Prepare adjusting entries please show complete solution from #1-8 will surely given an upvote. Do not copy answer from others Reliable Repair Shop - AdjustmentsThe following information related to the operation of Reliable Repair Shop isgathered for adjustments as of June 30, 20-11. The shop tools costing P12,000, acquired on June 16, 20-1, or estimatedto be useful for about two years, with no residual value. Depreciation for1/2 month is taken up.2. The shop equipment acquired on June 16 20-1 at the cost of P65,500 isestimated to be useful for about five years after which it is expected to besold for P5,500. The precision 4 1/2 month is taken up.3.Unbilled services, already rendered to customers from June 26 to 30, arenot taking up in the records, P2,5004.Cash collected from a customer, applicable to services that will berendered in the month of July is P2,0005.Rent revenue of 800 is already collected but not yet earned, covers July 1to 15.6.Expenses already paid for but not yet used up, as of June 30, are:a. Rent of P14,000 pertaining to the July 1 to August 15.b. Supplies on hand, based on a count, valued at P4,500.c. Taxes and licenses for the rest of the year, beginning July 1, 20-1,P1,800.7. Expenses already incurred but not yet paid for as of June 30 are:a. Electricity, water, and telephone, P2,754.b.June 28 to 30 wages of the part-time shop assistant, P475.c. Interest on the P20,000, 2-year, 12% loan taken on June 19, 20-1.8. Off the June 30 balance of accounts receivable, it is estimated that about300 is doubtful of collection.

Given in the question: Shop Tools Cost ₱12,000 Life in Years 2 Depreciation Half…

Answered: The following information gathered for…

The following information gathered for adjustments related to the operation of Reliable Repair Shop is as of June 30, 20-1

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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AutoSave Off H Document2 - Word P Search (Alt+Q) Sign in File Home Insert Draw Design Layout References Mailings Review View Help Grammarly Picture Format P Comments A Share W Color v O Picture Border 9 Position v A Send Backward v pi- A 0 2.72" E Artistic Effects O Picture Effects v En: Wrap Text v N Selection Pane Remove Corrections Alt Crop Background EA Transparency ♥ E Picture Layout Тext Bring Forward E Align Adjust Picture Styles N Accessibility Arrange Size a. The owner (Alex Carr) invested $15,800 cash in the company. b. The company purchased supplies for $700 cash. c. The owner (Alex Carr) invested $10,400 of equipment in the company d. The company purchased $240 of additional supplies on credit. e. The company purchased land for $9,400 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Equity Accounts Payable A. Carr, Сapital A. Carr, Cash + Supplies…
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AutoSave On Exam 2 ch 14-16.xlsx - Saved - O Search Rolando Borjas Jr. 困 File Home Insert Page Layout Formulas Data Review View Help A Share P Comments E A I AutoSum - Fill v X Cut - A A° 22 Wrap Text Calibri 11 General B Copy Paste BIU v A v EEE E E E Merge & Center $ • % 9 8 -98 Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Sensitivity S Format Painter Formatting v Table v Styles v O Clear v Filter v Select v Clipboard Font Alignment Number Styles Cells Editing Ideas Sensitivity AG28 fe P R S V Y AA АВ AC AD AE AF AG АН Al AJ AK AL AM AN AO AP AQ AR AS 16 The Annapolis Corporation's stockholders' equity accounts have the following balances as of January 1, 2016: 12% preferred stock, cumulative, $50 par, 10,000 shares issued and outstanding $ 500,000 5 Common stock, $10 par (100,000 shares issued and outstanding) 1,000,000 Additional paid-in capital: common 1,000,000 6 1,000,000 7 Retained earnings 3,750,000 8 Total stockholders' equity 6,250,000 9 10 Annapolis…
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合日 Document1 Q. Search in Document Home Insert Draw Design Layout References Mailings Review View + Share a A. A- E -E - E , E E Times New R... - AaBbCcDc AaBbCcDdEe AaBb( AabbCcDdEe AaBbCcDdEe AaBbCcDdEe AgBbCcDdEe AgBbCcDdEe Paste в I U - abe X, x2 Normal Heading 1 Subtle Emph.. Emphasis Styles Pane No Spacing Heading 2 Title Subtitle You are considering opening your own restaurant. To do so, you will have to quit your current job, which pays $46k per year, and cash in your life savings of $200k, which have been in a certificate of deposit paying 6% per year. You will need this $200k to purchase equipment for your restaurant operations. You estimate that you will have to spend $4k during the year to maintain the equipment so as to preserve its market value at $200k. Fortunately, you own a building suitable for the restaurant. You currently rent out this building on a month-by-month basis for $2,500 per month. You anticipate that you will spend $50k for food, $40k for extra help, and…
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ssignments x signment/assignmentOverview.do?filterMode=all&studentCourseSelector=199635 9 Cookie Graces Sady Teels Final Which of the following has the steps of the accounting cycle in the proper sequence? (Some Score steps may be missing.) Attempt a. analyze and record transactions, post transaction to the ledger prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting Score entries b. prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries C. prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger analyze and record transactions, post transactions to the ledger Commen d. analyze and record transactions, post transactions to the ledger, prepare a…
how do you do adjusting entries?