Company received RO 20,000 for services to be provided in the
Q: On March 1, 2020 Delly Corporation received $60,000 in advance from Pam Company for services to be…
A: Amount received in advance for which service has yet to be provided in the next three months is…
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A: The supplies balance at end is total of balance on hand and adding purchase and further deducting…
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A: Adjusting entries are modifications to previously recorded journal entries. They specifically ensure…
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A: 1) First entry is for prepaid rent. Entry will be made prepaid rent a/c dr. And credit cash a/c.…
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A: According to the accrual concept, revenues are recorded when services are rendered and expenses are…
Q: On November 1, 2019, Holiday, Inc. received $16,000 that it would earn over the next 16 months.…
A: Revenue means the amount earned by selling the goods or services. Unearned revenue means the amount…
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A: Closing Entry: These are the journal entries which are passed at the end of accounting period. It…
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A: In the case of the percentage-of-completion method/overtime for financial accounting purposes.…
Q: On 2020 September 1, North Sports Club., received a total of USD 120,000 as payment in advance for…
A: Unearned revenue: The revenue which is received in advance by the company for the services or goods…
Q: adjusting entry recorded on that date would include:
A: It is pertinent to note that as per Accrual system of accounting. Transaction are recorded as and…
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A: Notes payable for entry 1 = Total cost of equipment - Cash paid = $ 56000 - $ 8000 = $ 48000
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A: Here in this question, we are require to determine how much expense need to reflect in each interim…
Q: Euphoria Company had a balance of P820,000 in the professional fees expense account on December 31,…
A: Professional Charges is a money-making account. It is listed under revenues in the first segment of…
Q: On April 1,2020, Zuhoor Muscat Company agreed to provide services for SQU of RO 200,000. Zuhoor…
A: The following adjusting entry is done for Zuhoor Muscat Company.
Q: Renfro Company purchased a 12-month insurance policy on March 1, 2022 for $1,800. At March 31, 2022,…
A: At the time of recording prepaid insurance, Prepaid insurance should be recorded. At the period end…
Q: At 31 October 2019 before any year-end adjustments, a companies insurance expense had a normal…
A: Adjusting entry means where some adjustment need to be made at the end of specified period for…
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A: Service revenue represents the income earned by rendering a service. It is posted in the income…
Q: On December 1, 2020, a client paid P 120,000 for the rental of a shop for 3 months An asset method…
A: Under the asset method, the prepaid expenses is recorded for the payment made against any expenses.…
Q: At December 31, 2019, the advertising expense account of COURAGE Company had a balance of P164,000…
A: Any amount of money spent to generate the revenues in a business is known as expenses.
Q: On January 1, 2021, Ansley Company contracted with a contractor to construct a building for…
A: Lets understand the basics. As per IAS 23 "Borrowing cost", cost incurred for the the construction…
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A: A closing entry can be defined as a journal entry that shifts the balance of the temporary accounts…
Q: On August 1, 2022, The STUVWXYZ Corporation paid P4,200,000 to Atras-Zhinigang Manufacturing Co. for…
A: Prepaid expenses are the one which are paid in advance for the following period. They are recorded…
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A: Professional fees for the year ended December 31,2020 Professional expense balance + Billed amount…
Q: On July 1, 2020, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both…
A:
Q: Cris Laurente Services purchased a 1- year insurance policy on April 1, 2020 for 6,000. The amount…
A: From April 1, 2020 to December 31, 2020 = 9 months So the insurance premium of 6,000 is an expense…
Q: Gypsum Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries…
A: Accrued salary are earned by employees but not paid, will be paid on due date. For the year end, the…
Q: Kling Company was organized in late 2019 and began operations On January 2, 2020. Prior to the…
A: Expenses refer to the costs incurred by the entity over a specific period of time as a consideration…
Q: Wedona Energy Consultants prepares adjusting entries monthly. Based on an analysis of the unadjusted…
A: Adjusting entries are those journal entries which are passed at the end of accounting period for the…
Q: Prepare the adjusting entries for the following independent cases on December 31, 2021, unless the…
A: Income statement is prepared to show profitability of the business. It shows all incomes and all…
Q: CVN Services purchased a 1-year insurance policy on March 1, 2020 for 240,000. The amount of…
A: Prepaid insurance is that insurance expense that is already paid but expenses are not incurred. So…
Q: n Q2 of 2022, Chix Company made advertising expense amounting to P800,000. The said advertisement…
A: Advertising Expenses: Advertising Expense is the account on the revenue statement that records the…
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A: If any business want to operate as as a corporation, it can claim deduction upto $5000 as…
Q: On January 1, 2020, Evic Ted reported supplies of P1,500,000. During the current year, supplies…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: 45% of the requested services performed by the end of September, how would ABC record this revenue
A: The correct option is option 2 2. Dr Service Revenue - $6,750 Cr…
Q: Chateau Corporation has reported pre-tax income of $250,000 on December 31, 2021, before considering…
A: Adjusting entries are those entries which are passed at the end of the period in order to reflect…
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: 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.
