Stancil Enterprises prepaid four months of office rent totaling $8,100 on October 1, 2017. Assuming Stancil records deferred expenses using the alternative treatment, what would be the adjusting entry recorded on December 31, 2017?
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What would be the adjusting entry recorded on December 31, 2017 on these general accounting question?
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- Masterfalls Corporation purchased a one-year insurance policy in January 2016 for $36,000. The insurance policy is in effect from March 2016 through February 2017, if the company does not make any adjusting journal entries through December 2016 for the expired insurance: net income and assets will be overstated by $6,000. net income and assets will be overstated by $30,000. net income and assets will be understated by $30,000. net income and assets will be understated by $6,000How do you treat a prepaid expense that is divided between two accounting periods? eg( insurance of $1551 that includes a premium of $330 paid in December 2019 to cover the company against fire loss for the year 31 December 2019 to 31 December 2020. Final accounts to be written up at 30 June 2020)Milky Company's allowance for doubtful accounts was P1,000,000 at the end of 2019 and P900,000 at the end of 2018 For the year ended December 31, 2019, the entity reported doubtful accounts expense of P160,000 in the income statement. What amount was debited to the appropriate account to write off uncollectible accounts in 2020?
- Under M. Sabio Company’s accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial reports, M Sabio makes monthly estimated charges to insurance expenses with credits to prepaid insurance. Additional information for the year ended December 31, 2019 are as follows: Prepaid Insurance at December 31, 2018 P120,500 Charges to insurance expense during 2019( including a year- End adjustment of P10,500) 437,500 Prepaid Insurance at December 31, 2019 110,000 What was the total amount of insurance premiums paid by M. Sabio during 2019? P448,000 P427,000 P327,500 P437,500On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.CI On January 1, 2019, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,338. During the first 11 months of the year, bad debts expense of $21,593 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,887. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of a comprehensive analysis, it is determined that the December 31, 2019, balance of the Allowance for Bad Debts account should be $9,365. Show the adjustment required in the journal entry format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to adjust the allowance account to the appropriate balance. Note: Enter debits before credits. Event General Journal Debit Credit 1
- Sigma Company began operations on January 1, 2020. On December 31, 2020 and 2021, the entity provided for uncollectible accounts expense based on 1% of annual credit sales. Required: Determine the allowance for doubtful accounts on January 1, 2021. Determine the allowance for doubtful accounts on December 31,2021 before adjustments. Determine the required allowance on December 31,2021. Prepare the adjustment to record the doubtful account expense for the current year.On September 15, 2018, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an annual rate of 8% from the estate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2018? Multiple Choice Interest receivable 168 Notes receivable 168 Interest receivable 576 Interest revenue 168 Cash 408 Interest receivable 408 Interest revenue 408 Interest receivable 168 Interest revenue 168ABC Inc. purchased a 12-month insurance policy on January 1, 2019 for OMR 2400. At June 30, 2019, The Adjusting Entry should be: Select one: Oa. Debit to Insurance Expense, OMR 1200; Credit to Prepaid Insurance for OMR1200 O b.None of the answers are correct Oc Debit to Insurance Expense. OMR 2400; Credit to Prepaid Insurance for OMR 2400 O d. Debit to Prepaid Insurance, OMR 1400; Credit to Insurance Expense for OMR 1400 Oe. Debit to Prepaid Insurance, OMR 2400: Credit to Cash for OMR 2400 Clear my choice
- From the following given data, prepare adjusting journal entries for the year ended December 31, 2021: Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actually used. Expense method was used in payment of supplies. A P48,000 6%, 120-day note was received from a client dated November 1, 2021. The interest was not yet collected at the end of the accounting period. Before adjustments, the balance of laundry supplies inventory was P35,000. Physical count of supplies inventory was P15,000. An office equipment was acquired on May 31, 2021 for P150,000. The office equipment has an estimated life of 5 years without scrap value. A copying machine was rented on November 30, 2021 at P1.00/copy of production. It reported to have produced 300 copies as of December 31, 2021. No payment was made as of this date. Signed an advertising contract on December 1, 2021 with a radio station for P3,500. The contract will commence upon payment on December 15. 2021 and will…On the 1 September 2019 Jacobson Limited paid insurance premiums of $18,000 for 12 months to 31 August 2020. The entire amount was recorded as an insurance expense when the amount was paid. No adjustments have been made to the accounting records since the payment was made, it is now 30 June 2020 (balance date) process the necessary adjusting journal for the insurance premium.What are the adjusting entries?