Examine the above Unadjusted- and Adjusted Trial Balances. Calculate and describe all Journal Entries that would underlie the 2020 Adjusting Entries that relate to the following two transactions:
Q: On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract.…
A: Given, Ivanhoe company insurance paid = $27000 of 4 year insurance contract on 1st July 2019, which…
Q: d. On May 1, 2019, Headcase Beauty Salon signed a one-year advertising contract with a local radio…
A: Prepaid expense : These are those expenses which have been paid in advance , since the expenses are…
Q: On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both…
A: In the books of sandbill company
Q: 6. If as of December 31, 2021 the rent of P10,000 for the month of December had not been recorded or…
A: Increase in expense should be debited. Increase in liabilitie should be credited.
Q: On 31 December 2018, it appeared that the interest expense for three months was not paid (interest…
A: We are here need to make an adjusting entry for the year ended 31.12.2018 so first we need to…
Q: A prepaid rent account amounting to Php 600,000 was shown in a trial balance on December 31, 2013.…
A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…
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: Telstar Inc. used the accrual method of accounting. The company's net income before any adjustments…
A: Accrual principle of accounting defines as the revenue will be recorded when the service performance…
Q: On July 1, 2022, Teal NV pays € 14,820 to Flint Insurance for a 3-year insurance policy. Both…
A: Date Account Titles Debit Credit July 1, 2022 Cash €14,820 To Unearned Insurance Revenue…
Q: The following pre‐adjustment trial balance appeared in the books of Central Perk Furniture Storeat…
A:
Q: On July 1, 2019, Carla Vista Co. pays $ 21.500 to Kingbird Insurance Co. for a 4-year insurance…
A: The process of recording business transactions in the books of accounts for the first time is known…
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: 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…
Q: repare the adjusting entries needed as of December 2020. Write your solutions as…
A: Adjusting journal entries are prepared in order to account the accruals or advances in the income…
Q: On July 1, 2022, Oriole Company pays $14,000 to Carla Vista Co. for a 1-year insurance contract.…
A: Revenue earned on December 31= Total amount received x no. of months/12 = $14000 x 6/12 = $7000
Q: Oriole Co. wishes to enter receipts and payments in such a manner that adjustments at the end of the…
A: The insurance policy is purchased for 24 months on April 1 but it has been for only 9 months till…
Q: The December 31,2020 Adjusting entry is
A: Answer: A. Debit - Unearned rent Credit - Rent Revenue for P30,400
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: What is the Adjusting Entry for December 31, 2018. Manning Corporation issued a one-year, 9%,…
A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…
Q: 1. 2019, Shemeld Corp. pays $20,700 to Kaiter Insurance Co. for a 3-year insurance contract. Both…
A: Working note: Prepaid insurance : $20700/3 = $6900 Prepaid insurance for 6 months $6900 x 6/12 =…
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…
Q: Prepaid Insurance of P 60,000 was overlooked at the end of 2021. What would be the adjusting entry…
A: Note: overlooking of prepaid insurance means insurance expense are understated, due to which income…
Q: Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: Swerte Co. received P45,600 on May 1, 2020 for one year’s rent in advance and recorded the…
A: Advance rent for one year = P 45600 Date of advance received = May 1 , 2020
Q: On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract.…
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…
Q: On March 1, 2020, Zuhoor Muscat Company received RO 20,000 for services to be provided equally over…
A: revenue earned on April 30 = Total amount received / no. of months = 20000 / 4 months = RO 5000
Q: he unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment data for the…
A: The statement of Owner's Equity shows the capital introduced less. capital withdrawals add net…
Q: The unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment data for the…
A: Closing entries Closing entries are the journal entries that are recorded to close the accounts of…
Q: At the adjustments: end of the month, you are also required to take into consideration the following…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry…
A: Solution Concept Accrued income means the income that is earned but not received yet The accrued…
Q: The insurance expense account has a balance of P108,000 before adjustment. This amount represents…
A: In this case, the journal entry to record the prepaid insurance includes a debit to the prepaid…
Q: Prepare adjusting entries for this case transaction : Tony Company has a bank loan and has…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Accrued salaries of P 20,000 was overlooked at the end of 2021. What would be the adjusting entry if…
A: Note: Due to overlooking of accrued salaries, profit will be decline in the year of expense booking.…
Q: Which of the following circumstances will cause an asset to be overstated if no adjusting entry is…
A: Hey there, Since multiple questions as per guidelines only the first question (11) will be answered.…
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: How do you treat a prepaid expense that is divided between two accounting periods? eg( insurance of…
A: JOURNAL ENTRY In The Books of .......................................... Period…
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: Prepare the adjusting entries on December 31, 2019. Earned $9,880 of revenue from providing…
A: Adjustment entries are the journal entries passed at the close of the accounting year for…
Q: The following information were made available for WideJoy Tech Services (WTS) as of December 31,…
A: The prepaid rent is the rent paid in advance but not due for payment yet.
