PREPARATION OF ADJUSTING JOURNAL ENTRIESthank you! From the following given data, prepare adjusting journal entries for the year endedPreparation of Adjusting Journal EntriesDecember 31, 20A:1 Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplieswere actually used. Expense method was used in payment of supplies.2) A P48,000 6%, 120-day note was received from a client dated Nov. 1, 20A. Theinterest was not yet collected at the end of the accounting period.3) Before adjustments, the balance of laundry supplies inventory was P35,000.Physical count of supplies inventory was P15,000.4) An office equipment was acquired on May 31, 20A for P150,000. The officeequipment has an estimated life of 5 years without scrap value.5) A copying machine was rented on November 30, 20A at P1.00/copy ofproduction. It reported to have produced 300 copies as of December 31, 20A.No payment was made as of this date.

Adjusting entries are those journal entries which are passed at the end of the period in order to…

Answered: From the following given data, prepare…

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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Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 December 7. Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 7% note dated December 7. December 31. Recorded an adjusting entry for accrued interest on the note of December 7. December 31. Recorded the closing entry for interest revenue. 20Y8 February 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. If required, round the interest to the nearest cent. 20Y7, Dec. 7 Dec. 31 Dec. 31 20Y8, Feb. 5
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $66,000, 60-day, 7% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Notes Receivable Accounts Receivable-Unitarian Clothing and Bags Co. Dec. 31 Interest Receivable Interest Revenue Dec. 31 Interest Revenue Retained Earnings 20Y8, Feb. 5 Cash Notes…
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 9% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Notes ReceivableNotes Receivable Accounts Receivable-Unitarian Clothing and Bags Co.Accounts Receivable-Unitarian Clothing and Bags Co.Dec. 31 Interest ReceivableInterest Receivable Interest…
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Υ7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 6% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Υ8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Notes Receivable - 60,000 Accounts Receivable-Unitarian Clothing and Bags Co. ► 60,000 Dec. 31 Interest Receivable - v Interest Revenue ▪ Dec. 31 Interest Revenue ♥ V Retained Earnings - 20Y8, Feb. 5 Cash - V Notes Receivable - Interest…
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3Nov. 21. Received from McKenna Outer Wear Co., on account, a $78,000, 60-day, 6% note dated November 21 in settlement of a past due account.Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21.20Y4Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 Dec. 31 20Y4, Jan. 20
Entries for notes receivable, including year-end entries The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $42,000, 60-day, 10% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 fill in the blank 2 fill in the blank 4 Dec. 31 fill in the blank 6 fill in the blank 8 20Y4, Jan. 20 fill in the blank 10 fill in the blank 11 fill in the blank 13 fill in the blank 14 fill…
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 9% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Υ4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 Dec. 31 20Y4, Jan. 20
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $78,000, 60-day, 6% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 Dec. 31 20Y4, Jan. 20
A. More Review Show (MRS) prepares quarterly statements. Thebookkeeper presented to you the records and you found out the following account balancesbefore adjustments for the quarter ended March 31, 200B:1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B2. The balance of the prepaid insurance account of P22,000 represents a one-year policycontracted last November 1, 200A for P10,000 and a two-year policy contracted last July 1, 200A for P12,0003. The balance of the prepaid rent account of P50,000 pertains to advance rent paid lastDecember 1, 200A six months effective on the same date.4. The rate per day for each of the four shop workers is P350. MRS pays the weekly salaries of its workers every Monday of the following week ( a week consisting of five days from Monday to Friday). March 31, 200B falls on Thursday.5. Mortgage notes payable had a credit…
Make the corresponding journal entries to report short-term liabilities. Make the journal entries. Make the adjusting entries for each expense accrued at the end of the year. The cost of the product warranty is $7,000. a. Journalizes the remaining interest on the Home Depot account. Date Transaction 2 February Merchandise was purchased on credit for $310,000 with a term of n/45 at Pueblo Caribe. 4 March Air Caribe provided a 5% note for $120,000 to Pueblo Caribe with a term of 30 days on credit. 6 May Pueblo Caribe paid the amount of the March 4 note. 10 May Consoles were purchased from Aire al Mayor for $75,000 on a 90-day note with a 4% discount. With payments of 25,000 per month. 12 June Borrowed (short term note/note payable) 30 days at 3% for $240,000 from Bank City. 15 June The past due amount of the May 10 transaction was paid. A customer purchased $2,000 of merchandise in cash. 18 July The…

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