Aylmer has some customers that pay for services in advance of work started. At December 31, 2020, the accountant reviewed unearned revenue to see how much revenue had been earned. Calculate the amount and the journal entries too. Please include all steps of calutlations for my reference. Thanks! The following items relate to Unearned Sales Revenue:DateCustomer NameReceived2020-11-01 Plaid Corp2020-12-05 Joseph CompanyAmountDetails/Comments32,500 at December 31, $15,500 worth of work was completed16,950 at December 31, 25% of the work was completed45,900 work is to start on January 3, 20212020-12-30 TC Jester95,350Based on the above information, calculate the amount the should be recorded as earned income for 2020

>Based on the accrual concept of accounting applied with revenue recognition principal:--the…

The following items relate to Unearned Sales Revenue: Date Customer Name Details/Comments Received 2020-11-01 Plaid Corp Amount 32,500 at December 31, $15,500 worth of work was completed 16,950 at December 31, 25% of the work was completed 45,900 work is to start on January 3, 2021 2020-12-05 Joseph Company 2020-12-30 TC Jester $ 95,350 Based on the above information, calculate the amount the should be recorded as earned income for 2020

The following items relate to Unearned Sales Revenue: Date Customer Name Details/Comments Received 2020-11-01 Plaid Corp Amount 32,500 at December 31, $15,500 worth of work was completed 16,950 at December 31, 25% of the work was completed 45,900 work is to start on January 3, 2021 2020-12-05 Joseph Company 2020-12-30 TC Jester $ 95,350 Based on the above information, calculate the amount the should be recorded as earned income for 2020

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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1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Credit RM Particulars Debit RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) 21,000 38,900 13,500 325,000 7,000 3,500 370 000 230.000 12,000 31,000 7,500 13,700 44,000 Administration computers (cost RM20,000) Coneral factory expenses General Lighting actory power Factory Administration salaries Sales Sales representative salaries Commission on sales Rent 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales 1,000,000 64,000 Account receivable and accounts payable Bank Cash Drawings Capital as at 1 Jan 2020 142,300 16,800 1,500 60,000 357,800 1,421,800 1,421,800 ТОTAL Prepared by: Puan Siti Nor Junita Mohd Radzi…
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1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable 1,000,000 64,000 142,300 16,800 1,500 60,000 Bank Cash Drawings Capital as at 1 Jan 2020 357,800 ТОTAL 1,421,800 1,421,800 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i.…
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