Q: On July 1, 2022, Ivanhoe Company pays $ 15,500 to Sandhill Co. for a 1-year insurance contract.…
A: Entry in the books of Sandhill Co. Date Particulars Debit Credit Jul1 Cash $15500…
Q: Carol, the accountant for Cool Pte. Ltd. recorded insurance expense transaction as follows: DR…
A: Lets understand the basics. For recording correct amount of revenue and expenses, adjusting entries…
Q: At the end of 2021, Barker Corporation’s preliminary trial balance indicated a current ratio of 1.2.…
A: In the given case, Barker Corporation has a current ratio of 1.2. if the management made some…
Q: On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract.…
A: Record the payment made for insurance for 2 years contract.
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: On July 1, 2022, Wildhorse Co. pays $19,500 to Blossom Company for a 2-year insurance contract. Both…
A: Journal Entries Service revenue to be recognized on 31st December= 19500*6/24= 4875 ACCOUNT…
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: Analyzing the effect of prior-period adjustments Taylor Corporation discovered in 2019 that it had…
A: Requirement 1:
Q: On March 1, 2020 , Zuhoor Muscat Company received RO 24,000 for services to provided equally over 6…
A: Unearned revenue is that revenue which is received but not earned by the corporation. This is a…
Q: On July 1, 2020, Crane Co. pays $14,760 to Cheyenne Insurance Co. for a 3-year insurance policy.…
A: Journal entry as as well as adjusting entry are as follows
(c) Examine the above Unadjusted- and Adjusted
two transactions:
31 Dec 2020, ABC Puzzle company has not yet paid salaries for Dec 2020 in the
amount of €15,000
01 Aug 2020, the ABC company has issued a promissory note (part of notes payable)
for €15,000 with an annual interest rate of 10% (maturity date: 01 February 2021).
Step by step
Solved in 2 steps
- Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…Merah Sdn. BhdUnadjusted Trial Balance as at 30 June 2020 RM RMCash 15,400 Account Receivables 25,000 Inventory 1 July 2019 68,000 Prepaid Insurance 10,800 Office Supplies On Hand 12,500 Furniture And Fittings 120,000 Accumulated Depreciation : Furniture And Fittings 12,000Account Payable 51,100Capital 68,000Sales 785,400Sales Return 2,600 Sales Discount…
- Magic Styles, Inc.Unadjusted Trial BalanceAt March 31, 2023Cash $ 18,000.00Prepaid Insurance $ 600.00Prepaid Rent $ 7,300.00Equipment $ 9,700.00Furniture and Fixtures $ 9,700.00Accounts Payable $ 10,800.00Deferred Revenue $ 400.00Notes Payable Long-term) $ 20,000.00Common Stock $ 10,000.00Retained Earnings, February 28, 2023 $ 2,100.00Dividends $ 300.00Service Revenue $ 12,300.00Supplies Expense $ 5,500.00Salaries and Wages $ 3,200.00Utilities Expense $ 700.00Rent Expense $ 600.00TOTAL $ 55,600.00 $ 55,600.00Required:Based on the unadjusted trial balance of Magic Styles, Inc. above, you are required to prepare/write thefollowing:1) An income statement 2) A statement of retained earnings 3) Balance Sheet 4) A paragraph stating your evaluation of the company’s performance and financial status for themonth ending March 31, 2023. In your evaluation, state whether:* the business is profitable;* it is able to pay its current obligations/liabilities; and* its assets are financed more by debts…3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 20193. The following is the trial balance of Aroro Enterprise as at 31 August 2019Particulars Debit (RM) Credit (RM)Capital 48,400Drawings 3,500Trade receivables 9,000Trade payables 12,500Sales 40,400Purchases 31,000Sales returns 300Purchases returns 250Wages and salaries 5,600Discounts allowed 120Discounts received 200Provision for doubtful debts 300Insurance 700Inventory as at 1 September 