COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 6, Problem 1PB

1.

To determine

Journalize the adjusting entries.

2.

To determine

Journalize the closing entries.

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Devlin Company has prepared following partially completed worksheet for the year ended December 31, 2019: 1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepar company's financial statements. 3. Prepare (a) adjusting and (b ) closing entries in the general journal.
On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
General Instructions: Prepare the adjusting journal entries for the following transactions of Company AA.   1.  Paid one – year fire insurance amounting to P12,000 on August 15, 2019. Record the adjusting entries for the year ended December 31, 2019:             a.  If the company is using Asset method             b.  If the company is using Expense method   2.  Purchased office supplies on September 01, 2019 amounting to P30,000. On December 31, 2019, the Supplies Custodian reported that per physical count,  the office supplies on hand is P8,000. Prepare adjusting entries:             a.  If the company is using Expense method             b.  If the company is using Asset method   3.  The customer made an advance payment for the ordered goods amounting to P480,000 on November 07. As of December 31, the company has shipped 70% of the ordered goods. Prepare the adjusting entry on December 31:             a.  If the company is using Liability method             b.  If the company is…

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