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Unearned rent is the amount of revenue received in advance. It is in the nature of liability. The amount which is earned is adjusted against it using adjustment entry.
We given in the question that,
Unearned revenue account shows the balance of $1,200.
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- 24. Miller Company's allowance for doubtful accounts was P1,000,000 at the end 20XX and P900,000 at the end of 20XX-1. For the year ended December 31, 20XX, Mill reported doubtful accounts expense of P160,000 in its income statement. What amount did Mill debit to the appropriate account in 20XX to write off uncollectible accounts?9. Unearned rent, Jan. 1 P170,000 Unearned rent, Dec. 31 85,000 Accrued rent income, Jan. 1 180,000 Accrued rent income, Dec. 31 200,000 Rental payments received 560,000 How much is the Rent income under the accrual basis accounting? a. 455,000 b. 625,000 c. 665,000 d. 645,00038. The company’s accounts receivable under “61-90 days” category totaleda. P32,600b. P44,320c. P44,600d. P42,000 39. The allowance for bad debts to be reported on the balance sheet at December 31, 20x7, isa. P13,199b. P6,199c. P9,699d. P9,043 40. What entry should be made on December 31, 20x7, to adjust the allowance for bad debts account?a. Bad debt expense 13,699Allowance for bad debts 13,699b. Bad debt expense 5,199Allowance for bad debts 5,199c. Allowance for bad debts 5,199Bad debts expense 5,199d. Bad debt expense 9,699Allowance for bad debts 9,699
- 23.K-Pop Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?113 At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3? B. $16,600 $12,600 C. $30,600 $48,60028. On July 01, 2011, a company leased a piece of land under a 3-year lease. Total rent for the term of the lease will be P3,600,000 payable as follows. All payments were made when due. 12 months at P50,000 P600,000 12 moths at P75,000 P900,000 12 months at P175,000 P2,100,000
- 17.The following information is provided: Unadjusted balance in Allowance for Doubtful Accounts $1,100 (debit)Accounts Receivable, December 31 245,500Sales Returns and Allowances 5,500Sales 850,000Sales Discounts 15,000 Required:1. Prepare the adjusting entry if bad debts are estimated to be 1.5% of net sales.2. Compute the amount of the adjusting entry if bad debts are estimated to be 3% of ending accounts receivable.12- Due to the concept of periodicity, interest, rent, etc. collected in the current period but concerning the future period. In which account are some incomes, such as, temporarily monitored? a) 380 Revenues for Future Months Hs. B) 181 Income Accruals Hs. NS) 642 Interest Income Hs. D) 649 Other Ordinary Income and Profits Hs. TO) 647 Rediscount Interest Income HsEA7. LO 4.3 Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.
- Suppose the balance in the Allowance for Doubtful Accounts at the end of year is a $400 Debit balance before adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would Bad Debt Expense be reported in the current year's income statement? A. $400 B. $2,800 C. $3,600 D. $3,2003. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).$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 DecemberHide or show questions Progress:51/69 items Calculator Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment). The company prepares an analysis of customers' accounts and estimates the amount of uncollectible accounts to be $31,900. Which of the following adjusting entries is needed to record the Bad Debt Expense for the year? a.debit Allowance for Doubtful Accounts, $29,600; credit Bad Debt Expense, $29,600 b.debit Allowance for Doubtful Accounts, $34,200; credit Bad Debt Expense, $34,200 c.debit Bad Debt Expense, $29,600; credit Allowance for Doubtful Accounts, $29,600 d.debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200