2018 2,400Utilities 950Rates 350Premises 10,000Fixtures and fittings 3,000Motor van 20,000Cash in hand 330Cash at bank 14,800TOTAL 102,050 102,050Additional information as at 31 August 2019:i. Inventory as at 31 August 2019 amounted RM3,300ii. An entity from whom there is accounts receivables of RM200 was unable tosettle his debt and this amount is to be written off as bad debts.iii. The provision for doubtful debts is 1% of the outstanding trade receivables.iv. The owner took RM100 worth of goods from the business for his own useRequired:a) Statement of Profit or Loss and Others Comprehensive Income…
- Exercise 4. Selected account balance before adjustments for Kiss Me Again Company on December 31, 2020 are as follows: Debit CreditAccounts Receivable P84,625Supplies 11,375Equipment 215,000Module 4 10- NABAccumulated Depreciation P34,450Wages payable 0Unearned fees 23,500Fees earned 348,975Wages expense 79,700Rent expense 48,000Depreciation Expense 0Supplies expense 0The data needed for year-end adjustments are as follows:a. Fees earned but not yet collected on December 31, P31,575.b. Supplies on hand on December 31, P2,785c. Rent expired during the year, P36,000d. Depreciation for equipment during the year, P5,000e. Wages accrued but unpaid on December 31, P13,800f. Accounts receivable of P10,000 is doubtful of being collected.Date Description PR Debit CreditIT IS URGENTTTT Trial Balance of FRS Company’s accounts as of January 31 2020 given as follows: Trial Balance Account Title Debit Credit Cash 372850 Accounts Receivable 48500 Supplies 26000 Prepaid Insurance 10800 Inventory 16425 Equipment 46000 Accumulated Depreciation-Equipment 20000 Accounts Payable 96000 Salary Payable 0 Unearned Sales Revenue 25000 Capital 341800 Withdrawals 0 Sales Revenue 96000 Sales Returns& Allowances 7500 Sales Discounts 1650 Cost of Goods Sold 49075 Insurance Expense Depreciation Expense-Equipment Supplies Expense Salary Expense Total 578800 578800 On January 31, 2018 FRS Company completed following adjusting entries: Expiration of prepaid insurance for one month is 1800$ Depreciation of equipment for the month, $8,500…DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
- 4. The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig LtdTrial Balance as at 30 June 2019Particulars Debit (RM) Credit (RM)Equipment rental 940Insurance 1,804Lighting and heating expenses 1,990Motor expenses 2,350Salaries and wages 48,580Sales 382,420Purchase 245,950Sundry expenses 624Lorry 19,400Account payable 23,408Account receivable 44,516Fixtures 4,600Shop 174,000Cash at bank 11,346Drawings 44,000Capital 194,272TOTAL 600,100 600,100Inventory at 30 June 2019 was RM29,304.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2019 ii. Statement of Financial Position as 30 June 20197.Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts payable $26,800Bonds payable, due 2030 24,900Salaries payable 16,900Notes payable, due 2022 22,000Notes payable, due 2026 40,800 What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet? Group of answer choices $65,700 $43,700 $106,500 $68,600Q4: On 31/12/2020, the following balances appeared in the trial balance of ABC Company ABC Co. Partial Trial Balance December 31 Prepaid insurance 1,500 Supplies 1,000 Unearned service revenue 1,500 Equipment 50,000 Additional information: An insurance policy examination showed SR1,000 of expired insurance An inventory count showed SR200 of unused shop supplies still available Depreciation expense on shop equipment, SR10,000 SR800 of the Unearned service account balance was earned by year-end. Required : Make the necessary adjusting entries. Show the impact of these adjustments on the income statement and the balance sheet statement.