10:43 Of Activity 6 - Adj.Activity 6- Adjusting Entries1. Dr. Vicky Bella, a consultant, employs one college student every summer to help her in herresearch work. As researcher, the student works five weekdays (Monday to Friday) for P450 perday and is paid every Saturday. The last three days of May will be paid on June 3. The calendarfrom May 21 to June 3 is reproduced below. Dr. Vicky uses the fiscal period ending May 31.MonTueWedSun2128ThuFriSat22292324252627303123Required: Prepare the adjustment for accrued salary on May 31.2. On September 15, Berto Motor Service Center issued a 90-day, 18% note amounting to P10,000for a loan from a friend. The service center uses the fiscal accounting period ending September30.Required: Entries on date of issue and end of September.3. Shaine Monte started a magazine publication called The Good Life. A subscriber pays P100 for oneissue. Fifty subscribers made a one year payment on March 1 and another 100 subscribers onAugust 1 which Monte credited to Advances from Subscribers. She sends the magazine to each ofthese subscribers every month.Required:a. Make the entry to record collections received on March 1 and August 1.b. Assuming no changes in subscribers, compute for the Subscription Revenue that sheshould report at the end of December and prepare the journal entry to adjust the liabilityto a revenue account.4. Master Architect designs houses for various clients. Its unadjusted trial balance as of December31, 2016 showed, among others, Unearned Professional Fees of P350,000 representing twoaccounts collected in advance: November 10 Monson account, P200,000 and December 15Samson account, P150,000. It takes S0 days for a design to be finished and delivered.Required:a. Prepare the entry to adjust the unearned revenue and recognize Professional Fees.b. Make postings to the general ledger accounts appearing below.Unearned Professional Fees404ExplanationRef DehitDateCreditBalance2018Nov. 10Collection from MonsonGJ 11P200,000150.000P200,000Dec. 15Collection from SamsonGJ 12350,000Dec. 31AEProfessional Fees702DateExplanationRefDebittCreditBalance2018Total services rendered.GI 12P1,000,000 P1,000,000Dec. 31AE 25. Leonard Company purchased a building on August 1, 2017 for P2,960,000 plus prepaid insurancefor one year P12,000. The building has an estimated useful life of ten years and a P200,000residual value.Required:a. Give the entry for the purchase of the building.b. Give the entry to record the payment for prepaid insurance.c. Give the entry to adjust for depreciation on December 31, 2017.d. Give the entry to adjust for expired insurance on December 31, 2017

Hi student Since there are multiple questions, we will answer only first question.

1. Dr. Vicky Bella, a consultant, employs one college student every summer to help her in her research work. As researcher, the student works five weekdays (Monday to Friday) for P450 per day and is paid every Saturday. The last three days of May will be paid on June 3. The calendar from May 21 to June 3 is reproduced below. Dr. Vicky uses the fiscal period ending May 31. Wed 24 31 Thu Fri Sun 21 28 Mon 22 29 Tue 23 30 Sat 27 25 26 2 3 Required: Prepare the adjustment for accrued salary on May 31.

1. Dr. Vicky Bella, a consultant, employs one college student every summer to help her in her research work. As researcher, the student works five weekdays (Monday to Friday) for P450 per day and is paid every Saturday. The last three days of May will be paid on June 3. The calendar from May 21 to June 3 is reproduced below. Dr. Vicky uses the fiscal period ending May 31. Wed 24 31 Thu Fri Sun 21 28 Mon 22 29 Tue 23 30 Sat 27 25 26 2 3 Required: Prepare the adjustment for accrued salary on May 31.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.21E: Rent Receivable Hudson Corp. has extra space in its warehouse and agrees to rent it out to...

