bawoda soled him boszibens is LidsCharlotte observed that the unadjusted trial balance showed ServiceIncome amounting to 760,000 but the adjusted trial balance indicatedP750,000 plus an Unearned Service Income amounting to P10,000. Thistime, Charlotte is confident to conclude that the year-end adjustmentrecorded by Vicky for this is the following:DateParticularsDec. 31Service IncomeUnearned Service IncomeP/RDebit Credit10,00010,000To record unearned incomeCharlotte called Vicky and said triumphantly: "Adjusting entries arenot difficult after all!" Vicky was delighted to know that her friend ismaking good progress in understanding the accounting cycle.ressThe following exercises caught the attention of Charlotte andshe decided to try doing it.uib xon or bybemaal oved boy los grizujbe to a cog ofBefore you proceed to the next adjusting entries, do the followingexercises to practice the four adjusting entries that you have learned.

Explanation of the Adjusting Entry for Unearned Service IncomeBackgroundIn accounting, adjusting…

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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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Fill the missing amonuts in Mr.Green Trial Balance, SOCI, SFP and SOCIE. Please if the amount is zero dont forget to input 0 in the relevant cells. Prepare the financial statements of Green for 30 September Year 7 and for the year then ending.
Current Attempt in Progress Susan Wilson earned a salary of $440 for the last week of October. She will be paid on November 1. The adjusting entry for Susan's employer October 31 is: Salaries and Wages Expense 440 Cash 440 Salaries and Wages Expense 440 Salaries and Wages Payable 440 O No entry is required. Salaries and Wages Payable 440 Cash 440 Save for Later Attempts: 0 of 1 used Submit Answer
On 1 January 2020, a company received OMR 14000 cash as rent revenue for two years. Pass the adjusting entry on 31st December 2020 Select one: a. None of these b. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Unearned rent revenue Income rent revenue Income 7000 7000 c. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Unearned rent revenue Income rent revenue Income 14000 14000 d. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Cash Unearned rent revenue Income 14000 14000
At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5.100 and Service Revenues of $33,900. Obligations for one-half of the deferred revenue have been fulfilled as of December 31. Requlred: 1. Prepare the adjusting journal entry on December 31. 2 Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
Reviewing insurance policies revealed that a single policy was purchased on August 1, for oneyear’s coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account atthat time. Based on the information provided:A. Make the December 31 adjusting journal entry to bring the balances to correct.B. Show the impact that these transactions had.
During the year ended December 31, 2021 the following transactions occurred: The table is in the pictures Prepare all the journal entries necessary to record the above transactions and any necessary December 31 year end adjusting entries. No need to provide closing entries. Ignore income and sales taxes . Clearly label of the number is credited or debited
Adjustment for Unearned Revenue On August 1, 20Y1, Newhouse Co. received $36,330 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 20Y1. Round your final answer to the nearest dollar amount. If an amount box does not require an entry, leave it blank. Dec. 31
PLease do not provide answer in image formate thank you. Nora Ferber’s trial balance at 30 June 20X3 was as follows: The following information is relevant: 1. Rent expense for the year ended 30 June 20X3 was £60,000. 2. Rates expense for the year ended 30 June 20X3 was £24,000. 3. The depreciation charge for the year is to be 20 per cent of the reducing balance. 4. Bad debts of £1,500 are to be written off and the provision against doubtful debts is to be adjusted to 10 per cent of debtors. 5. Wages payable at 30 June 20X3 amounted to £1,260. 6. The stock figure of £120,000 is made up as follows: Required: Prepare Nora Ferber’s profit and loss account for the year ended 30 June 20X3 and her balance sheet as at that date.
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019ACCOUNT TITLE DEBIT CREDIT1Cash7,710.002Accounts Receivable37,935.003Prepaid Insurance7,070.004Supplies2,125.005Land108,400.006Building145,300.007Accumulated Depreciation-Building85,610.008Equipment134,800.009Accumulated Depreciation-Equipment96,100.0010Accounts Payable12,625.0011Unearned Rent6,340.0012Jan Pitman, Capital219,690.0013Jan Pitman, Drawing15,120.0014Fees Earned323,700.0015Salaries and Wages Expense196,770.0016Utilities Expense42,265.0017Advertising Expense23,135.0018Repairs Expense17,195.0019Miscellaneous Expense6,240.0020Totals744,065.00744,065.00The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at October 31, $6,105.b. Supplies on hand at October 31, $485.c.…
Journalize the adjusting entries and post to the general ledger - Adjusting entries: 1. Expired insurance for the period $500 2.Accrued salary expense ( earned but not paid ) owed to Sophia LeBron,$5600. (Credit Salaries Payable. Payroll taxes are not considered in this entry. 3.Provision for uncollectible accounts estimated at 3.0% of March creadit sales,$927
Current Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receable $112,000; Sales Revenue $833,000; and Sales Returns and Allowances $20,000. (a) (b) (c) If Kingbird, uses the direct write-off method to account for uncollectib accounts, journalize the adjusting entry at December 31, assuming Kingbird, determines that L. Dole's $1,800 balance is uncollectible. (a) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) If Allowance for Doubtful Accounts has a credit balance of $2,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. No. Account Titles and Explanation If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (c) Debit Credit

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