Adjusting Entry For the year ended 2021 Advertising Expense 20000 Advertising premium is good for 3 months period only, effective Dec. 1, 2019.
Q: Maple Tree Inc. purchased a 12-month 2019, the adjusting journal enty O a debit to Pre
A: Journal entry is defined as recording of the business transactions into the books of accounts of the…
Q: Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year ended…
A: Current Ratio = Current AssetCurrent Liabilities
Q: On November 1, 2021 Blues Company paid $18,000 for two years of insura advance. Which of the…
A: Adjusting entries are modifications to previously recorded journal entries. They specifically ensure…
Q: Rent paid for 8 months upto 28th February 2019 amount to 32000 since then rent increase by 20% the…
A: Expense- An expense is a cost of operations that a business incurs to generate revenue. The term…
Q: 44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers…
A: a)
Q: For each of the following independent situations, give the journal entries to adjust and correct the…
A: These are the Journal entries that are recorded in a Company's General Ledger that occurs at the end…
Q: On October 1, 2021 Delta Insurance Srl sold (and received the payment) a six-month insurance to Teta…
A: Solution Concept Unearned revenue When the payment is received for the income that has not yet been…
Q: On July 1, 2020, Wilson Co. pays $20,160 to Baker Insurance Co. for a 4-year insurance policy. Both…
A: Prepare journal entry:
Q: Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019.The…
A: The procedure of entering business transactions for first time in the books of accounts is known as…
Q: On January 1, 2021, Packman Corporation agreed to grant its employees two weeks of vacation each…
A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…
Q: Prepare the adjusting entries for the following independent cases on December 31, 2021, unless the…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February…
A: 1.
Q: Gas and Oil Expense Interest Expense Total 75,000 10,000 6,961,350 6,961,350 ing information were…
A: Journal Entries: It is the process to record the business transaction by way of debit and credit…
Q: On April 1 2019, a company paid insurance premium of P340,000 covering a period of two years…
A: Journal entry means the recording and summarizing the all business transaction during a period of…
Q: The pre-collection/advanced collection is P60,000. This is applicable for a six- month rental period…
A: Six months rental period is ending on January 31, 2021. This means rent is related to 2021 for 1…
Q: A corporation borrowed money through an 9-month, 8% note for $120,000 on September 1, 2020. The note…
A: Formula: Interest amount = Notes amount x Interest rate x Time period
Q: Company needs to determine whether the following items require adjusting entries at December 31,…
A: Adjusting Journal Entries The practice of adjusting journal entries are done at the end of the…
Q: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. post to a…
A: Adjusting entries are the entries that are passed at the year-end but before the finalization of the…
Q: AAA Insurance Company issues one year, motor/vehicle insurance for a total premium of P15,000. If…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: The following information is available for the required adjusting entries: 4. $36,000 was recorded…
A: Please check the step 2 for the solution:-
Q: For each of the following independent situations, give the journal entries to adjust and correct the…
A: These are the Journal entries that are recorded in a Company's General Ledger that occurs at the end…
Q: ABC Inc. purchased a 12-month insurance policy on January 1, 2019 for OMR 2400. At June 30, 2019,…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: on november 30, 2019, jenkins company loaned M.Lee $4,000 for one year at an annual interest rate…
A: Journal entry: It is a set of economic events that can be measured in monetary terms. These are…
Q: Moma's Pizza Shoppe borrowed $7,000 at 9% interest.on May 1, 2021,with principaland interest due on…
A: Total interest due on borrowed amount should be considered as interest expense and as the amount is…
Q: Examine the above Unadjusted- and Adjusted Trial Balances. Calculate and describe all Journal…
A: Adjusting entries are the entries that are recorded at the end of accounting period for making…
Q: On July 1, 2020, Wilson Co. pays $16,140 to Anderson Insurance Co. for a 3-year insurance policy.…
A: Journalize the entry:
Q: The premium on a three-year insurance policy expiring on December 31, 2022 was paid in total on…
A: >Adjusting entries are recorded, as part of completion of accounting cycle. >These are…
Q: Prepare the adjusting journal entries needed (if any) on December 31, 2020. AJE's are only prepared…
A: Unearned Revenue is the payment made by the customers in advance for the goods to be delivered in…
Q: Miller Corporation paid $1,800 and purchased a two-year insurance on September 1, 2020. The policy…
A: Insurance expenses = Total amount paid as prepaid * month / Total duration
Q: Adjusting entry: On 1 December 2019, Count-On-Us Pty Ltd invested $50,000 in a term deposit at…
A: The adjustment entries are made to adjust the profits and losses of the current year.
