Salaries ExpenseUtilities ExpenseGas and Oil ExpenseInterest ExpenseTotal450,350253,75075,00010,0006,961,350 6,961,350TThe following information were given to you for the preparation of the adjusting entries as of December 31.A. P5,500 worth of supplies are still unused at the end of the year.B. Insurance represents the amount of a one-year premium expiring on April 1, 2020C. The note was received from a customer on November 16, 2019 for 60 days at 20% interest.D. An advanced payment for service to be rendered amounting to P120,500 was included in the income account.E. The allowance for bad debts/allowance for impairment (required allowance) is 10% of Accounts Receivable.F. Mr. Gallardo entered into a contract of lease on January 1, 2019 for 2 years. Mr. Gallardo received anadvanced payment amounting to P240,000 from a lessee.G. Mr. Gallardo issued a 16% P100, 000 note to Metro bank dated April 15, 2019.H. The life of the equipment and furniture is 5 years and the estimated residual values are 10,000 and 15,000respectively. The building has an estimated useful life of 10 years and has an estimated residual value ofP200,000.I. Salaries incurred but unpaid as of December 31, P12,000.J.Accrued Commission income amounted to P50,000 is not yet recorded by the company. COMPREHENSIVE PROBLEM AThe unadjusted Trial Balance of Mr. Gallardo for the year ended December 31, 2019 is shown below:Gallardo CompanyUnadjusted Trial BalanceAs of December 31, 2019Account NameCashAccounts ReceivableAllowance for Doubtful AccountsNotes ReceivablePrepaid InsuranceLandEquipmentAccumulated Depreciation - EquipmentFurnitureAccumulated Depreciation - FurnitureBuildingAccumulated Depreciation - BuildingAccounts PayableNotes Payable - Metro BankUnearned Rent IncomeGallardo, CapitalGallardo, DrawingsService IncomeCommission IncomeInterest IncomeSupplies ExpenseSalaries ExpenseUtilities ExpenseGas and Oil ExpenseInterest ExpenseTotalDebit300,0001,350,000500,000162,0001,500,000525,000315,0001,400,000105,000Credit75,250206,000120,000240,000235,000400,000240,0003,379,9751,745,000300,00020,12515,250450,350253.75075,00010.0006.961.350 6.961.350TThe following information were given to you for the preparation of the adjusting entries as of December 31.A. P5.500 worth of supplies are still unused at the end of theyear.B. Insurance represents the amount of a one-year premium expiring on April 1. 2020

Journal Entries: It is the process to record the business transaction by way of debit and credit…

Gas and Oil Expense Interest Expense Total 75,000 10,000 6,961,350 6,961,350 ing information were given to you for the preparation of the adjusting entries as of December 5,500 worth of supplies are still unused at the end of the year. surance represents the amount of a one-year premium expiring on April 1, 2020 he note was received from a customer on November 16, 2019 for 60 days at 20% interest. advanced payment for service to be rendered amounting to P120,500 was included in the inco he allowance for bad debts/allowance for impairment (required allowance) is 10% of Accounts . Gallardo entered into a contract of lease on January 1, 2019 for 2 years. Mr. Gallardo vanced payment amounting to P240,000 from a lessee. - Gallardo issued a 16% P100, 000 note to Metro bank dated April 15, 2019. e life of the equipment and furniture is 5 years and the estimated residual values are 10,000 J TI bildi CUPC CIO

Gas and Oil Expense Interest Expense Total 75,000 10,000 6,961,350 6,961,350 ing information were given to you for the preparation of the adjusting entries as of December 5,500 worth of supplies are still unused at the end of the year. surance represents the amount of a one-year premium expiring on April 1, 2020 he note was received from a customer on November 16, 2019 for 60 days at 20% interest. advanced payment for service to be rendered amounting to P120,500 was included in the inco he allowance for bad debts/allowance for impairment (required allowance) is 10% of Accounts . Gallardo entered into a contract of lease on January 1, 2019 for 2 years. Mr. Gallardo vanced payment amounting to P240,000 from a lessee. - Gallardo issued a 16% P100, 000 note to Metro bank dated April 15, 2019. e life of the equipment and furniture is 5 years and the estimated residual values are 10,000 J TI bildi CUPC CIO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required Information [The following Information applies to the questions displayed below.] Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022; Interest is payable with the principal at maturity. a-2. Prepare the Journal entry to record the Interest earned by Agrico during its year ended December 31, 2022. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round your Intermediate calculation. Round your answers to 2 decimal places. View transaction list View journal entry worksheet No A Event 1 Accumulated depreciation General Journal Debit Credit
Urmila ben
On November 1, 2021, a firm issues a $10,000 6% 6-month note payable. Interest is paid with the maturity of the note. The firm performs adjusting entries each month. On April 30, when the note is repaid, the entry recorded: Decreases assets by $10,000 None are true Decreases both assets and liabilities $10,300 Includes an expense of $200 Includes an expense of $300
On October 22 the company signed a $450,000 10 years 5% note to purchase equipment. The note will be due in annual installments starting on September 30 of the next year. journal entry is required
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $55,000, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $17,728, beginning on December 31, Year 1. Question Content Area a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Enter all amounts to the nearest whole dollar. Round Year 4 Interest Expense (up or down) to ensure the carrying amount is zero at the end of the note term. Amortization of Installment Notes Year EndingDecember 31 January 1Carrying Amount Note Payment(Cash Paid) Interest Expense(7% of January 1Note CarryingAmount) Decrease inNotes Payable December 31Carrying Amount Year 1 $fill in the blank b149b9fd0071019_1 $fill in the blank b149b9fd0071019_2 $fill in the blank b149b9fd0071019_3 $fill in the blank b149b9fd0071019_4 $fill in the blank b149b9fd0071019_5 Year 2 fill in the blank b149b9fd0071019_6…
On January 1, Luther Co. issued a $1,000,000, 5 year, 8% installment note payable with payments of $200,000 principal plus interest due on January 1 of each year for the next 5 years. Prepare the adjusting journal entry at December 31 to accrue interest for the year (you can attach Excel or Word rather than typing in answer box).