3. An unearned subscription of PhP360,000 was credited when it was received on April 1, 2013, good for 1 year. How much is the balance of unearned subscription at the end of December 31, 2012? a. b. What is the amount of the adjustment?
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hello, can u please help me with my accounting assignment, with explanations and solutions, please? For me to have a better understanding of this topic. Thank you inadvance.
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- 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. $2,250During 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 September 1, 2021, Time Magazine received $240,000 for six month subscriptions covering the period October 1, 2021 through March 30,2022. Time faithfully fulfilled its responsibilities to tis customers in October and November. When Time prepares its balance sheet for November 30, 2021, what balance should the copmany reprot for unearned revenue? A. $120,000 B. $80,000 C. $160,000 D. $0
- What is the Adjusting Entry for December 31, 2018. Manning Corporation issued a one-year, 9%, P200,000 note on April 30, 2018.On December 1, 2024, Liang Chemical provides services to a customer for $88,000. In payment for the services, the customer signs a three-year, 9% note. The face amount is due at the end of the third year, while annual interest is due each December 1.Required: 1. Record the acceptance of the note on December 1, 2024.2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1, 2025 and 2026.3. Record the cash collection on December 1, 2027.Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Do not give answer in imageOn October 1, 2021, B Incorporated received $90,000 for a three-year software subscription from a new client. The software subscriptionwill start on January 1, 2022. How much is the Subscription Revenue to bereported in the 2021 Income Statement?
- During the year ended December 31, 2012, Francisco Company paid interest totaling P100,000. The prepaid interest expense is P23,500 and P18,000, respectively, on December 31, 2011 and 2012. The interest payable is P45,000 and P53,500, respectively on December 31, 2011 and 2012. What interest expense should be reported for 2012?On April 1,2020, Zuhoor Muscat Company agreed to provide services for SQU of RO 200,000. Zuhoor Muscat Company will provide the services equally over 10 months period starting April, and receive the cash only at the completion of the full service. Assume that Zuhoor Muscat Company's fiscal year ends on August 31 each year. Recording the above adjusting entry wiil partially result inOn 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.
- On December 1, 2021, Liang Chemical provides services to a customer for $90,000. In payment for the services, the customer signs a three-year, 10% note. The face amount is due at the end of the third year, while annual interest is due each December 1. Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021, 2022, and 2023. 3. Record the cash collection on December 1, 2024.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?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?