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What is the adjustments of these transactions

What is the adjustments of these transactions

FINANCIAL ACCOUNTING
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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What is the adjustments of these transactions

The Unadjusted Trial Balance of the Hoba Dance Clinic as of December 31, 2011 is shown below. Hoba Dance Clinic Unadjusted Trial Balance December 31, 2011 ACCOUNT TITLE DEBIT CREDIT Cash 472,000 25,000 16,000 3,700 Accounts Receivable Notes Receivable Office Supplies Prepaid Rent Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable 93,000 112,000 20,000 55,000 40,000 Unearned Professional Fees J. Hoba, Capital J. Hoba, Withdrawals 194,500 9,600 Professional Fees 716,800 Advertising Expense Salaries Expense Utilities Expense 26,000 176,000 93,000 TOTAL 1,026,300 1,026,300
Transcribed Image Text:The Unadjusted Trial Balance of the Hoba Dance Clinic as of December 31, 2011 is shown below. Hoba Dance Clinic Unadjusted Trial Balance December 31, 2011 ACCOUNT TITLE DEBIT CREDIT Cash 472,000 25,000 16,000 3,700 Accounts Receivable Notes Receivable Office Supplies Prepaid Rent Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable 93,000 112,000 20,000 55,000 40,000 Unearned Professional Fees J. Hoba, Capital J. Hoba, Withdrawals 194,500 9,600 Professional Fees 716,800 Advertising Expense Salaries Expense Utilities Expense 26,000 176,000 93,000 TOTAL 1,026,300 1,026,300
On December 31, 2011 the following data were accumulated for making the adjusting entries: a. The notes receivable represents the notes received from a customer last November 16, 2011 with an 18% interest. b. The prepaid rent has a beginning balance of P54,000 for rent for the months of January to June 2011. The remaining balance of 39,000 was for the months of July 1 2011 to July 31 2012. c. Salaries earned by casual employees but unpaid amounted to P4,000. d. The company bought all of its equipment last January 1, 2009. The equipment has an estimated residual value of P12,000 with 10 years of useful life. The company uses the straight line depreciation method. e. P800 unused supplies remain on hand. f. The company received professional fees of P14,000 in advance on December 1 of which 80% has been earned. g. The accountant of Hoba Dance Clinic thinks that P15,000 of accounts receivable deemed to be uncollectible.
Transcribed Image Text:On December 31, 2011 the following data were accumulated for making the adjusting entries: a. The notes receivable represents the notes received from a customer last November 16, 2011 with an 18% interest. b. The prepaid rent has a beginning balance of P54,000 for rent for the months of January to June 2011. The remaining balance of 39,000 was for the months of July 1 2011 to July 31 2012. c. Salaries earned by casual employees but unpaid amounted to P4,000. d. The company bought all of its equipment last January 1, 2009. The equipment has an estimated residual value of P12,000 with 10 years of useful life. The company uses the straight line depreciation method. e. P800 unused supplies remain on hand. f. The company received professional fees of P14,000 in advance on December 1 of which 80% has been earned. g. The accountant of Hoba Dance Clinic thinks that P15,000 of accounts receivable deemed to be uncollectible.
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