Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Rent Carmen Meeks, Capital Carmen Meeks, Drawing Fees Earned Wages Expense Advertising Expense Miscellaneous Expense 56,720 26,660 9,000 97,560 11,900 8,620 9,590 15,540 3,460 100,390 50,300 1,700
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- Coronado Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2020, Coronado entered into a 3-year service contract with Walleye Tech. Walleye promises to pay $9,000 at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modified and the fee for the third year of services is reduced to $7,000. In addition, Walleye agrees to pay an additional $18,000 at the beginning of the third year to cover the contract for 3 additional years (i.e., 4 years remain after the modification). The extended contract services are similar to those provided in the first 2 years of the contract. (a) Your Answer Correct Answer Your answer is correct. Prepare the jourmal entries for Coronado in 2020 and 2021 related to this service contract. (Credit account titles are automatically indented when the amount is entered. Do not indent…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.…Errors in trial balance The following preliminary unadjusted trial balance of Ranger Ticket Agency does not balance: Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Rent Kia Eichert, Capital Kia Eichert, Drawing Service Revenue Wages Expense Advertising Expense Miscellaneous Expense Totals Ranger Ticket Agency Unadjusted Trial Balance August 31, 20Y1 Debit Balances 49,270 23,160 7,800 84,740 10,300 7,490 182,760 Credit Balances 8,330 13,500 3,010 87,210 43,700 1,480 157,230
- The following trial balance for Kids Play does not balance and the owner is concerned and has passed it to you for review and adjustments where applicable: AccountCashAccounts receivableSuppliesMotor vehicleAccounts payableMarlon Morgan: CapitalMarlon Brown: WithdrawalService revenueSalaryRent 800 Trial Balance thJune 30 , 2013 Debit 2,300 Credit 55,000 50,700 4,500 . 110,200 6,600 8,000 600 89,000 4,100 111,400 2 You have now been presented with the following list of errors and have been asked to prepare the adjusted trial balance: (journal entries are not required) Cash was understated by $2,000 A $1,000 debit to accounts receivable was posted as a credit. A $1,400 purchase of supplies on account was omitted from the company’s books. Motor Vehicle cost should have been $84,300 instead of $89,000 Salary expense was overstated by $500Which of the errors listed below would cause the unadjusted trial balance to be out of balance? Failure to record an adjusting entry Overstating a liability balance by P100 and expense balance by the same amount. Posting only the debit portion of a journal entry. Interest on a 60-6% note payable for P6,000 was recorded and posted as a debit to Interest Expense of P600 and a credit to Cash of P600,Transactions Alex and Hagi decided to open a home cleaning service company, H@L . The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi gach donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225,…
- The balance in a deferred revenue account represents an amount that isEarned Collected Group of answer choices No _________ No No _________ Yes Yes_________ No Yes_________ YesT-Account (Liability) CRNEED UNKOWN CR amountPlease provide in detail the equation for finding out this UNKNOWN CR amount on a CR Liablity Account. Also could you tell me how I would find an unkown DR amount on the same type of Liabilty CR Account. ThanksBeginning Balance $3,000CR-$3,400CR-UNKOWNDR- $1,500DR-$2,000Ending Balance=$6,700Transactions Alex and Hagi decided to open a home cleaning service company, H@L The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225, of…
- On what information return (T-slip) is the amount withdrawn from an individual's RRSP account reported? Question 16 options: a) T4RSP slip b) T4 slip c) T5 slip d) T4A slip1. Prepare the entry to record the write-off ofuncollectible accounts during 2019. 2. Prepare the entries to record the recovery ofthe uncollectible account during 2019 3. Prepare the entry to record bad debt expense(BDE) at the end of 2019. Ending balance ofAFDA was Rp18,200 (Cr.) 4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.EA11. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit Fixed assets 120,000 Accumulated depreciation Prepaid rent Unearned revenue 24,000 18,000 3,500 A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555