Mavis Enterprises received $28,000 from a customer on October 31, 2020 for work beginning immediately and to be completed by February 28, 2021. Mavis credited the cash to Unearned Revenue. As of December 31, 2020, 45% of the work had been completed. What adjusting entry must Mavis make at February 28, 2021?

Q: Kappa Inc. reported accounts payable on December 31, 2019 at P 2,200,000 before any necessary…

A: calculation of accounts payable are as follows

Q: What amount of  expense, if any, should be reflected in Coco’s quarterly statement of comprehensive…

A: Coco Inc., estimated a total bonus of 30,000 for the year ended July 31, 2019. That is monthly…

Q: Bebe Co. purchased equipment with an invoice price of 1,680,000 on March 5, 2021. How much would be…

A: Under the Tax Code, the amount of input tax on imported or purchased capital goods which will be…

Q: The following accounts and their balances appear in an unadjusted trial balance of Hydro Company as…

A: Calculation of Adjusted Balances at December 31, 2019   Cash Accounts Receivable Inventory…

Q: On December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a…

A: As per Indian Accounting Standard 16 , Property , Plant & Equipment, Initially Property , Plant…

Q: Indicate how these accounts would be reported in Sandhill's December 31, 2020, balance sheet.(

A: Accounts receivable is the balance of money due to a firm for goods or services delivered or used…

Q: Bebe Co. purchased equipment costing P560,000 on March 5, 2021. How much would be the claimable…

A: Value Added Tax(VAT)-:It is a value-added tax, understood in a few countries as a product and…

Q: Amatek Industries Pty Ltd. received annual interest in advance in the amount of $216 on 31/8/2020.…

A: The journal entries are prepared to keep the record of day to day transaction of the business.

Q: ABC Company is preparing its financial statement for the year ended December 31, 2020. Accounts…

A: Note: In question it is written that accounts payable balance on 31st December 2019 but data is…

Q: 18. Prepare the initial entries to record the given loan. 19. What are the accounts involved in the…

A: Unearned revenue: It is the amount  received from a client  for a service or product which is  yet…

Q: For 2020, Culver Inc. computed its annual postretirement expense as $235,300. Culver's contribution…

A: Golden Rule of Journal Entry :—Debit the Receiver, Credit the Giver.Debit what Comes in, Credit what…

Q: general journal adjusting entry on December 31, 2021

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: Lambda Corp. is preparing its financial statement for the current year ended December 31, 2019.…

A: Current liability includes: Accounts payable Outstanding salary Short-term debt Notes payable…

Q: On December 12, 2018, Pace Electronics received $24,000 from a customer toward a cash sale of…

A: Deferred revenues: Collection of cash in advance to render service or to deliver goods in future is…

Q: Prepare the adjusting entries for the following independent cases on December 31, 2021, unless the…

A: Normally for all the businesses, accounting period ends either on Dec 31 or Mar 31. At the end of…

Q: adjusting entry recorded on that date would include:

A: It is pertinent to note that as per Accrual system of accounting. Transaction are recorded as and…

Q: Cemex Co. began work on a P280 million contract in 2019 to construct an office building. During…

A: Percentage Completion Method: When using the percentage of completion approach, the revenues and…

Q: Based on the foregoing information, determine the adjusted balances of the following as of March 31,…

A: Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31,…

Q: In January 2019, Dumdum Inc. paid property taxes on its factory building for the calendar  year 2019…

A: Here in this question, we are require to determine how much expense need to reflect in each interim…

Q: Jetsons Inc borrowed $500,000 on a 6% one-year, interest-bearing note dated November 1, 2019 with…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The…

A: Trade payables refers to liabilities arising due to the primary activities of a entity such as…

Q: TDC Company is preparing its financial statement for the year ended December 31, 2020. Accounts…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On January 2, 2020, a public company sells machinery for $620,000. The in-store list price on the…

A: Notes receivable = Sale price of machinery - cash received = 620000 - 104000 = $516,000

Q: e year end of GLCN Co is 30 November 2020. The company pays for its electricity by a standing order…

A: The profit and loss account records income and expense on accrual basis that is revenue and…

Q: Dianne Company’s accounts payable at December 31, 2020 totaled P25,000,000 before any necessary…

A: The account payable represents the amount due to the suppliers of the business.  The account payable…

Q: During 2024, its first year of operations, Pave Construction provides services on account of…

A: Allowance for uncollectible accounts is a contra asset accountIt is shown on the balance sheet…

Q: Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The…

A: Bond Amortization Amortization of bond which are include with whether it is treated in the interest…

Q: Kling Company was organized in late 2019 and began operations On January 2, 2020. Prior to  the…

A: Expenses refer to the costs incurred by the entity over a specific period of time as a consideration…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: CRS Co. is preparing its December 31, 2018 year – end financial statements. The following…

A: Liabilities can be defined as the company's obligations which need to be fulfilled in the future…

Q: On September 1, 2022, Rowen Manufacturing issued a $90,000, 6-month, 9% note payable to purchase…

A: Golden Rules of Accounting: Account Debit Credit Personal Accounts the giver the receiver…

Q: The pre-collection/advanced collection is P360,000. This is applicable for a six-month rental period…

A: From September 30, 2020 to December 31, 2020 = 3 months   So the rental income for 3 months is…

Q: nearest whole dollar, eg. 5,275. If no entry is required, select "No Entry" for the account titles…

A: To close the books for period end and reopen it for the next period, adjusting entries needs to be…

Q: On May 3, 2020, Sage Company consigned 80 freezers, costing $ 500 each, to Remmers Company. The cost…

A:

Q: Atty. Namjoonie began business on January 1, 2020. The unadjusted trial balance for the first year…

A: When a trial balance is prepared at the end of a particular financial period, it is expected to be…

Q: During 2024, its first year of operations, Riley Construction provides services on account of…

A: The question is related to Journal entry of Accounts Receivables and bad debts. Bas debts are the…

Q: . What amount of warranty expense should be shown on Crassula's income statement for the year ended…

A: Warranty Expenses The price that a business expects to pay for the replacement or restoration of…

Q: At the end of 2020, Shamrock Company has accounts receivable of $832,000 and an allowance for…

A: Allowance for doubtful accounts is an accounting provision set aside to anticipate potential losses…

Q: Cedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows.…

A: 2. Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Q: On December 31, 2020, $300 of salaries has been accrued. Total amount before accrued $27500. The…

A: The journal entry was used by commercial organizations to keep track of their financial transactions…

Q: report as accounts payable

A: 1. Advance to supplier has to be removed from Accounts Payable and should be shown separately. 2.…