Adjusting entry: On 30 April 2021, Design Thinking Pty Ltd purchasednew office equipment for $30,000 to use in running online trainingevents. The depreciation charge for the office equipment is $6,000 peryear.Instructions: Record the adjusting entry for the year ending 31 August2021 by selecting the correct accounts and amounts that are debited andcredited.General JournalAugust[ Select ][ Select ]31.[ Select ]>>>

The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Answered: djusting entry: On 30 April 2021,…

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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Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
journal entries to capture the following event. ignore the interests and bond amortization. Use a tax rate of 20%. 12/15/2021: Purchased $200,000 of Harbox bonds, which is viewed as an AFS investment.
Financial Accounting Project: 1. The owner, Josef Miguel, invested Php250,000 cash in the business. He registered the business with the following expenditures: a. Mayor's permit, Php5,000 b. DTI registration, Php600 c. BIR/TIN Registration, Php500 d. Transportation during the processing of registration, Php300 2. After the business permit was taken, he started the business with the following cash expenditures: a. Paid in cash rent of office space, Php24,000 b. Paid insurance, Php60,000 c. Purchased supplies, Php3,000 d. Purchased of second-hand delivery truck, Php150,000 3. Total delivery income for the month, Php300,000 of which 40% are on account. 4. Received cash advance amounting to Php180,000 for delivery services to be rendered in 18 months. 5. Billed customers for services rendered, Php45,000. 6. Expenses paid / incurred during the month were as follows: a. Salaries, Php40,000 b. Utilities, Php2,000 c. Transportation, Php3,000 d. Telephone, Php6,000 7. Collected 50% of…
Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $117.480 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Dec. 31 Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033, Paid cash of $38,820 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $73,190 cash. As the purchase was being finalized, spent $33.150 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, and leasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $58,000,…
Create and Adjusting Journal Entry
View Policies Current Attempt in Progress On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Co. journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Debit Credit Date Account Titles and Explanation 100
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Required information [The following information applies to the questions displayed below.] a. Depreciation on the company's wind turbine equipment for the year is $5,300. b. The Prepaid Insurance account for the solar panels had a $2,300 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $750 of unexpired insurance coverage remains at year-end. c. The company received $3,900 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $1,500 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $430 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. or each of the above separate cases, prepare the required December 31 year-end adjusting…
PLS ANSWER ASAP On Jan. 1, 2004. Ditto company purchased a one-year fire insurance policy for P1,800. On that date, Ditto debited the prepaid insurance account for P1,800. If the company desires to prepare financial statement at the end of January 2004, the income statement would show insurance expense in the amount of: a. P0 b. P1,650 c. P150 d. P1,800
Question 12 June 1, 2017 – NoDirt paid $6,000 to Ace Machine Company for a commercial floor buffing machine. The buffing machine will be depreciated over a 5 year life. . Using the information given in 12. above – select the adjusting entry Green should make prior to preparing financial statements on May 31, 2017. Prior to this May 31, 2017 adjusting entry, Green has made only two entries in their accounting system related to this advance payment – the April 1, 2017 entry to record the receipt of the $60,000 cash and the April 30, 2017 adjusting entry. account details debit credit A. Unearned Service Revenue 36,000 Service Revenue 36,000 B. Service Revenue 36,000 Unearned Service Revenue 36,000 C. Service Revenue 12,000 Unearned Service Revenue 12,000 D. Unearned Service Revenue 12,000 Service Revenue 12,000 E. None of the above .…
Vishu
Ashley (a single taxpayer) is the owner of ABC LLC. The LLC (which reports as a sole proprietorship) generates QBI of $900,000 and is not a "specified services" business. ABC paid total W-2 wages of $300,000, and the total unadjusted basis of property held by ABC is $30,000. Ashley's taxable income before the QBI deduction is $740,000 (this is also her modified taxable income). What is Ashley's QBI deduction for 2023? (LO.3,, 4)

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