I need the adjusting entries with amounts for letters A-D. The capital is 301,000 Bf the partnership.AllaMerchandise16 -5Accounts PayablP. Sanico, CapitJohn Mark Cadua who has been in business for a quite long time has decided to venturein partnership business with Michael Auditor. The Statement of Financial Position ofCadua prior to the inception of the partnership revealed the following balances:Jay Raymond Delfin of(fair market value of pCashAccounts ReceivableP 85,000a. The Accountsform part of hAllowance for Doubtful AccountsMerchandiseEquipmentAcc. Depreciation-EquipmentAccounts PayableJ. Cadua, Capital60,0004,000120,000b. The Accountbe treated a150,00030,00080,000c. Sanico mathree fourAs agreed, Auditor will contribute cash equal to one-half (1/2) of the capital balance ofCadua after taking into account the following adjustments:How mthe recQ-1a. The allowance for doubtful accounts is over set-up by P3,000.b. Merchandisebe valuedP105,000 due to obsolescence.a. P2C. The equipment is under depreciated by P15,000.d. Accounts Payable was overstated by P4,000 due to recording of an expense.Q-2Howcond

Adjusting entries are those entries which are passed to reflect all financial statement accounts…

Answered: I need the adjusting entries with…

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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Similar questions

5. The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accounts Receivable 244,536 Inventories 130,035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 Notes Payable 210,000 X, capital 681,976 And the following accounts and balances were taken from the records of Y: Cash P 32,354 Accounts Receivable 577,890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438,267 Other Assets 13,600 Accounts Payable 253,650 Notes Payable 355,000 Y, capital 768,352 X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless in X & Y respective books. b) Accounts Receivable of P25,000 X's book and P30,000 in Y's book are uncollectible c) Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off. How much asset does the partnership have? *
Paid the electricity expense, $12,435. What would be the correct entry into the General Journal?
For April 8 ($11,416) and April 20 ($8,827), the values are incorrect. What are the correct values and how would you go about solving them?
The owner's Capital account has a pre-closing balance of $36,000, on the 31st December 2020. The owner's Drawings account has a pre-closing balance of $13,600, on the 31st December 2020. The Income Summary account contains a Debit entry of $31,600 and a Credit entry of $66,000. Question: Considering the information above, the post-closing balance of Capital on the 31 December 2020 would therefore be: Select one: O a. $34,400 O b. $ 70,400 c. $22,400 O d. $56,800
The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be: Multiple Choice debit Capital $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Capital $11,000 debit Drawing $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Drawing $11,000
Accounts Receivable $160,250 Accumulated Depreciation-Building 783,500 Administrative Expenses 524,850 Building 2,563,700 Cash 184,450 Common Stock 306,600 Cost of Goods Sold 3,721,950 Dividends 185,600 Interest Expense 9,550 Inventory 1,005,950 Notes Payable 254,900 Office Supplies 20,800 Retained Earnings 1,324,350 Salaries Payable 8,100 Sales 6,255,450 Selling Expenses 692,550 Store Supplies 89,550
I see the end portion. But it doesn't provide how they came up with that answer. Like the journal entries for each year showing all the purchases, adjustments, end of year, etc. Could you break it down by year showing how each one was obtained?
Assets Cash Receivables (net) Inventory PP & E (net) Patents&Licenses Goodwill Total assets Liabilities & Equity Accounts payable Short term debt Long term debt Preferred stock Common Equity Total Liabilities + Equity New Chip Corp Balance Sheet at 12/31/22 ($ in Millions) 31 45 64 215 28 19 402 53 19 179 23 128 402
Why is the credit memo only for 4950 when it is stated as 5000
a) Setup cost = b) Setup time = (round your response to two decimal places). minutes (round your response to two decimal places).
Typed and correct answer please. I will rate accordingly.

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