1. An unearned subscription of Php 360,000 was credited when it was received on April 1, 2013, good for 1 year. a. How much is the balance of the unearned subscription at the end of December 31, 2012? b. What is the amount of the adjustment?
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1. An unearned subscription of Php 360,000 was credited when it was received on April 1, 2013, good for 1 year.
a. How much is the balance of the unearned subscription at the end of December 31, 2012?
b. What is the amount of the adjustment?
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- A company leased an entire floor of a building and paid Php 720,000 as on year advance rental on June 1, 2012. When the payment was made, the amount was charged to a nominal account. a. What is the amount of the adjustment? b. What is the adjusting journal entry for December 2012?On August 1, 2018, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 notereceivable. Avonette’s year-end is December 31.Q5-48. How much interest revenue should Avonette accrue on December 31, 2018?a. $4,500b. $2,425c. $1,875d. $2,250At the beginning of the year, a company had an unearned service revenue balance of SAR 12,000. What would the adjusted amount be if the unearned service revenue balance was SAR 2,000 at the end of the year?
- Following information is based on ABC business for the month of April 2020:Fees earned 7,000, Cash13,000, Capital 10,000, Prepaid insurance 3,000, Salaries Expense4,000, Advertising expense 3,000, Equipment 5,000, Notes payable 8,000, Unearned fees = ?Analysis reveals the following additional data pertaining to these accounts:a) Insurance expired for the month 1500b) Depreciation on the equipment is 1,000 per month.c) Interest of 100/- is accrued on notes payable. d) On third of unearned was earned.e) Lawn services rendered but not billed to at the end of month amounted 1,500Required: a. Find missing figure b. Prepare corrected trial balance with suitable headingc. Prepare adjusting entries for the month of April 20201. Entity A received a 12% P200,000, note receivable on October 1, 2011. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 2012. What is the adjusting entry to take up accrued interest income on Dec. 31, 2011?2. Entity A is renting out its building to tenant for a monthly rent of P30,000. As of December 31,2011, the tenant has not yet paid the rent for the months November and December. What is the adjusting entry to take up accrued rent income on December 31, 2011?3. Entity A issued a 12% P500,000, one-year note payable on July 1, 2011. The principal and Interest are due on July 1, 2011. What is the adjusting entry to take up interest expense on December 31, 2011?4. Entity A has equipment with a historical cost of P 1 ,000,000. The equipment was estimated to have a 10- year useful life when was acquired four years ago . What is the adjusting entry to take up the annual depreciation expense on December 31, 2011?5. Entity A total accounts…On January 1, 20X1, Weislin Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. What adjusting entry is needed on December 31, 20X1?
- 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 determineDuring 2021, Voight Inc. received the following payments for services: May 1: Received $120,000 in advance for 10 months of services. June 1: Received $40,000 in advance for 5 months of services. August 1: Received $90,000 in advance for 6 months of services. December 1: Received $20,000 in advance for 4 months of services. After all adjusting entries have been completed, what is the balance in unearned revenue on December 31, 2021? Question 1 options: $270,000 $216,000 $54.000 $40,000On 30 April 2006, Pinto Products received a cash payment of $30,000 as a deposit on production of a custom machine to be delivered in August 2006. Th is transaction would most likely result in which of the following on 30 April 2006? C . An increase in liabilities of $30,000.
- 1.Company has been trading for one year as at 31 December 2020 and during that year it paid electricity bills amounting to £760. On 14 January 2021 Company received an electricity bill for the three months to 31 December 2020 for £310. It eventually paid the bill on 31 January 2021. Its accounts for the year ended 31 December 2020 should show: Select one: a. A statement of profit or loss charge for electricity of £1,070 and a prepayment of £310 on the statement of financial position b. A statement of profit or loss charge for electricity of £760 and a prepayment of £310 on the statement of financial position c. A statement of profit or loss charge for electricity of £760 and an accrual of £310 on the statement of financial position d. A statement of profit or loss charge for electricity of £1,070 and an accrual of £310 on the statement of financial position 2. Company started trading on 1 January. Its trial balance at 31 December, the end of its first year of trading is given…On October 1, 2020 the company borrows $20,000 from a local bank and signs a note. Principal and interest at 12% will be paid in 4 years. indicate the adjusting entry classification: Prepaid Expense, Depreciation Expense, Accrued Expense, or Accrued Revenue.At the end of the year, Tesla owes employees of $16,000. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? A. Debit Salaries Expense and credit Salaries Payable for $16,000 B. Debit Salaries Expense and credit cash for $16,000 C. No adjusting entry is necessary. D. Debit Salaries Payable and credit Salaries Expense for $16,000
