Journalize the entries to reverse the accounts at January 1. (Hint: One of the accountswas affected by two different adjusting entries).2.UnadjustedTrial BalanceAdjustedTrial BalanceDebitBalances5,00032,0003,6004,00011,000CreditDebitCreditBalancesBalances5,00032,600BalancesCashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAccumulated DepreciationWages PayableUnearned Fees1001,40011,0008,90022,00069,0001,7002,0003,50022,00075,000Ann Cole, CapitalFees Earned44,300Wages ExpenseSupplies ExpenseInsurance ExpenseDepreciation ExpenseTotal46,3003,5002,6001,70099,90099,900104,200104,200 1.Prepare reversing entries for the following transactions:(a) The beginning balance of the Supplies account was P245. During the monththe company bought additional supplies in the amount of P735. At the end ofthe month a physical inventory showed P343 of unused supplies.(b)The company has a 12% Note Payable in the amount of P17,000 due in 6months. The interest expense for the month has not been recorded.(c)The company has two employees. The manager is paid on the 15th of everymonth for work performed during the first half of the month and on the 1st of thefollowing month for the work performed during the second half of the month. Hismonthly salary is P5,500. The other employee is paid P650 for each 5-day workweek (Monday - Friday). The last day of the month fell on Thursday.(d)The unearned revenue account shows a balance of P46,000. According to themanager 60% of that amount has been earned.(e)At the end of the month P5,700 of services had been performed but not yetbilled.

Particulars Debit Credit Account's receivable 600 Fees earned 600 Supplies…

Journalize the entries to reverse the accounts at January 1. (Hint: One of the accounts was affected by two different adjusting entries). 2. Unadjusted Trial Balance Credit Balances Adjusted Trial Balance Debit Balances 5,000 32,600 100 Credit Balances Debit Balances 5,000 Cash Accounts Receivable 32,000 3,600 4,000 11,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation Wages Payable Unearned Fees 1,400 11,000 8,900 22,000 69,000 1,700 2,000 3,500 22,000 75,000 Ann Cole, Capital Fees Earned Wages Expense Supplies Expense Insurance Expense Depreciation Expense Total 44,300 46,300 3,500 2,600 1,700 104,200 99,900 99,900 104,200

Journalize the entries to reverse the accounts at January 1. (Hint: One of the accounts was affected by two different adjusting entries). 2. Unadjusted Trial Balance Credit Balances Adjusted Trial Balance Debit Balances 5,000 32,600 100 Credit Balances Debit Balances 5,000 Cash Accounts Receivable 32,000 3,600 4,000 11,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation Wages Payable Unearned Fees 1,400 11,000 8,900 22,000 69,000 1,700 2,000 3,500 22,000 75,000 Ann Cole, Capital Fees Earned Wages Expense Supplies Expense Insurance Expense Depreciation Expense Total 44,300 46,300 3,500 2,600 1,700 104,200 99,900 99,900 104,200

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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Moving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>
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