At the end of the year, on December 31, 2019, the bookkeeper of Honey Company prepared an Unadjusted Trial Balance with corresponding adjustments at the end of the year. Complete the worksheet below.
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At the end of the year, on December 31, 2019, the bookkeeper of Honey Company prepared an Unadjusted
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- On June 1, 2019, Herbal Co. received $30,490 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2019. Round your answer to the nearest dollar amount.Please see below. I need help with this asap please and thank you.The following information relates to the Muscat Company at the end of 2019. The .accounting period is the calendar year On July 1, 2019, cash of OMR 48,000 was received from customers for a 36-month service period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Service Revenue. OMR 8,000 was earned on December 31; the company should make the following :adjusting entry اخترأحد الخيارات a. None of the answers are correct b. DEBIT Cash OMR 8,000 and CREDIT Service Revenue OMR 8,000 c. DEBIT Cash OMR 8,000 and CREDIT Unearned Service Revenue OMR 8,000 d. DEBIT Cash OMR 48,000 and CREDIT Service Revenue OMR 48,000 e. DEBIT Unearned Service Revenue OMR 8,000 and CREDIT Service Revenue OMR 8,000
- For the following independent cases, in the space provided, calculate the amount of revenue that should be recorded in 2019 under the revenue recognition principle (point of sale). 1. Company A rents office space to tenants. On October 1, 2019 they collected $18,000 from a tenant which represents 12 month's rent paid in advance. 2. Company B sells heavy equipment. On December 1, 2019 a customer paid a $10,000 deposit towards the purchase of a $50,000 piece of equipment. The date. equipment was delivered on January 16, 2020 and the balance was paid 3. On December 29, 2019 Company C ships $15,000 worth of goods to a customer, F. O. B. destination. The goods arrive on January 3, 2020at the customer's office. The customer pays for the goods On February 1, 2020. 4. Company D provides legal services for clients. On December 2, 2019 a client hires the firm and pays a $10,000 advance payment. The firm did $4,q00 of service in 2019.At the end of the year, the company records an adjusting entry to accrue $125,000 of wages owed to its employees for work that the employees performed during the last pay period of the fiscal year. The wages will be paid after year end. Provide the journal entry that would be necessary to record the transaction.Mely Bhd commenced their business on 1 April 2021 and prepared its first set of accounts to 30 June 2022 and to that date for subsequent years. On 1 September 2023, the company decided to change its accounting year end to 31 March 2024 Determine the basis periods for Diamond Bhd’s business for the relevant years of assessment
- Please help meThe information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31. 1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock’s depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits Prepaid Insurance. 4. On September 1, 2021, the company borrows $20,000 from a local bank and signs a note. Principal and interest at 12% will be paid on August 31, 2022. 5. At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand.Required: Record the necessary adjusting entries on…company received a deposit for $19600 last month for services to be provided in the current month, October. By the end of October the services have been provided. What does the appropriate journal entry include at the end of October?
- How would you enter this adjusted journal entry in a manual general journal: Wages of $1,020 are owed to casual employees as at 31 May 2023 and will be paid on the 6th June 2023.Marsteller Properties Inc. owns apartments that it rents to university students. At December 31,2019, the following unadjusted account balances were available: The following information is available for adjusting entries:a. An analysis of apartment rental contracts indicates that $3,800 of apartment rent is unbilledand unrecorded at year end.b. A physical count of supplies reveals that $1,400 of supplies are on hand at December 31, 2019.c. Annual depreciation on the buildings is $204,250.d. An examination of insurance policies indicates that $12,000 of the prepaid insurance applies to coverage for 2019.e. Six months’ interest at 9% is unrecorded and unpaid on the notes payable. f. Wages in the amount of $6,100 are unpaid and unrecorded at December 31.g. Utilities costs of $300 are unrecorded and unpaid at December 31.h. Income taxes of $5,738 are unrecorded…The following issues relate to company clients of the firm of accountants you work for. Eachcompany has a year-end of 31 March 2022.You are required to prepare a brief report for your manager explaining the appropriate accountingtreatments at the 31 March 2022 year-end in each case along with supporting calculations asnecessary.You should cite relevant accounting regulations in your answer. (1) On 1 April 2021, Eyemouth Ltd entered into an agreement to lease machinery which has auseful life of 20 years. The agreement met the definition of a lease in accordance with IFRS 16.Under the terms of the agreement, Eyemouth paid a deposit of £10,000 on 1 April 2021 to securethe lease and is required to pay eight annual instalments of £100,000 in arrears, with the firstinstalment due on 31 March 2022. The interest rate implicit in the lease is 6% and the present valueof future lease payments on commencement of the lease is £620,979. Eyemouth paid £5,000 inlegal fees to arrange the lease. The…