Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. On December 1, the firm received $7,100 as fees in advance and properly recorded the amount as Unearned Fees. An analysis shows 53,100 applies to services provided in December. View transaction list Journal entry worksheet Record adjusting entry for unearned fees. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal
Q: 12/31/17 12/21/18 Cost incurred to date ? 4,900,000 Estimated cost to complete 14,200,000 9,000,000…
A: Under percentage of completion method the revenue is recognised over the life of the construction…
Q: Use the following information to prepare the September cash budget for PTO Company, Ignore the "Loan…
A: Budgets are forecasted figures that help in estimating the various incomes and expenses. Budgets are…
Q: Learning Task 2: Journalizing using Periodic Inventory System Prepare necessary adjusting entries…
A: Journal is a book in which all business transactions are recorded, all transactions are recorded…
Q: Questions 7-9 are based on the following lease amortization schedule. The five payments are made…
A: The amortization schedule helps to know the outstanding balance at year end.
Q: Required information [The following information applies to the questions displayed below.] Cane…
A: The total cost is calculated as unit cost multiplied by number of units produced.
Q: The statement of financial position for the partnership of AA, BB and CC who share profits in the…
A: Partnership is a formal arrangement by two or more parties to manage and operate a business and…
Q: Record this series of transactions in the general journal of Company B (The company records…
A: Journal Entry It is important for the company to include the required work in the journal in order…
Q: On January 1, 2019, Demeanor Company pure with face amount of P5,000,000 to be held as fir at…
A: The answer has been mentioned below.
Q: 7. What is the amount of Right of Use recognized at the inception of the lease? a. $0 because it is…
A: Lease means giving out the assets by lessor to lessee to use that assets in return of rent.…
Q: WW and RR share profits and losses equally, WW and RR receive salary allowances of P20 000 and P30…
A: Stock represents the ownership right in the company. Owners of the company can get dividend if…
Q: On January 15, 2022, 5,000 share with par value of P 100 per share of MANE Company were issued in…
A: When assets are acquired in exchange for shares, the assets are recorded at the fair value of the…
Q: Loren Company uses many kinds of machines in operations. The entity acquires some machines from…
A: As per IAS 16, Property, plant and equipment The cost of property plant and equipment consists of…
Q: Gross Sales – Php 50M Cost of goods/sales: Direct materials – Php 10M Direct labor – Php 10M…
A: As per the provisions of BIR, the corporate tax rate for domestic corporations is 25% for 2021 As…
Q: Moyas Corporation sells a single product for $20 per unit. Last year, the company's sales revenue…
A: Formula: Break even point in units = Fixed cost / Unit contribution margin. Division of unit…
Q: On January 1, 2021, Raffy Company took out a loan of P24,000,000 in order to finance specifically…
A: Borrowing costs commences to be included in the cost of assets when all the following conditions…
Q: GIVEN: THE ESTIMATED PERCENTAGE OF UNCOLLECTIBLE ACCOUNTS RECEIVABLE FOR THE YEAR 2020 IS 5% THE…
A: Bad debt expense is required to be recorded if it is estimated by the company that a % of gross…
Q: process, with a cost of Kshs 9,000.Direct labour cost for the month was Kshs.3,840.Production…
A: Process Costing : Process costing is the costing method which is been used to determined cost…
Q: is A written promise to pay the supplies an asset capital so on? is Fax Machine an asset capital so…
A: The answer is stated below: Note: Answering the first three subparts as there are…
Q: Cost of service 3,000,000 Stockholders’ Equity 5,000,000 Gross profit 2,000,000…
A: A tax liability is the total amount of tax debt owed by an individual, corporation, or other entity…
Q: On January 1, 2021, Robin Company received a grant of P1,500,000 from the government to subsidize…
A: Solution This question relates to standard accounting for government grants Whenever the grant is…
Q: The pre-closing trial balance of DENR-CAR shows the following balances of accounts: Subsidy from…
A: Introduction: The surplus is the difference between income and expenditure. The income and…
Q: Blossom Company reported the following information for November and December 2022. November December…
A: Gross profit rate (%) = [Gross profit/Sales]×100 Gross profit = Sales - cost of goods sold
Q: 58. In relation to the above, how, much is Mr. Harry's tax due? A. PO C. P1,000 B. P2,000 D.…
A: Tax due refers to all the federal income taxes, interest, alternative minimum taxes and any other…
Q: The following information on a de fined benefit plan is provided: FVPA, beg 2,800,000 PVOBO, beg…
A: Employees of the entity are given with a defined benefit plan after they have retired from service.…
Q: I need the answer to closing entries . Part 2 and 3 continued for a T account . So confused
A: The T-accounts records the final balances for specific accounts of the business, which are…
Q: (b) A sales budget is given below for one of the products manufactured by N.Ltd .For six months…
A: For Preparation of purchase budget of NH2 it is required to prepare production budget of the…
Q: Narrate how AIS adds value.
