Sales of P 150,000 in 2021 were recorded as sales of 2022. What would be the adjusting entry if the error was discovered at December 31, 2022
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44. Sales of P 150,000 in 2021 were recorded as sales of 2022. What would be the
![Sales of P 150,000 in 2021 were recorded as sales of 2022. What would be the
adjusting entry if the error was discovered at December 31, 2022?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0e72e00-823a-4fd5-9623-77a9563a1d2d%2F6de73444-f834-4c9e-a826-19d204854c96%2F2an4ub4_processed.png&w=3840&q=75)
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- a. What amount could be withdrawn at t=10? b. What uniform annual series deposits (n=10) would result in the same accumulated balance at the end of year 10?The accounts payable balance of Japan Company at December 31, 2020 was P590,000 before the year-end adjustments relating to the following information: a. Upon receipt of the invoice on December 28, 2020 for goods costing P30,000, the accounting staff of Japan Company recorded the purchase in the accounts. It was determined that the goods were shipped FOB destination on December 27, 2020 and were received by Japan Company on January 2, 2021.b. Goods with an invoice cost of P25,000 which were shipped FOB shipping point on December 23, 2020 from a vendor to Japan Company were lost in transit. On January 4, 2021, Japan Company filed a P25,000 claim against the transportation company.c. Goods costing P9,000 were shipped FOB shipping point from a vendor to Japan Company. Because the vendor’s invoice and the goods were received on January 3, 2021, the accounting staff did not include the goods in its December 31, 2020 inventory nor was the purchase recorded in the accounts in 2020.What amount…21. Ebasan Company estimates its doubtful accounts by aging its accounts receivable. The aging schedule of accounts receivable at December 31, 2020 is presented below: Age of Accounts 0-30 days 31-60 days Amount P1,264,800 691,500 61-90 days 288,600 114,975 91-120 days Over 120 days 59,100 Ebasan's uncollectible accounts experience for the past 5 years are summarized in the following schedule: Year 0-30 31-60 61-90 91-120 Over 120 2019 Receivable (Dec 31) P1,968,750 1,500,000 697,500 0.3% 1.8% 12% 38% 65% 2018 0.5% 1.6% 41% 70% 2017 1.5% 0% 50% 69% 0.2% 0.4% 2016 1,224,000 1,7% 10.2% 47% 81% 2015 1,865,500 0.9% 2.0% 9.7% 33% 95% The balance of the allowance for doubtful accounts at December 31, 2020 before adjustment is P126,751. The necessary adjusting journal entry to adjust the allowance for doubtful accounts as of Dec 31,2020 would include: A. A debit to retained earnings of P13,894, B. A debit to doubtful accounts expense P140,644. C. A credit to doubtful accounts expense…
- On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,600, Whispering Winds Corp. estimates that 8% of its accounts receivable balance of $67,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. Record this journal entrySuzuki Supply reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 $248,000 43,000 1,000 (debit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method.43. Prepaid Insurance of P 60,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022?
- Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? Group of answer choices A. Debit - Retained Earnings, P 25,000; Credit - Rent Income, P 25,000. B. No adjusting entry is necessary C. Debit - Rent Income, P 25,000; Credit - Retained Earnings, P 25,000. D. Debit - Rent Receivable, P 25,000; Credit - Retained Earnings, P 25,000.On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $960. Lawn Corporation estimates that 10% of its total accounts receivable balance of $83.900 will become uncollectible and records the necessary adjustment to the Allowance for Doubtful Accounts. On May 11, 2022, Lawn Corporation determined a J. Reno's account was uncollectible and wrote off $1.540. On June 12, 2022, Reno paid the amount previously written off. Prepare the journal entries on December 31, 2021. May 11, 2022, and June 12, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Dec. 31/21 P > Account Titles and Explanation Accounts Receivable A (To reverse write-off of account receivable) (To record recovery of uncollectible amount) Debit CreditIn addition to this, please post to the allowance these 2022 events: Allowance for Doubtful Accounts 2021 12/31 Bal 7900 12/31 37015 12/31 Bal 44915 2022 DATE? ??? 5/1 ??? As well as: Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,200 and the aging schedule indicates that total estimated bad debts will be $34,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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