PB 15. LO 4.4 Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation. Accounts payable Accounts receivable Building Cash Common stock Dividends Equipment Fees earned revenue Land Supplies expense Notes payable Retained earnings Salaries expense Supplies $3,600 45,333 156,000 50,480 110,000 ● 18,000 33,500 225,430 18,000 5,123 85,500 60,606 151,900 6,800 Adjustments needed: Physical count of supplies inventory remaining at end of period, $3,300 • Customer fees collected in advance (payments were recorded as Fees Earned), $18,500

PB 15. LO 4.4 Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation. Accounts payable Accounts receivable Building Cash Common stock Dividends Equipment Fees earned revenue Land Supplies expense Notes payable Retained earnings Salaries expense Supplies $3,600 45,333 156,000 50,480 110,000 ● 18,000 33,500 225,430 18,000 5,123 85,500 60,606 151,900 6,800 Adjustments needed: Physical count of supplies inventory remaining at end of period, $3,300 • Customer fees collected in advance (payments were recorded as Fees Earned), $18,500

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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SA 150 Dashboard myModules my Admin (e) Provision for depreciation must still be provided for on vehicles at 20% per annum on the diminishing balance method and on furniture and fittings at 10% per annum on the diminishing balance method. No assets were acquired or disposed of during the year (0) On 1 October 20.19 the owner deposited R50 000 cash into the bank account of the business. The bookkeeper was Time le 045 44 accounts that will be affected by the transaction and he only recorded it in the bank account. (a) Money was deposited in a fixed deposit account at Splinter Bank on 31 December 20.18 for only one year. On 31 December 2019 when the investment matured only R40 000 was invested again for another year. The bookkeeper only made entries in the books of Wooden House Traders for the R40 000 that has been received and invested again. No other entries were made for the other R20 000 was received but has not been invested again Interest at a rate of 8% per annum must still be…
b. Changes in measurement methods implied changes in accounting estimates. Choose TWO (2) of the following situations that specify changes in accounting estimates. i. ii. iii. iv. Revision of remaining useful life of equipment from 10 years to 8 years. An amount of RM15,000 receipt from account receivables was fraudulently credited to employee's bank account. Change of depreciation method of machinery from straight line to reducing balance. Change from measuring investment property using cost model to fair value model.
How to solve this? Need to prepare the adjusting entries...
Exercise 15. Adjusting entries for depreciation; effect of error On December 31, a business estimates depreciation on equipment used during the first year of operations to be P8,500. If the adjusting entry were omitted, which items would be erroneously stated on (1) the SCI for the year and (2) the SFP as F December 31?
Please correct option answer fast with explanation and take care of plagiarism please
K Use transaction analysis charts to analyze the following adjustments: a. Depreciation on equipment, $1,800. b. Rent expired, $1,400. a. Depreciation on equipment, $1,800. a. Accounts Affected Category Increase/ Decrease Rules T Account Update
| 6:08 0.10 KB/s 4G 4GI 4 52 1- Disimpan 1, PREPARE THE ADJUSTMENT WORKSHEET FOR THE TRIAL BALANCE A) A TOTAL OF ELECTRICITY BILLS HAVE NOT BEEN ACCOUNTED FOR. THE OWNER INTENDED TO MAKE FULL PAYMENT IN JANUARY 2020 B) UTILITY BILLS AMMOUNTING TO RM500 HAD BEEN PAID VIA CHEQUE NO 060552 BUT NOT INCLUDED. C) FIXED ASSETS IS TO BE DEPRECIATED BY 20% D) UNEARNED RENTAL REVENUE WAS 1000 E) PREPAID RENTAL TOTALLING RM1500 WAS PAID BY CHEQUE BUT NOT RECORDED ACCOUNTT TITLE Balance account payable 60,000 Account receivable 65000 Bank 40,000 Capital 170,000 Cash 2,000 Comission paid 4300 Comission received 1,500 Discount Allowed 2300 Discount Received 3,500 Donations 500 Drawings 500 Fixture and Fittings 35000 Freight inwards 1000 Freight outward 1400 General Expenses 2300 Insurance premium 3600 Interest received on investment 5,000 Land and building 80000 Loan from Mbb 67500 opening inventory 1 JAN 2019 26000 Patent 50000 Printing and stationery 700 Purchases 65000 Rates and taxes 3200 Rental…
13. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Debit Credit Property plant and equipment Accumulated depreciation 320,000 89,500 Prepaid insurance Supplies Unearned service revenue 24,000 7,500 3,000 A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
I am so confused there is a journal entry worksheet 1-4?
PB13. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Debit Credit 250,000 56,000 Buildings and equipment Accumulated depreciation Prepaid advertising Unearned rental revenue Interest payable 6,400 8,900 3,500 A. depreciation on buildings and equipment, $17,500 B. advertising still prepaid at year end, $2,200 C. interest due on notes payable, $4,300 D. unearned rental revenue, $6,900 E. interest receivable on notes receivable, $1,200
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