Based on the following information, determine the accounts and amount for the adjusting entry for the month endedJune 30.Unearned Revenue has a balance of $14,200 which represents the June 2 receipt in advance for services to beprovided. Only S5,000 of the services was provided between June 2 and June 30.Debit [Select]Credit [Select)for [Select]

Unearned revenue on June 30 = Total acsh receipt - service provided = $14200 - $5000 = $9200

Answered: Based on the following information,…

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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Prepare the adjusting journal entry at December 31 to record credit losses, assuming that the allowance account has a debit balance of $4,940 before adjustment. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Date Account Titles and Explanation Dec. 31 Allowance for Expected Credit Losses eTextbook and Media Debit 25620 Credit 25620
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At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,000 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 2% of credit sales for the year. Credit sales for the year total $282,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method on a balance sheet.
On July 15, 2018, H.P. purchases a personal computer for his home. The computer cost $4,000. H.P. uses the computer 60 percent of the time in his business, 15 percent of the time for managing his investments and the remaining 25 percent of the time for various personal uses. Calculate H.P.'s maximum depreciation deduction for 2018 for the computer, assuming he does not make the election to expense or take bonus depreciation.
Adjustment for Uncollectible Accounts Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $79,873. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $16,775 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. If an amount box does not require an entry, leave it blank. Aug. 31 - Select - - Select - - Select - - Select -
Joint Cost Allocation—Market Value at Split-off Method Sugar Sweetheart, Inc., jointly produces raw sugar, granulated sugar, and caster sugar. After the split-off point, raw sugar is immediately sold for $0.20 per pound, while granulated and caster sugar are processed further. The market value of the granulated sugar and caster sugar is estimated to both be $0.25 at the split-off point. One batch of joint production costs $1,640 and yields 3,000 pounds of raw sugar, 3,600 pounds of granulated sugar, and 2,000 pounds of caster sugar at the split-off point. Allocate the joint costs of production to each product using the market value at split-off method. Joint Product Allocation Raw sugar $fill in the blank 1 Granulated sugar fill in the blank 2 Caster sugar fill in the blank 3 Totals $fill in the blank 4
Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount period Final day bill is due (end of credit period) June 18 1/10, n/30

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