exam 6 5 questions answered notes

You discovered the following errors in connection with your examination of the Chapter 6 - Correction of Errors PROBLEM 6-2 Counterbalancing Errors You discovered the following errors in connection with your examination of the financial statements of Jane Corporation: Accrued rent expense of P10,000 was not recorded at the end of 2020. 2) Accrued interest receivable of P15.000 was not recorded at the end of 2020. 3) 1) S) The company paid one-year insurance premium of P24,000 effective April 1 2020. The entire amount was debited to expense account and no adjustment was made at the end of 2020. 4) The company leased a portion of its building for P48,000. The term of the lease is one year ending April 30, 2021. Collection of rent was credited to rent revenue account. At the end of 2020, no entry was made to take up the unearned portion of the amount collected. The following data were extracted from the financial statements of Jane Corporation: 2020 2021 100,000 300,000 100,000 Net income…

in december 2022, the fixed monthly insurance debit order was not processed due to an oversight by insurance company. this was rectified by Ss managing director, sam who informed the insurance company. On 2 January 2023 the insurance DEBIT order was processed twice, resulting in total deduction of R55000 from Ss bank account. the trail balance needs to be adjusted to account for this. Prepare the adjustment journal entries

Based on the given data, prepare the adjusting entries assuming errors were discovered in the following years: a. 2020 b. 2021 c. 2022

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BB Trading Ltd.used the allowance method to estimate impairment loss of receivable. An aging of account receivable revealed the following: Aging Group               $.                 Estimated%                                                              Uncollectible 1-30 days old          65,000                    1 30-60 days old        10,000.                  15 more than 60 days old.     4000           40   Total Accounts Receivable.   $79,000   A debt balance of $500was shown in the Allowance for Impairment on 31December 2015 immediately BEFORE the year-end adjustments  a) Compute the balance that should be reported in the Allowance foe impairment at 31 December 2015. b)Prepare an adjusting entry on 31 December 2015 to recognize the impairment loss of receivable. Explanation of Journal Entry is not required. c) Determine the expected net realizable value of the accounts receivable as of 31 December 2015.

3.  Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).$fill in the blank c1967008e049075_1 4.  Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ½ of 1% of the sales of $8,760,000 for the year, determine the following: a.  Bad debt expense for the year. b.  Balance in the allowance account after the adjustment of December 31. c.  Expected net realizable value of the accounts receivable as of December