Problem 9 - Correction of Error related to PPE The Delivery Equipment account of FREEDOM COMPANY showed the following details for 2016: Delivery Equipment 01.01.06Balance P1,500,000 08.30.06 P225,000 01.15.06 5,000 10.31.06 180,000 09.30.06 535,000 Your examination disclosed the following: a. The P5,000 charged to the Delivery Equipment account on January 15, 2006 represents payment of LTO registration fees for the company's delivery equipment for the year 2006. b. The company bought a second-hand delivery truck on Sept. 30, 2006 for P535,000, which includes P35,000 worth of comprehensive insurance for one year effective October 1, 2006. c. The company wrote-off a fully depreciated truck with an original cost of P225,000 on August 30; further verification disclosed that this truck is still being used by the company.

Problem 9 - Correction of Error related to PPE The Delivery Equipment account of FREEDOM COMPANY showed the following details for 2016: Delivery Equipment 01.01.06Balance P1,500,000 08.30.06 P225,000 01.15.06 5,000 10.31.06 180,000 09.30.06 535,000 Your examination disclosed the following: a. The P5,000 charged to the Delivery Equipment account on January 15, 2006 represents payment of LTO registration fees for the company's delivery equipment for the year 2006. b. The company bought a second-hand delivery truck on Sept. 30, 2006 for P535,000, which includes P35,000 worth of comprehensive insurance for one year effective October 1, 2006. c. The company wrote-off a fully depreciated truck with an original cost of P225,000 on August 30; further verification disclosed that this truck is still being used by the company.

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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Current Attempt in Progress During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $383,800 626,200 302,000 271,000 2026 $905,280 198,720 896,000 817,000 2027 $1,063,000 -0- 1,610,000 1,419,000
Hello, can you please help me with questions 10,11, and 12, thanks!
Please write a general journal and general ledger (date, description, account#, debit, credit).
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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…
Journalize the entries to correct the following errors: a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
Hello, can you help me with questions 7,8, and 9 please, thanks!
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View Policies Current Attempt in Progress Carla Vista Company manufactures pizza sauce through two production departments: cooking and canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts show the following debits: Beginning work in process inventory Direct materials Direct labour Manufacturing overhead Costs transferred in Cooking $-0- 26,900 7,350 32,800 Canning $3,750 7,620 7,490 26,000 52,200 I dit ontries Credit account titles are automatically indented when the an