ADJUSTING ENTRIESPROBLEM ON ACCRUALS OF INCOME AND EXPENSE ARISING FROM INSSUANCE OF NOTE Tysm!! Problem on Accruals of Income and Expense Arising from Issuance of NotesAs of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000signed by Ma. Cristina Robles, dated November 16, 20A:a. The journal entry in the book of Kadil Guiamad upon released of the money?b. How much interest would be earned upon maturity of the note?How much is the maturity value of the note?d. How much interest earned by Mr. Kadil Guiamad as of Dec. 31, 20A?e What is the required adjusting entry in the book of Mr. Kadil Guiamad to recordC.accrued interest income as of December 31, 20A?

(a) The following Journal entry would be passed in the books of Kadil Guiamad upon the released of…

Answered: As of December 31, 20A, Mr. Kadil…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please check my work For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.
Under the allowance method, estimated uncollected receivables are credited to?
Do adjusting entries affect income statement accounts, bal-ance sheet accounts, or both? Explain.
Explain an example to record the adjusting entry for accrued revenue.
Two methods of accounting for uncollectible accounts are the Question 40 options: allowance method and the accrual method. allowance method and the net realizable method. direct write-off method and the accrual method. direct write-off method and the allowance method.
20 D8 E10-5 exercise FAB Company sells a wide range of merchandise, which are initially purchased on account. Short-term notes are frequently issued to obtain cash. a) On January 10, FAB purchased $200 of merchandise on credit on a perpetual system. b) On March 1, FAB borrowed $600 by issuing a promissory note at face with 8 percent interest accrued at the beginning of each month until paid at maturity in six months. c) On April 1, FAB accrued interest on the $600 note. NAME d) On September 1, FAB paid the note and accrued interest. REQUIRED: 1. On the spreadsheet below, record each event (a) to (d) above; name blank accounts. 2. As each event is recorded, indicate its effect on FAB's current ratio, debt-asset ratio, and times interest earned: Increase, Decrease, or No effect. FAB had $3000 liabilities and $5000 total assets prior to January 10. Event--FAB Co. Beginning Balanc a)buy merchandise b) receive on note c) accrue interest for March on Apr 1 d) pay note pay interest Ending…
Reversing entries are used in income collected in advance when the | point adjusting entry has a Debit to an asset Debit to a Liabilty credit to Expense Credit to Income
The adjusting entry to record the accrual of income tax expense includes a: O A. credit to Income Tax Expense. B. debit to Income Tax Payable. C. credit to Accounts Payable. D. credit to Income Tax Payable.
How to adjust entries for refunds allowances and returns
How do you write out an adjusted account balance?
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX

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