An entity received cash of P24,000 on August 1 for one-year's rent in advance and recorded the transaction on that day as a credit to unearned rent revenue for the full amount. The December 31 adjusting entry is: a. Rent revenue 10,000 Unearned rent revenue 10,000 b. Unearned rent revenue 24,000 Rent revenue 24,000 C. Rent revenue 14,000 Unearned rent revenue 14,000 d. Unearned rent revenue 10,000 Rent revenue 10,000
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- 17. Chapman Inc. operates a retail store and must determine the proper December 31, 20x3, year-end accrual for the following expenses: 18. . Service in advance for January 20x4 Local and toll calls for December 20x3 In its December 31, 20x3 balance sheet, Chapman should report accrued liabilities of a. 150, 750 b. 131,000 c. 128, 250 d. 126, 750 . 19. The store lease calls for fixed rent of P12,000 per month, payable at the beginning of the month, and additional rent equal to 6% of net sales over P2,500,000 per calendar year, payable on January 31, of the following year. Net sales for 20x3 are P4,500,000. An electric bill of P8,500 covering the period 12/16/20x3 through 1/15/20x4 was received January 22, 20x4. A P4,000 telephone bill was received January 7, 20x4, covering: In November and December 20x7, Litchfield Company received P792,000 for 1,000, 3-year subscriptions at P264 per issue per year, starting with the January 20x8 issue. Litchfield elected to include the entire P792,000…18.On June 1, 2021, Whipple Corporation received $2,520 in advance for a two-year rental of some land and properly credited Unearned Rent. In the adjusting entry at December 31, 2021, there would be a a. debit to Unearned Rent for $630 b. credit to Rent Revenue for $735 С. credit to Unearned Rent for $735 d. debit to Unearned Rent for $2,520 IEntity A received a 10%, P200,000, one-year, note receivable on July 1, 20x1. Entity A uses a calendar year period. The principal and interest of the note are due on July 1, 20x2. What is the adjusting entry on December 31, 20x1?
- A. 1. Entity A received a 12%, ₱200,000, one-year, note receivable on October 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 20x2. What is the adjusting entry to take up accrued interest income on December 31, 20x1? Dec. 31, 20x1 Interest receivable (200,000 x 12% x 3/12) Interest income to accrue interest income earned but not yet collected 6,000 6,000 2. Entity A is renting out its building to a tenant for a monthly rent of ₱30,000. As of December 31, 20x1, the tenant has not yet paid the rent for the months of November and December. What is the adjusting entry to take up accrued rent income on December 31, 20x1? 3. Entity A issued a 12%, ₱500,000, one-year, note payable on July 1, 20x1. The principal and interest are due on July 1, 20x2. What is the adjusting entry to take up accrued interest expense on December 31, 20x1? 4. Entity A has equipment with a historical cost of ₱1,000,000. The equipment was estimated to have a…The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.5. On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assame tht t Current Labilities snAvp year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? fiscal $1,200.00 b. $106.67 $306.67 а. с. DIF: Moderate KEY: Bloom's: Application d. $400.00 OBJ: LO: 11-01 PTS: ANS: C NAT: BUSPROG: Analytic 120. c20 000 6%
- The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 ---Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year endedDecember 31, 2019. --Compute the current ratio for Palm Realtors Ltd for 2019. Did the company appear to be able to meetits short-term obligations as they come due? Why?The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
- Entity A received a 12%, ₱200,000, one-year, note receivable on October 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 20x2. What is the adjusting entry to take up accrued interest income on December 31, 20x1? Entity A is renting out its building to a tenant for a monthly rent of ₱30,000. As of December 31, 20x1, the tenant has not yet paid the rent for the months of November and December. What is the adjusting entry to take up accrued rent income on December 31, 20x1? Entity A issued a 12%, ₱500,000, one-year, note payable on July 1, 20x1. The principal and interest are due on July 1, 20x2. What is the adjusting entry to take up accrued interest expense on December 31, 20x1? Entity A has equipment with a historical cost of ₱1,000,000. The equipment was estimated to have a 10-year useful life when it was acquired four years ago. What is the adjusting entry to take up the annual depreciation…Entity A received a 12%, ₱200,000, one-year, note receivable on October 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 20x2. The adjusting entry to take up accrued interest income on December 31, 20x1 includes aQuestion text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.