Assignment 6 - Adjusting Entries, Malinaw Photography was established by Alex B. Malinaw on Oct. 1, 2021. Below is Malinaw Photography's data after its first 3 months of operation. MALINAW PHOTOGRAPHY UNADJUSTED TRIAL BALANCE December 31, 2021 DEBIT CREDIT CASH 130,000 UNUSED PHOTO SUPPLIES 25,000 EQUIPMENT 120,000 ACCOUNTS PAYABLE 70,000 ABMALINAW, CAPITAL 200,000 SERVICE REVENUE 40,000 TAXES & LICENSES 4,000 UTILITIES EXPENSE 1,000 RENT EXPENSE 10,000 SALARY EXPENSE 20,000 TOTALS 310,000 310,000 Additional information: (data for the Dec. 31, 2021 adjusting entries) 1. The remaining unused photo supplies on Dec. 31, 2021 is P20,000. 2. The equipment was acquired on Oct. 1, 2021 with 5 years estimated useful life. 3. Received Meralco billing amounting to P2,000 for electricity used to be paid on Jan. 202 4. Additional account titles to be used: Accumulated Depreciation-Equipment, Photo Supplies Expense, Depreciation Expense, Accrued Utilities Expense Payable

Assignment 6 - Adjusting Entries, Malinaw Photography was established by Alex B. Malinaw on Oct. 1, 2021. Below is Malinaw Photography's data after its first 3 months of operation. MALINAW PHOTOGRAPHY UNADJUSTED TRIAL BALANCE December 31, 2021 DEBIT CREDIT CASH 130,000 UNUSED PHOTO SUPPLIES 25,000 EQUIPMENT 120,000 ACCOUNTS PAYABLE 70,000 ABMALINAW, CAPITAL 200,000 SERVICE REVENUE 40,000 TAXES & LICENSES 4,000 UTILITIES EXPENSE 1,000 RENT EXPENSE 10,000 SALARY EXPENSE 20,000 TOTALS 310,000 310,000 Additional information: (data for the Dec. 31, 2021 adjusting entries) 1. The remaining unused photo supplies on Dec. 31, 2021 is P20,000. 2. The equipment was acquired on Oct. 1, 2021 with 5 years estimated useful life. 3. Received Meralco billing amounting to P2,000 for electricity used to be paid on Jan. 202 4. Additional account titles to be used: Accumulated Depreciation-Equipment, Photo Supplies Expense, Depreciation Expense, Accrued Utilities Expense Payable

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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A ezto.mheducation.com M Question 18 - Midterm 1- Connect b Accounting Question | bartleby Bb Announcements - 2021 Spring Term (1) Principles of .. Midterm 1 Saved Help Save & Exit Submit 18 Torrid Romance Publishers has total receivables of $2,800, which represents 20 days' sales. Total assets are $73,000. The firm's operating profit margin is 5.9%. Find the firm's ROA and asset turnover ratio. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 2 decimal places.) X 01:45:00 Asset turnover ratio ROA % Mc Graw Hill Education
Instructions 1 Record entry to write off the $15,000 receivable which is over 75 days outstanding 2 Calculate the desired credit balance in the Allowance for Doubtful Account using the chart above 3 Assuming prior to any adjusting entries the balance in the Allowance for Doubtful Accounts had a credit balance of $40,000, record the year ending adjusting entry for bad debts.
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Book Hint Ask Print References Mc Graw Hill % 5 At December 31, Folgeys Coffee Company reports the following results for its calendar year. $908,000 308,000 Cash sales Credit sales Its year-end unadjusted trial balance includes the following items. T Accounts receivable Allowance for doubtful accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1 total sales and (3) 6% of year-end accounts receivable. View transaction list Journal entry worksheet prt sc ← ] delete backspace home num lock
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Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…
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