The financial year for uChampion (UC) ends on 31 May. The following adjusting entries need to be recorded for the month ending 31 May 2022: 1The Revenue ledger balance includes unearned revenue. 320 2The Repairs expense incurred but not paid at year-end. $360 The supplies account had a $50 debit balance on 1 June 2021. 3Supplies of $370 were purchased during the year and supplies $? of $60 are on hand as at 31 May 2022. 4Depreciation on Motor Vehicle is yet to be recorded. $350 5. The Insurance Expense ledger balance includes amount for insurance in June 2022. $300 The business paid for a Professional Secretary (PS) Magazine 6annual subscription on 1 December 2021. The prepaid subscription for the full year was.... $720 Required: Journalise the required adjusting entries for the month of May. Narrations are not required. You calculate $?

The financial year for uChampion (UC) ends on 31 May. The following adjusting entries need to be recorded for the month ending 31 May 2022: 1The Revenue ledger balance includes unearned revenue. 320 2The Repairs expense incurred but not paid at year-end. $360 The supplies account had a $50 debit balance on 1 June 2021. 3Supplies of $370 were purchased during the year and supplies $? of $60 are on hand as at 31 May 2022. 4Depreciation on Motor Vehicle is yet to be recorded. $350 5. The Insurance Expense ledger balance includes amount for insurance in June 2022. $300 The business paid for a Professional Secretary (PS) Magazine 6annual subscription on 1 December 2021. The prepaid subscription for the full year was.... $720 Required: Journalise the required adjusting entries for the month of May. Narrations are not required. You calculate $?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 8RE: At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a...

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The balance in the Prepaid Insurance account before adjustment at the end of the year is P7,200, which represents twelve months’ Insurance purchased on December 1. The adjusting entry required on Dec. 31, 2018 is a. debit Prepaid Insurance, P7,200; credit Insurance Expense, P7,200 b. debit Insurance Expense, P600; credit Insurance Payable, P600 c. debit Insurance Expense, P6,600; credit Prepaid Insurance, P6,600 d. debit Prepaid Insurance, P600; credit Insurance Expense, P600 e. debit, Insurance Expense, P600; credit Prepaid Insurance, P600
On July 1, Orcas Lab issued a $200,000, 7%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?
The ledger of XYZ Ltd, on December 31, 2019, includes the below information before applying the adjusting entries for the whole month: Prepaid Insurance $ 2,640 Supplies $2,000 Motor Vehicle (book value) $9,000 Accumulated Depreciation—MV $6,000 Additional information on 31 December: Note payable interest should be paid monthly on the outstanding amount of $12000 and 12% per annum. Insurance expires at the rate of $220 fortnightly. Supplies on hand are total $2000. The Motor Vehicle useful life is 5 years. Calculate the correct adjusting entries required for the December. Motor Vehicle depreciation expense? Interest on borrowing? Supplies consumed? Insurance expires?
On December 31, 2019, Mason Company made following proper year-end adjusting entries: 1. Prepare journal entries to record whatever reversing entries you think appropriate. 2. Explain your reasoning for each reversing entry.
How to adjust (adjusting entries) this and write in general journal As of December 32,2020, Joy estimated that 8,000 accounts receivable becomes uncollectible, hence requiring adjustments.
The beginning balance represented the unexpired portion of a one-year policy On Nov. 30, 2019, the end of fiscal year, the following information is available to enable year were P45,260. The ending inventory revealed supplies on hand of P 13,970. Preparing the Adjusting Entries at Year-End a. The Supplies account showed a beginning balance of P21,740. Purchases during the you you to prepare Edgar Detoya Research and Development adjusting entries: b. The Prepaid Insurance account showed the following on November 30. Beginning balance July 1 P35,800 42,000 October 1 72,720 The beginning balance represented the unexpired portion of a one-yeal pand purchased in September 2018. The July 1 entry represented a new one-year policy, eme the Oct. 1 entry is additional coverage in the form of a three-year policy. c. The following table contains the cost and annual depreciation for buildings ana equipment, all of which the entity purchased before the current year: Annual Depreciation P145,000…
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due = $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,565. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $14,135; (b) the amount of unexpired insurance applicable to future periods is $4,430. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Prepare the adjusting entries on December 31, 2019, the end of the annual accounting period,on the following independent data. Show your computations after each entry.1. The Insurance Expense account had a debit balance on December 31, 2019 of P 36,000 representing premium for a 2-year fire insurance policy effective October 1, 2019.2. Rent Income was credited for P 18,000 on November 1, 2019 representing nine months rent collected in advance.3. Equipment per general ledger on December 31, 2019 shows a balance of P 372,000. Equipment acquired during the year was P 52,000 on April 1, 2019. All equipment is to be depreciated at the rate of 25% per annum.4. As of December 31, 2019, commissions already earned but not yet collected amounted to P 48,000.5. Office Supplies costing P 9,000 bought during the period was debited to the Office Supplies account. Of the amount, P 5,000 were consumed during the year.6. Unearned Service Fees account showed a credit balance of P 80,000 pergeneral…
On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30? December 31 September 30
At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000