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Rent Receivable Hudson Corp. has extra space in its warehouse and agrees to rent it out to Stillwater Company at the rate of $2,000 per month. The space was made available to Stillwater beginning on September 1. Under the terms of the agreement, Stillwater pays the months rent on the fifth day after the end of the month. Assume that Hudson prepares adjusting entries at the end of each month. Required How much revenue should Hudson record in September? How much revenue should Hudson record in October? Prepare the necessary entries on Hudsons books during the month of October.
Customer Deposits Wolfe $ Wolfe collected $9,000 from a customer on April 1 and agreed to provide legal services during the next three months. Wolfe $ Wolfe expects to provide an equal amount of services each month. Required Prepare the journal entry for the receipt of the customer deposit on April 1. Prepare the adjusting entry on April 30. What will be the effect on net income for April if the entry in (2) is not recorded?
Question 12 A roofing company collects payment when jobs are complete. The work for one customer whose job was bid at $3,000, has been completed as of December 31, but the customer has not yet been billed. Assuming adjustments are only made at year-end what is the adjusting entry the company would need to make on December 31, the end? O Debit Cash, $3,000 credit Roofing Revenue, $3,000 O Debit Roofing Revenue, $3.000 credit Accounts Receivable tood O Debit Accounts Receivable $3.000 credit Roofing Revenue 3000 O Debit Cash, $3,000 credit Accounts Receivable, $3.000 O No adjustment is required Previous
Journalizing adjusting entries and subsequent journal entries Lopez Landscaping has the following data for the December 31 adjusting entries: Each Friday, Lopez pays employees for the current Week’s work. The amount of the weekly payroll is $6,500 for a five-day workweek. This year, December 31 falls on a Wednesday. Lopez will pay its employees on January Z. On January 1 of the current year, Lopez purchases an insurance policy that covers two years, $7,500. The beginning balance of Office Supplies was $3,700. During the year, Lopez purchased office supplies for $5,800, and at December 31 the office supplies on hand total $3,000. During December, Lopez designed a landscape plan and the client prepaid $6,000. Lopez recorded this amount as Unearned Revenue. The job will take several months to complete, and Lopez estimates that the company has earned 70% of the total revenue during the current year. At December 31, Lopez had earned $7,500 for landscape services completed for Tomball…
Hi, the question I recieved for homework is "The company has two employees. The manager is paid on the 15th of every month and for work performed during the first hald of the month and on the 1st of the following month for work performed during the second half of the month. His monthly salary is $5,500 . THe other employee is paid $650 for each 5 day work week( Monday-Friday) . The last day of the month fell on a thursday . Prepare adjusting entries." Do I have to make adjusting entries for both the manager and the employee? If I do have to make adjusting entries for both what would it look like for the manager? We never went over making adjusting entries on a monthly basis in class . Thank you for your help
17) A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: (Hint: Ask yourself how many days of salary expenses that you need to accrued at the end of accounting period.) Group of answer choices Debit Salaries Expense $600 and credit Salaries Payable $600. Debit Salaries Expense $400 and credit Salaries Payable $400. Debit Unpaid Salaries $600 and credit Salaries Payable $600. Debit Salaries Payable $400 and credit Salaries Expense $400.
Journalizing adjusting entries and subsequent journal entries Laughter Landscaping has collected the following data for the December 31 adjusting entries: Each Friday, Laughter pays employees for the current week’s Work. The amount of the weekly payroll is $8,000 for a five-day workweek. This year, December 31 falls on a Tuesday. Laughter will pay its employees on January 3. On January 1 of the current year, Laughter purchases an insurance policy that covers two years, $8,000. The beginning balance of Office Supplies was $4,300. During the year, Laughter purchased office supplies for $5,600, and at December 31 the office supplies on hand total $1,500. During December, Laughter designed a landscape plan and the client prepaid $6,500. Laughter recorded this amount as Unearned Revenue. The job will take several months to complete, and Laughter estimates that the company has earned 40% of the total revenue during the current year. At December 31, Laughter had earned $3,000 for landscape…
9-4 Office Rental, Inc. owns an office building that it rents to Watson Company. The building is in a location that is not very desirable. To provide an incentive for Watson to rent the building, Office Rental, Inc. collects rent at the end of each 6 months. The following is data for the office building: Office Building – Located at 123 ItsADump Drive Rental rate ........................................................................................ $450 per month Date when the 6 months of rent for January to June is collected ...... June 30 Date when the 6 months of rent for July to December is collected .... December 31 The office building located at 123 ItsADump Drive is the only rental property owned by Office Rental, Inc. After making the April 30, 2021 Rent Receivable adjusting entry, the balance in Office Rental Inc.’s Rent Receivable account is $1,800. This balance represents 4 month’s (Jan., Feb., Mar., Apr.) of rent due from Watson. The following is a partial list of the…
Week 4The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information,make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration.1. On 15 February, Danielle Drip’s business borrowed $16 000 from Northern Bank at 8% interest.The principal and interest are payable on 15 August.2. Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for$660. A 3-year policy was purchased on 1 November of the previous year for $2700. Bothpurchases were recorded by debiting Prepaid Insurance.3. The business has two part-time employees who each earn $220 a day. They both worked the last3 days in June for which they have not yet been paid.4. On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning forthe next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue.5. The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased…
Preparing Adjusting Entries:A.Prepare the adjusting entry for each of the following situations. The last day of the accounting period is Dec. 31.1. The payment of the P19,000 insurance premium for two years in advance was originally recorded asPrepaid Insurance. One year of the policy has now expired.2. All employees earn a total of P10,000 per day for a five-day week beginning on Monday and endingFriday. They were paid for the workweek ending Dec. 26. They worked on Monday, Dec. 29, Tuesday,Dec. 30 and Wednesday, Dec. 31. 3. The Supplies account had a balance of P4,480 on Jan. 1. During the year, P11,000 of supplies werebought. A year-end inventory showed that P6,400 worth of supplies are still on hand.4. Equipment costing P588,000 has a useful life of five years with an P80,000 salvage value at the endof five years. Record the depreciation for the year.
34) If a count of office supplies on hand reveal $1,000 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $2500, the adjusting entry to bring the Office Supplies on Hand up to date at year-end should include:A) Debit Office Supplies on Hand $1,000, Credit Office Supplies Expense $1,000B) Debit Office Supplies on Hand $1,500, Credit Office Supplies Expense $1,500C) Debit Office Supplies Expense $1,000, Credit Office Supplies on Hand $1,000D) Debit Office Supplies Expense $1,500, Credit Office Supplies on Hand $1,500 Group of answer choices A B C D
P8 Prepare the adjusting entry for each of the following situations. The last day of the accounting period is December 31. a. The payment of the P19,000 insurance premium for two years in advance was originally recorded as Prepaid Insurance. One year of the policy has now expired. b. All employees earn a total of P10,000 per day for a five-day week beginning on Monday and ending Friday. They were paid for the workweek ending December 26. They worked on Monday, Dec. 29, Tuesday, Dec. 30 and Wednesday, Dec. 31. c. The Supplies account had a balance of P4,480 on January 1. During the year, P11,000 of supplies were bought. A year-end inventory showed that P6,400 worth of supplies are still on hand. d. Equipment costing P588,000 has a useful life of 5 years with an P80,000 salvage value at the end of its life. Record the depreciation for the year.