Additional information:1.2.8.3.(a)4.9.10.5.6.7.8.9.On November 1, 2023, Pronghorn received $10,260 rent from its lessee for a 12-month lease beginning on that date. Thiswas credited to Rent Revenue.1.Pronghorn estimates that 6% of the final Accounts Receivable balance on December 31, 2023, will be uncollectible. OnDecember 28, 2023, the bookkeeper incorrectly credited Sales Revenue for a receipt of $1,000 on account. This error hadnot yet been corrected on December 31.After a physical count, inventory on hand at December 31, 2023, was $80,000.Prepaid insurance contains the premium costs of two policies: Policy A, cost of $1,320, two-year term, taken out on April 1,2023; Policy B, cost of $1,656, three-year term, taken out on September 1, 2023.2.The regular rate of depreciation is 10% of cost per year. Acquisitions and retirements during a year are depreciated at halfthis rate. There were no retirements during the year. On December 31, 2022, the balance of Equipment was $89,500.On April 1, 2023, Pronghorn issued at par value 60 $1,000, 10% bonds maturing on April 1, 2024. Interest is paid on April 1and October 1.On August 1, 2023, Pronghorn purchased at par value 18 $1,000, 10% Larkspur, Inc. bonds, maturing on July 31, 2025.Interest is paid on July 31 and January 31.On May 30, 2023, Pronghorn rented a warehouse for $1.030 per month and debited Prepaid Rent for an advance paymentof $12.360.Pronghorn's FV-NI investments consist of shares with total market value of $9,280 as at December 31, 2023.Prepare the year-end adjusting and correcting entries for December 31, 2023, using the information given. Record the adjustingentry for inventory using a Cost of Goods Sold account. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter O for the amounts.)On May 30, 2023, Pronghorn rented a warehouse for $1,030 per month and debited Prepaid Rent for an advance paymentof $12,360.Pronghorn's FV-NI investments consist of shares with total market value of $9,280 as at December 31, 2023.The FV-OCI investment is an investment of 470 shares in Yop Inc., with current market value of $20 per share as atDecember 31, 2023.No. Account Titles and ExplanationDebitCredit The unadjusted trial balance of Pronghorn Ltd., a public company following IFRS, at December 31, 2023, is as follows:CashAccounts receivableAllowance for doubtful accountsFV-NI investmentsInventoryPrepaid insurancePrepaid rentFV-OCI investmentsBond investment at amortized costLandEquipmentAccumulated depreciation-enuinmentPurchasesPurchase discountsFreight outFreight inSalaries and wages expenseInterest expenseDebit$10,750Miscellaneous expense58,3008,30057,4002,97611,20014,75018,000Accumulated depreciation-equipmentAccounts payableBonds payableCommon sharesRetained earningsSales revenueRent revenue10,400102,500Credit$74517600168,5008,5503,45027,0005,40080517,6008,20060,000101,10086,676220,90010,2602,800$508,281 $508,281

Name: Additional information:1.2.8.3.(a)4.9.10.5.6.7.8.9.On November 1, 202
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Description: Additional information:1.2.8.3.(a)4.9.10.5.6.7.8.9.On November 1, 2023, Pronghorn received $10,260 rent from its lessee for a 12-month lease beginning on that date. Thiswas credited to Rent Revenue.1.Pronghorn estimates that 6% of the final Accounts

Adjusting entries are the entries passed at the end of the period to record the expenses incurred…

Business

Accounting

The unadjusted trial balance of Pronghorn Ltd., a public company following IFRS, at December 31, 2023, is as follows: Cash Accounts receivable Allowance for doubtful accounts DVENT. Debit $10,750 58,300 Credit $745

The unadjusted trial balance of Pronghorn Ltd., a public company following IFRS, at December 31, 2023, is as follows: Cash Accounts receivable Allowance for doubtful accounts DVENT. Debit $10,750 58,300 Credit $745

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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