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A: The question is based on the concept of Business Transaction Analysis.
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A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…
Q: On May 1, 2018,Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The…
A:
Q: A partial adjusted trial balance of Cullumber Company at January 31, 2020, shows the following.…
A: Formula: Supplies Expense = Beginning Supplies expense + Supplies purchased - Ending supplies.
Q: On March 1, 2020, Zuhoos Muscat Company received RO 24,000 for services to be provided equally over…
A: Rrevenue earned on July 31, 2020 = Total amount received / no. of months = RO 24,000 / 6 months = RO…
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: On November 1, 2020, a company using accrual accounting, pays $640,000 for a television advertising…
A: Income statement: The income statement determines the net income of the business by subtracting the…
Q: At the end of the year, the company records an adjusting entry to accrue $125,000 of wages owed to…
A: Under accrual basis of accounting transactions are recorded and when they occur irrespective of cash…
Q: On July 1, 2022, Sheridan Company pays $12,500 to Oriole Company for a 2-year insurance contract.…
A: Date Accounts title and explanation Debit ($) Credit ($) 1-Jul-22 Prepaid insurance $12,500…
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: The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising…
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…
Q: During 2021, Voight Inc. received the following payments for services: May 1: Received $120,000 in…
A: Unearned revenue is the revenue earned but service is yet to be completed and delivered or rendered.
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- Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August 1, Jerry paid Garcia 12,000 for 1 year of rent in advance. Prepare journal entries for Garcia to record the collection ofrent and the related year-end adjusting entry on December 31.On May 1, 2020, Zuhoor Muscat Company agreed to provide services for SQU of RO 220,000 over the next 8 months. SQU paid 55% of the amount on August 31, 2020 and will pay the remaining amount during January 2021. If Zuhoor Muscat Company completed their services on December 31, 2020, the adjusting entry recorded on that date would include:
- On March 1, 2020, Zuhoos Muscat Company received RO 24,000 for services to be provided equally over 6 months period starting March. The necessary adjusting entry to be prepared on July 31, 2020 , will include: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 inMavis Enterprises received $28,000 from a customer on October 31, 2020 for work beginning immediately and to be completed by February 28, 2021. Mavis credited the cash to Unearned Revenue. As of December 31, 2020, 45% of the work had been completed. What adjusting entry must Mavis make at February 28, 2021?
- The adjusted trial balance of Miller Company at December 31, 2020, includes the following accounts: Owner's Capital $16,400. Owner's Drawings $7,000. Service Revenue $39,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. Prepare an income statement for the year.On September 1, 2020, Eureka, Inc. paid $24,000 for a 12-month insurance policy covering its major assets and business operations. The insurance policy runs from September 1, 2020 to August 31, 2021. The bookkeeper recorded this purchase (the original entry) in the insurance expense account. The year-end (December 31) adjusting entry would be: debit insurance expense $16,000; credit prepaid insurance $16,000debit prepaid insurance $8,000; credit insurance expense $8,000debit prepaid insurance $16,000; credit insurance expense $16,000debit insurance expense $8,000; credit prepaid insurance $8,000The Adjusted trial balance of Stowe Company at December 31, 2019, includes the following accounts: Owners Capital $8,200, Owners Drawings $3,500, Service Revenue $19,500, Wages Expense $8,000, Insurance Expense $1,000, Rent Expense $2,000, Supplies expense $750, Depreciation Expense $650. Prepare an income statement for the year 2019.
- During 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 $40,000In Q2 of 2022, Chix Company made advertising expense amounting to P800,000. The said advertisement are expected to benefit the company and its operations for the remainder of the year. What is the advertisement expense to be reported in Q2 of 2022?On April 1, 2020, Zuhoor Muscat Company paid an insurance company RO 6,012 for an 18 months fire insurance. If the fiscal year of the company ends on July 31 each year. After the company record the required adjusting entry, then the amount to be included in the income statement is ____RO while RO_____ is the correct balance to be reported in the statement of Financial Position at July 31, 2020 respectively: a RO 1,336; RO 6,012 b. RO 1,336, RO 4,676 c. RO 1,000, RO 5,000 d. RO 6,012: RO 6,012