A: Accounting Information System (AIS) is a system used by businesses to gather, store, and process…
Q: Tam's Pizza, Inc. charges an initial franchise fee of P50,000 for the right to operate as a…
A: From the perspective of the Franchisor to earn the amount of revenue from the franchise contract…
Q: Documentation expenses related to the copy acquisition, 1.5M • Operational loss (studio time lost…
A: Copyright is a such type of asset which falls under the category of the assets under the intangible…
Q: On March 1, 2022, True Company exchanged an old machine which cost P 1,200,000 and was 50%…
A: Journal entry is the primary step to record the transaction in the books of account. Depreciation…
Q: A lease agreement whereby the lessee recognized rent expense which is always equal to the rent…
A: Lease is an agreement between two parties whereby one party gives its asset for use to other party…
Q: The following information is available from the current period financial statements: Net income…
A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…
Q: Which of the following alternatives represent the amount of non current liabilities in the statement…
A: Non-current liabilities are those liabilities which are also known as the long term liabilities…
Q: The account of ABC Corp. prepared a statement of affairs. Total assets which there are no claims or…
A: The answer is stated below:
Q: Compute the DD&A based on equivalent energy units for 2020. Show ALL workings
A: Equivalent Units- Equivalent units are measures of how much work a manufacturer does. Simply put,…
Q: e $3,000 due to paid
A: The Interest amount is shown as, = (face Value - amount received = 3000 - 2869.11 = $130.89
Q: ase 2.
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: During the measurement period, which of the following may affect the amount of goodwill from…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: 9 Explain how the effectiveness of general control affects the auditor's test of automated…
A:
Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: odic inventory system. One of the company’s products is a special equipment for the oil drilling…
A: First in first out refers to the inventory method under which the inventory purchased first is old…
Q: Salim, Osama and Javid are partners. They share profits and losses in the ratio of 2/5, 2/5 and 1/5…
A: The profit and loss appropriation account is a subset of the profit and loss account. This statement…
Q: 18. Sam conveyed a farm to Sue for her life and then upon her death to Ingrid. Sue dies and her…
A: As Sue have not her own farm, it was conveyed by sam for her life.. Legal heirs of Sue entitaled on…
Q: HZ Company had outstanding 2,000 shares of P100 par value 8% cumulative preference share and 30,000…
A: Dividend is distribution of cash or stock paid out to the shareholders out of stock. The working is…
Q: value aft
A: Service Output Method also known as Working Hours Method. The formula : Depreciation per hour as, =…
Q: 13. A discounted loan of $3,000 at a simple discount rate of 6.5% is offered to Mr. Jones. If the…
A: Discounted loan means that the loan is provided at the discounted rate and the loan is for a given…
Q: ble Company provides an incentive compensation plan under which its president received a bonus qual…
A: The net income before tax can be computed from net income after tax using rate of income tax.
Q: Exercise 1-7 Determining profit LO6 Profit (loss), owner withdrawals, and owner investment cause…
A: Profit or loss made during the period is an important part of retained earnings of the business. Any…
Q: At the beginning of the current period, Ayayai Corp. had balances in Accounts Receivable of $300,000…
A: For credit sales we should debit Account receivable account and credit sales revenue account.
Q: On January 1, 2021, Risa signed an agreement to operate as a franchisee of Teddy Company for an…
A: The acquisition cost of the franchise will be the sum of down payment and the present value of the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350Horizon Consulting Company had the following transactions during the month of October: a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
- Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000Presented below are transactions related to Cullumber Company. On December 3, Cullumber Company sold $ 621,900 of merchandise on account to Bramble Co., terms 2/10, n/30, FOB destination. Cullumber paid $ 430 for freight charges. The cost of the merchandise sold was $ 365,200. 1. On December 8, Bramble Co. was granted an allowance of $ 23,200 for merchandise purchased on December 3. On December 13, Cullumber Company received the balance due from Bramble Co. 2. 3. Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Crei 1. (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2. > 3.Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate…
- (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12Prepare any journal entries to record the revenue arrangement for Bonita Bundle A on January 2, 2020, and December 31, 2020. (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 O for the amounts. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)At the end of the year, a company's balance of Allowance for Uncollectible Accounts is $2,800 (debit) before adjustment. The company estimates future uncollectible accounts to be $14,000. What is the adjustment would the company record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
- A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimáted percent uncollectible for each age group: Age Group 0-69 days 61-98 days 01 123 days Dver 128 days Amount $55,000 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. written of: Required: Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required fain a transaction/event, select "No journat entry requirEG" in the first account fielld.) w transaCtion ist Journal entry worksheet Record the entry to write-off specific accounts.Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, a company has a balance of $24,800 in accounts receivable. Because the company is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of Year 1, the company wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that the company now will need to use the allowance method. The following transactions occur during Year 1 and Year 2. 1. During Year 1, install air conditioning systems on account, $178,000. 2. During Year 1, collect $173,000 from customers on account. 3. At the end of Year 1, estimate that uncollectible accounts total 20% of ending accounts receivable. 4. In Year 2, customers' accounts totaling $6,800 are written off as uncollectible.On December 31, 2023, Bridgeport Co. performed environmental consulting services for Indigo Co. Indigo was short of cash, and Bridgeport Co. agreed to accept a $165,000 zero-interest-bearing note due December 31, 2025, as payment in full. Indigo is somewhat of a credit risk and typically borrows funds at a rate of 11%. Bridgeport is much more creditworthy and has various lines of credit at 6%. Click here to view factor tables Prepare the journal entry to record the transaction of December 31, 2023, for Bridgeport Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25. 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 o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Notes Receivable Discount on Notes Receivable Service Revenue Debit 165000…