FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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December 31, 20, according to the
Adjustment data reveals that Unpaid Salaries are 1,075.00
Journalize the
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- 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_forwardThe following adjusting entry for accrued wages was recorded on December 31:Dec. 31 Wages Expense 5,500 Wages Payable 5,500a. Journalize the reversing entry that would be made on January 1 of the next period.b. Assume that the first paid period of the following year ends on January 6 and that wages of $61,375 were paid. Journalize the entry to record the payment of the January 6 wages.c. Journalize the entry to record the payment of the January 6 wages assuming that a reversing entry was not made on January 1.d. What is wages expense for the period January 1–6?arrow_forwardOn October 1, Vista View Company rented warehouse space to a tenant for $2,100 per month and received $10,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting perlod ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $10,500. $6,300. $2,100. $8,400. $4,200. MacBook Airarrow_forward
- The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional Information relates to the required year-end adjustments. a. As of December 31, employees had earned $717 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,276 of salaries will be paid. b. Cost of supplies still available at December 31 total is $2,160. c. An interest payment is made every three months. The amount of unrecorded accrued interest at December 31 is $1,275. The next Interest payment, at an amount of $1,530, is due on January 15. d. Analysis of Unearned Revenue shows $4,480 remaining unearned at December 31. e. Accrues $7,213 of revenue for services provided. Payment will be collected on January 31. f. Depreciation expense is $10,184. Required: 1. Complete the six-column table by entering adjustments that reflect the above information. 2. Prepare journal entries for adjustments entered in the six-column table for…arrow_forwardAt December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5.100 and Service Revenues of $33,900. Obligations for one-half of the deferred revenue have been fulfilled as of December 31. Requlred: 1. Prepare the adjusting journal entry on December 31. 2 Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.arrow_forwardIncluded in Blossom’s December 31 trial balance is unearned revenue of $12,600. Management reviewed the company’s progress on the underlying contracts and determined that $4,000 of revenue should be recognized. Prepare Blossom’s December 31 adjusting entryarrow_forward
- The balance in the unearned fees account, before adjustment at the end of the year, is $36,950. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $14,440.arrow_forwardAdjustment for Wages On December 31, the trial balance shows wages expense of $1,200. An additional $400 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)arrow_forwardDecember 31, 20, according to the Trial Balance, the Office Supplies account has a balance of 2,100.00.Adjustment data reveals that 960.00 of office supplies are on hand at the end of the period.Journalize the adjusting entry.arrow_forward
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