Q: On November 1, 2019, C Laguna Company paid P36,000 to renew its insurance policy for 3 years. On…
A: Solution: Required balance in prepaid insurance on Dec 31, 2019 = P36,000 * 34/36 = P34,000
Q: the following information to provide the adjusting journal entry that Chipotle should have made on…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Adjustment for Unearned Revenue On June 1, 2019, Herbal Co. received $51,190 for the rent of land…
A: Following is the adjusting journal entry of unearned rent:
Q: Sunland Company collected $15760 in May of 2021 for 4 months of service which would take place from…
A: Revenue refers to the profit that the company earns from the sale of the item or by providing…
Q: On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of…
A: Requirement 1: Prepare the appropriate adjusting entry for vacations earned but not taken in 2021.…
Q: Fighting Irish Incorporated pays its employees $2,940 every two weeks ($210/day). The current…
A: The expenses which are due but would be paid later are treated as outstanding expenses.
Q: AAA Insurance Company issues one year, motor/vehicle insurance for a total premium of P15,000. If it…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: .CVN Services purchased a 1-year insurance policy on Marr h 1, 2020 for 240,000. The amount of…
A: Prepaid insurance is the amount of insurance that is not yet due but has already been paid.
Q: The premium on a 3-year insurance policy expiring on December 31, 2022 was paid in total on January…
A: Prepaid insurance:- The term prepaid insurance is defined as the insurance payment, which is already…
Q: How to do 5 additional items for March 31, 2021 adjusted entries.
A: The adjusted entries for the additional items on March 31,2021 are presented hereunder :
Q: 5) Insurance expense account has a balance of 10,800 before adjustments. This amount represents…
A: Prepaid expenses are those expenses which are paid on advance for future period of time and services…
Q: Prepare the adjusting entries on December 31, 2019, the end of the annual accounting period,on the…
A: At the end of the year, after completion of books, the corporation evaluates some accrued incomes…
Q: Company must determine the December 31, 2020year-end accruals for advertising and rent expenses. A…
A: Rent accrued on December 31, 2020 = (Net sales for 2020 - P3,000,000) x 5% = (5500000-3000000)*5% =…
Q: .An entity reported wages expense of P3,500,000 for 2019. The wages payable at the beginning of year…
A: Adjusting entries: Adjusting entries can be defined as the journal entries that are prepared by the…
Q: (c) Examine the above Unadjusted- and Adjusted Trial Balances. Calculate and describe all Journal…
A: Adjusting entries: These are the journal entries that are passed by an accountant to match or…
Q: Maple Tree Inc. purchased a 12-month insurance policy on March 1, 2019 for $900. At December 31,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On January 1, 2020, Legrand carrying amount of P500,000 for dete
A: Lease: A lease is an agreement between the two parties where one party gives permission to another…
Q: The premium on a 3-year insurance policy expiring on December 31, 2022 was paid in total on January…
A: Prepaid insurance can be defined as the insurance amount is paid in advance before it incurs.…
For the year ended 2021
Advertising Expense 20000
Advertising premium is good for 3 months period only, effective Dec. 1, 2019.
