What I Can DoActivity 9-4As a senior high school in your school, you were required to undergo WorkImmersion in a bank. You were assigned in accounting department and yourimmediate superior instructed you to conduct an audit to the followingtransactions:1. The bank acquired Furniture and Fixtures last February 1, 2020 forP125,000. The said asset has a salvage value of P20,000 after its estimateduseful life of 10 years.2. The payment for one-year rent of P96,000 dated January 1, 2020 wasdebited to Prepaid Rent.3. The Notes Receivable of P200,000 dated February 29, 2020 with 15%interest is collectible after six months.Prepare the adjusting journal entries as of June 30, 2020 (with computation ingood form)AssessmentTest I: True or FalseWrite TRUE if the statement is corect and FALSE if the statement is incorrect.1. All adjusting entries require to analyze the source document before theyrecorded.2. Prepaid expense is an expense account with a debit normal balance.17

Adjusting entries seem to be journal entries that are entered at the completion of an accounting…

vere required to undergo accounting department a ct an audit to the followin tures last February 1, 20 ge value of P20,000 after 000 dated January 1, 20 ed February 29, 2020 wi une 30, 2020 (with comE

vere required to undergo accounting department a ct an audit to the followin tures last February 1, 20 ge value of P20,000 after 000 dated January 1, 20 ed February 29, 2020 wi une 30, 2020 (with comE

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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Adjusting entry: On 1 December 2019, Count-On-Us Pty Ltd invested $50,000 in a term deposit at Commonwealth Bank. Interest is received after one year and the interest rate is 6% p.a. Instructions: Record the adjusting entry for the year ending 30 June 2020 by selecting the correct accounts and amounts that are debited and credited.
TO: Bill Bugnay MEMORNDUM FROM: M. Lasker Please make the GST Remittances (nomally monthly) to the Receiver General for November (#2147) now as we will be closed until January 5.20XX + 1. For Computer Software Applications: November Detail Sales for GST purposes Purchases for ITC purposes Owing (December 1 Balance carried Forward) GST $1,000,000 $50.000 $759,000 $37.950 $12.050 (#2147) Thanks Arif Record the transaction in the general journal.
Please assist Should Plant World agree to deduct R500 from the invoice amount, how will this (2)
Universal Travel Incorporated borrowed $518,000 on November 1, 2024, and signed a twelve-month note bearing interest at 6% Prinopal and interest are payabl amount of interest payable that should be reported by Universal Travel Incorporated on December 31, 20257 Mutiple Choice 50 $31000 $5.00 $040
make journal entries for recording interest income and interest received and recognition of FV at dec31, 2023, 2024, and 2025. the entries should be: to record interest collected (3 lines) to record Fair value adjustment to record interest collected (3 lines) to record Fair value adjustment to record interest collected (3 lines) to record gain or loss Dont use AI Tools. Thank you
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Notes Receivable (short term) Accounts: Notes Receivable Interest Receivable Interest Income (or Interest Revenue) Terms: Maturity Value Face Value Issue Date Promissory Note Has a Face Amount, a Term, and an Interest Rate (expressed as an annual percentage) Need to calculate the due date of the note. Example: Assume that a 120-day note is signed on March 11. What is the maturity date of the note? Term of the note Days that pass in March: Chapter 8-Receivables Number of days in March 31 Date of the note 11 Number of days left Days that pass in April Number of days left Days that pass in May Number of days left Days that pass in June Number of days left 9931; therefore, the due date is July 9 Interest is not charged on the date the note is signed. Therefore, you should begin counting on the day after the date on the note to determine the due date. 120 Does it really matter whether you collect the note on July 9 or July 10? Accepting payment on a note one day late without charging…
Subject: accounting
Upon checking, the book of Meraki on December 31, 2020 is composed of the following:· Cash on Hand- P50,000· Demand Deposit- P200,000· Time Deposit, 30 days- P100,000· DAIF Check of customer- P4,000· Money market placement (due June 30, 2021)- P150000· Savings Deposit in a closed bank- P10000· IOU from employee- P2000· Pension Fund- P300000· Petty Cash Fund- P1000· Customer’s Check dated January 1, 2022- P5000· Customer’s Check outstanding for 18 months- P4000· Unused credit line- P50000 Additional information: a. P20,000 check was recorded as payment in December 31, 2020 but is mailed on January 5, 2021 to the suppliers. b. On December 31, 2020 a check dated January 15, 2021 of P10,000 in payment of accounts payable was recorded and mailed. c. While the Cash Receipt Journal is open until January 15, 2021, an amount of P40,000 was collected and recorded on December 31, 2020. d. The company uses the calendar year.…
For attached data table: Request: Make initial entry, from the point of view of the borrower (who receives a loan), separating short- and long-term portion of the loan. Make appropriate entries to be made on 31 August 2023, not forgetting reclassification from long term to short term.
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
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