ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Chapter 4, Problem 1E
To determine
Introduction: A worksheet is a multiple-column form that is prepared by the companies at the end of an accounting year to use as a device in preparing the
To prepare: The complete worksheet.
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Comprehensive On November 30, 2019. Davis Company had the following account balance.
During the month of December, Davis entered into the following transactions:
Required:
a.Prepare generaljournal entries to record the preceding transactions.
b.Post to general ledger T accoun
c.Prepare a year-end trial balance on a worksheet and complete theworksheet using the following information: (a) accrued salaries at year-end total s1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 yean with no residual value;(c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e)the income tax rate is 30%; income taxes are payable in the first quarter of
d.Prepare the companis financial statements for 2019.
e.Prepare the 2019 (a) adjusting and (b) closing entries in the general journal.
Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,250 ($1,750/month).
1.&2. Record the necessary entries in the Journal Entry Worksheet below.
3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0).
Deferred revenue ending balance:____________
Service revenue ending balance: _____________
Please see the attached photo.
Make the adjustments and adjusted trial balance.
Additional information for adjustments:
a. On December 31, a physical count of the office supplies reveals thatP15,300 worth of supplies are available at the end of the month.
b. On December 31, one month of the prepaid rent of P18,000 has been usedup.
c. The office equipment purchased by Mr. M for P324,000 on December 2,2020 is expected to last six years with no residual value.
d. On December 5, Mr. M signed a four-month contract to perform work for P7,500 per month with the entire contract price of P30,000 received inadvance.
e. At the close of business, December 30, 2020 the employee has worked oneweek during December for which salaries of P8,100 are not paid untilJanuary 2021.
f. The two-year bank loan obtained by the company amounting to P360,000has a 10% annual interest rate payable every November 30.
g. On December 2, 2020, Mr. M entered into a one-year contract with a local company. Mr. M agreed to…
Chapter 4 Solutions
ACCOUTING PRIN SET LL INCLUSIVE
Ch. 4 - Prob. 1QCh. 4 - 2. Explain the purpose of the worksheet.
Ch. 4 - 3. What is the relationship, if any, between the...Ch. 4 - Prob. 4QCh. 4 - Prob. 5QCh. 4 - Prob. 6QCh. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - 9. Which of the following accounts would not...Ch. 4 - 10. Distinguish between a reversing entry and an...
Ch. 4 - Prob. 11QCh. 4 - Prob. 12QCh. 4 - Prob. 13QCh. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - Prob. 16QCh. 4 - Prob. 17QCh. 4 - Prob. 18QCh. 4 - Prob. 20QCh. 4 - Prob. 21QCh. 4 - BE4-1 The steps in using a worksheet are presented...Ch. 4 - Prob. 2BECh. 4 - Prob. 3BECh. 4 - Prob. 4BECh. 4 - Prob. 5BECh. 4 - Prob. 6BECh. 4 - Prob. 7BECh. 4 - BE4-8 The steps in the accounting cycle are listed...Ch. 4 - Prob. 9BECh. 4 - Prob. 10BECh. 4 - Prob. 11BECh. 4 - Prob. 12BECh. 4 - Prob. 1DIECh. 4 - Prob. 2DIECh. 4 - DO IT! 4-3 Hanson Company has an inexperienced...Ch. 4 - Prob. 4DIECh. 4 - Prob. 1ECh. 4 - E4-2 The adjusted trial balance columns of the...Ch. 4 - E4-3 Worksheet data for Savaglia Company are...Ch. 4 - E4-4 Worksheet data for Savaglia Company are...Ch. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - E4-10 Renee Davis has prepared the following list...Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - P4-1A The trial balance columns of the worksheet...Ch. 4 - P4-3A The completed financial statement columns of...Ch. 4 - P4-5A Anya Clark opened Anya’s Cleaning Service on...Ch. 4 - Prob. 7EYCTCh. 4 - Prob. 1ISTQCh. 4 - Prob. 2ISTQCh. 4 - Prob. 3ISTQCh. 4 - Prob. 4ISTQCh. 4 - Prob. 1IFRECh. 4 - Prob. 2IFRECh. 4 - Prob. 3IFRECh. 4 - Prob. 4IFRE
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- Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $6,000 ($2,000/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0). 1 Record the rental of a vehicle to a customer for three months, receiving cash of $6,000 ($2,000/month) on November 1. 2 Record the adjusting entry for the rental on December 31.arrow_forwardDesigner Architects had the following additional information at its November 30, 2020, year-end: The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30: EI*Premium IncomeTaxes* CPP* TotalDeductions NetPayable OfficeSalaries SalesSalaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00 *These values are based on assumed payroll deductions.**The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively. The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required:Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) Analysis Component:If the above entries are not recorded on November 30, 2020, what is the effect on the…arrow_forwardPlease make the adjustments for December 31,2020. That is complete data. Thanksarrow_forward
- INSTRUCTIONS: (1) Complete the adjustments section of the worksheet [WS]. Use the following information regarding unadjusted items. (a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. Accrued Expense (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. Accrued Income (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. Prepaid Expense (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an…arrow_forwardRecord journal entries for the following transactions. a. On December 1, $14,000 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 Accounts Receivable 14,000 Fees Earned 14,000 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not reguire an entry, leave it blank. Dec. 31 dropdown Nextarrow_forwardOn June 1 , Michelob signed up and paid $1,200 to Master Brewer Inc. for a 6 monthbrewing course that started on the same date. As of July 31st, Master Brewer'saccounting records would indicate: $400 of revenue, $800 of accounts receivable $400 of revenue, $800 of deferred revenue $1,200 of revenue, $1,200 of cash $800 of revenue, $400 of accounts receivablearrow_forward
- Please do not give solution in image format ? And explain proper steps by Step.arrow_forwardAt January 31, 2021, the balance in Foster Inc.'s Supplies account was $750. During February, Foster purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the Supplies account should be $525 debit. $975 debit. $525 credit. $775 debit.arrow_forwardAssuming a year-end in March 31,it is now April 4.A staff member asks you to process an unpaid invoice with details as follows: The invoice is for bus transportation in the amount of P800 and is dated April. The invoice indicates the charges relate to transportation on March 20.A transfer is processed to pay the invoice on April 7. Hiw would you proceed? You may describe how you would record the transaction in the general ledger, including a description of journal entries and the dates each item will be recordedarrow_forward
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