Step by step
Solved in 2 steps
- Dallas Company loaned to Ewing Company on December 1, 2019. Ewing will pay Dallas $720 of interest ($60 per month) on November 30, 2020. Dallass adjusting entry at December 31, 2019, is: a. Interest Expense ........... 60 c. Interest Receivable ....... 60 Cash ......................... 60 Interest Income ........ 60 b. Cash ............................ 60 d. No adjusting entry is required. Interest Income ........ 60Accrued Income Taxes Nolan Inc. had taxable income of $400,000 in 2019. Its effective tax rate is 35%. Nolan pays its 2019 income taxes on April 15, 2020. Required: 1. Given this information, determine the adjusting journal entry that Nolan must make on December 31, 2019. 2. Prepare the journal entry to record the tax payment.Reversing Entries On December 31, 2019, Kellams Company made the following adjusting entries for its annual accounting period: Required: Prepare whatever reversing entries are appropriate.
- Financial Statement Violations of U.S. GAAP The following are the financial statements issued by Allen Corporation for its fiscal year ended October 31, 2019: Notes to Financial Statements: 1. Long-Term Lease. Under the terms of a 5-year, noncancelable lease for a building, Allen is obligated to make annual rental payments of 40,000 in each of the next 4 fiscal years. 2. Pension Plan. Substai1tially all employees are covered by Allens defined benefit pension plan. Pension expense is equal to the total of pension benefits accrued and paid to retired employees during the year. Because it is a defined benefit plan that is paid every year, no pension liability exists. 3. Patent. The patent had an estimated remaining life of 10 years at the time of purchase. Allens patent was purchased from Apex Corporation on January 1, 2019, for 250,000. 4. Deferred Income Tax Payable. The entire balai1ce in the Deferred Income Tax Payable account arose from tax-exempt municipal bonds that were held during the previous fiscal year, giving rise to a difference between taxable income and reported net earnings for the fiscal year ended October 31, 2019. The deferred liability amount was calculated on the basis of past tax rates. 5. Warrants. On January 1, 2018, one common stock warrant was issued to shareholders of record for each common share owned. An additional share of common stock is to be issued upon exercise of 10 stock warrants and receipt of an amount equal to par value. For the 6 months ended October 31, 2019, the average market value for Allens common stock was 5 per share and no warrants had yet been exercised. 6. Contingent Liability. On October 31, 2019, Allen was contingently liable for product warranties in an amount estimated to aggregate 75,000. Required: Next Level Review the preceding financial state1nents and related notes. Identify any inclusions or exclusions from them that would be in violation of GAAP, and indicate corrective action to be taken. Do not comment as to format or style. Respond in the following order: 1. Balance sheet 2. Notes 3. Income statement 4. Statement of retained earnings 5. GeneralThe adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 ---Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year endedDecember 31, 2019. --Compute the current ratio for Palm Realtors Ltd for 2019. Did the company appear to be able to meetits short-term obligations as they come due? Why?The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
- The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.The insurance expense account has a balance of P108,000 before adjustment. This amount represents insurance premium for three months beginning November 1, 2020. Based on these data, the Prepaid Insurance that should be reported in the December 31, 2020 statement of financial position isThe company issued a ₱66,501 10% 120-day Notes Payable on September 30, 2020. The adjusting entry on year-end, December 31, 2020 will involve a debit to Interest Expense for how much?
- The premium on a 3-year insurance policy expiring on December 31, 2022 was paid in total on January 1, 2020. The original payment was initially debited to prepaid insurance. The appropriate adjusting entry had been recorded on December 31, 2020. Which statement will be incorrect? *A. Insurance expense increased by amount equivalent to 1 year on December 31, 2020.B. Prepaid insurance balance on December 31, 2020 should be the same as it would have been if the original payment had been debited initially to an expense account.C. Prepaid insurance balance on December 31, 2021 is lower than the balance on December 31, 2020.D. none of the aboveWhat is the Adjusting Entry for December 31, 2018. Manning Corporation issued a one-year, 9%, P200,000 note on April 30, 2018.The premium on a three-year insurance policy expiring on December 31, 2022 was paid in total on January 1, 2020. The original payment was initially debited to a prepaid asset account. The appropriate adjusting entry had been recorded on December 31, 2020. The balance in prepaid asset account on December 31, 2020 should be a. The same as it would have been if the original payment had been debited initially to an expense account. b. Zero c. Higher that if the original payment had been debited initially to an expense account. d. The same as the original payment.
