Chapter 3, Problem 11E

Prepare the adjusting entries on December 31, 2019, the end of the annual accounting period,on the following independent data. Show your computations after each entry.1. The Insurance Expense account had a debit balance on December 31, 2019 of P 36,000 representing premium for a 2-year fire insurance policy effective October 1, 2019.2. Rent Income was credited for P 18,000 on November 1, 2019 representing nine months rent collected in advance.3. Equipment per general ledger on December 31, 2019 shows a balance of P 372,000. Equipment acquired during the year was P 52,000 on April 1, 2019. All equipment is to be depreciated at the rate of 25% per annum.4. As of December 31, 2019, commissions already earned but not yet collected amounted to P 48,000.5. Office Supplies costing P 9,000 bought during the period was debited to the Office Supplies account. Of the amount, P 5,000 were consumed during the year.6. Unearned Service Fees account showed a credit balance of P 80,000 pergeneral…

The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,655. The year end is March 31. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $15,945; (b) the amount of unexpired insurance applicable to future periods is $2,710. Refer to the Chart of Accounts for exact wording of account titles.

Assume a company receives a bill for $10,000 for advertising done during the current year. If this bill is not yetrecorded at the end of the year, what will the adjustingjournal entry include?a. Debit to Advertising Expense of $10,000.b. Credit to Advertising Expense of $10,000.c. Debit to Accrued Liabilities of $10,000.d. Need more information to determine

Adjusting entries for prepaid insurance Instructions Chart of Accounts Journal Instructions The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,565. The year end is March 31. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $14,135; (b) the amount of unexpired insurance applicable to future periods is $4,430. Refer to the Chart of Accounts for exact wording of account titles.

The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,565. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $14,135; (b) the amount of unexpired insurance applicable to future periods is $4,430. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Preparing Adjusting Entries The Sang Tae Company presented the following information pertaining to accounts that will need adjustments for its November 30, 2019 year-end financial statements. On Oct. 1,2019 Sang Tae paid P10, 800 for 6 month's insurance premiums 2. The balance in the leger account Office Supplies amounted to P32,000. A count of the supplies on November 30, 2019 totaled P12,800. 1. 3. Sang Tae received P22,800 on November 1, 2019 from a customer for services to be rendered during the months of November, December, January and February 2020. 4. Sang Tae acquired Office Equipment costing P352,800 on April 1, 2019, the equipment is expected to last 5 years after which it will be worthless. The scrap value is 10,500. 5. Assume that November 30, 2019 is a Friday and that Sang Tae pays its employees a total of P87,500 on Saturday. Requirements: 1. Prepare the adjusting entries as of November 30,2019 2. Prepare ihe Dec. 1, 2019 entry to record the paymeni of the salaries. 43

Adjusting entries for prepaid insurance   Instructions Chart of Accounts Journal       Instructions     The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,135. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $15,480; (b) the amount of unexpired insurance applicable to future periods is $2,655. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.       Chart of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17…

The balance in the Prepaid Insurance account before adjustment at the end of the year is P7,200, which represents twelve months’ Insurance purchased on December 1. The adjusting entry required on Dec. 31, 2018 is a. debit Prepaid Insurance, P7,200; credit Insurance Expense, P7,200 b. debit Insurance Expense, P600; credit Insurance Payable, P600 c. debit Insurance Expense, P6,600; credit Prepaid Insurance, P6,600 d. debit Prepaid Insurance, P600; credit Insurance Expense, P600 e. debit, Insurance Expense, P600; credit Prepaid Insurance, P600

On December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.