Master Architect designs houses for various clients. Its unadjusted trial balance as of December31, 2016 showed, among others, Unearned Professional Fees of P350,000 representing twoaccounts collected in advance: November 10 Monson account, P200,000 and December 15Samson account, P150,000. It takes 50 days for a design to be finished and delivered.Required:a. Prepare the entry to adjust the unearned revenue and recognize Professional Fees.b. Make postings to the general ledger accounts appearing below.Unearned Professional FeesDebit404Date2018ExplanationRefCreditBalanceCollection from MonsonCollection from SamsonNov. 10GJ 11P200,000P200,000Dec. 15GJ 12150,000350,000Dec. 31AEProfessional Fees702DateExplanationRefDebitCreditBalance2018Total services rendered.GJ 12P1,000,000P1,000,000Dec. 31AE 2

The revenue and expenses are recognised and recorded in the period they are incurred.

Answered: Master Architect designs houses for…

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

In late 2018, the company’s claims experience was evaluated and it was determined that claims were far morethan expected—3% of sales rather than 2%.Required:1. Assuming sales of the sprinklers in 2018 were $3.6 million and warranty expenditures in 2018 totaled$88,000, prepare any journal entries related to the warranty.2. Assuming sales of the sprinklers were discontinued after 2017, prepare any journal entry(s) in 2018 related tothe warranty
Caritas Publishing issues the Weekly Welder. The company's primary sources of revenue are sales of subscriptions to customers and sales of advertising in the Weekly Welder. Caritas owns its building and has excess office space that it leases to others. The following transactions involved the receipt of advance payments. Prepare the indicated journal entries for each set of transactions. 1) On September 1, 20X7, the company received a $48,000 payment from an advertising client for a 6-month advertising campaign. The campaign was to run from November, 20x7, through the end of April, 20X8. Prepare the journal entry on September 1, and the December 31 end-of-year adjusting entry. 2) The company began 20X7 with S360,000 in unearned revenue relating to sales of subscriptions for future issues. During 20X7, additional subscriptions were sold for $3,490,000. Magazines delivered during 20X7 under outstanding subscriptions totaled $3,060,000. Prepare a summary journal entry to reflect the sales…
During February 2020, Buffalo Massage Ltd. sells $12,000 of gift cards for Valentine's Day gifts. From reliable past experience, management estimates that 10% of the gift cards sold will not be redeemed. By the end of February, $3,000 was redeemed by customers. Prepare the journal entries for Buffalo Massage for February 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.)
don't give answer in image format
Please do not give solution in image format ?
Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required: Hide Prepare the journal entry assuming the payment is made after 10 days (after the discount period). Account and Explanation Debit Credit Record collection of accounts receivable
On February 13, GTS Co. paid $2,300 to repair the transmission on one of its delivery vans. In addition, GTS paid $36 to install a GPS system in its van. Question Content Area Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. Date Account Debit Credit February 13 Feedback Area Feedback Question Content Area Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. Date Account Debit Credit February 13
Service Industry AccountingThe Spectrum Fitness Club charges a nonrefundable annual membership fee of $1,200 for its services. For this fee, each member received a fitness evaluation (value $200), a monthly magazine (annual value $25), and two hours’ use of the equipment each week (annual value $1,100). Each of the three elements of the annual membership can be purchased separately. The initial direct costs to obtain the membership are $180. The direct cost of the fitness evaluation is $100, and the monthly direct costs to provide the other services are estimated to be $25 per person. Give the journal entries to record the transactions in 2019 relative to a membership sold on May 1, 2019.
Squeaky Shine provides car washing services in Jersey City, New Jersey. A three-month pass for automatic car wash sells for $60, which entitles the customer for an unlimited number of car washes during the contract period. Squeaky Shine estimates that pass holders wash their cars equally throughout the three-month period. On December 1st, customers purchased $2,160 of the three-month passes, with usage of the passes occurring evenly throughout the contract period. Required: 1. Prepare the journal entries that Squeaky Shine would record on December 1 and on December 31, 2024, with respect to this transaction. 2. State the account titles and amounts that will be included in Squeaky Shine's 2024 income statement and balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 State the account titles and amounts that will be included in Squeaky Shine's 2024 income statement and balance sheet. Account Titles Amounts Income Statement and Balance…
During 2023, Lincoln Company hires 24 individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $9,850 during the year. Determine the amount of Lincoln's work opportunity credit. $fill in the blank 1.
help me
Sexton Company uses an Excel spreadsheet to track its account balances. When the company applies overhead to production for the month of May, how will the company’s account balances be affected on that spreadsheet? multiple choice Accounts Payable will increase. Work in Process will increase. Manufacturing Overhead will increase. Retained Earnings will decrease.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS