamarisk, Inc. estimates that 8% of its accounts receivable balance of $77,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Tamarisk, Inc. determined that B. Jared’s account was uncollectible and wrote off $1,135. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount…Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates that the estimated amount of uncollectible accounts is $16,000. Based on the estimate, which of the following adjusting entries should be made? a.debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800 b.debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800 c.debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800 d.debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200
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