Hi, I need help with adjusting entries. A patent had been purchased for $4500 by issuing a notes payable 12/31. What would this adjusting entry look like?
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A: Given, Rent expense for 3 months = $24,000 Rent paid: December 1 Adjusting Entry: December 31…
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A: The adjustment entries are prepared to adjust the revenues and expenses of the current period.
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A: Hi student Since there are multiple questions, we will answer only first question. Adjustment…
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A: Adjusting entries are those entries which are required to be passed at the end of accounting period…
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: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…
A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…
Q: The December 31,2020 Adjusting entry is
A: Answer: A. Debit - Unearned rent Credit - Rent Revenue for P30,400
Q: he Gloria Dimen Company presented the following information pertaining to accounts that will need…
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…
Q: The owner's capital account has a credit balance of P624,000 on January 1, 2019. The owner's…
A: The closing entries are prepared to close the temporary accounts of the business.
Q: On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed…
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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: A two-year insurance policy costing $1,800 was purchased on Sept. 30, 2020. Assume that the purchase…
A: Journal: Recording of a business transactions in a chronological entry.
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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: What is the journal entry for this transaction? Please explain. Thanks. On June 1, the entity…
A: solution : What is the journal entry for this transaction? Please explain. Thanks. On June 1, the…
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Q: On July 1, 2022., Pharoah Company pays $15.000 to Blossom Company for a 2-year insurance contract.…
A: Insurance expense = Total amount paid x no. of months expired/ Total duration of policy = $15,000 x…
Q: Swerte Co. received P45,600 on May 1, 2020 for one year’s rent in advance and recorded the…
A: Advance rent is a liability for the company, for which revenue is to be recorded in later period.…
Q: On October 1, 2020 the company borrows $20,000 from a local bank and signs a note. Principal and…
A:
Q: The failure to adjust the books would cause:
A: Adjusting entries are recorded at the end of the financial year to adjust the accounts and record…
Q: On October 1, the company lent $50,000 to a customer. The customer signed a note that required…
A: Calculate the interest income during the year:
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Q: Skysong, Inc. purchased a 12-month insurance policy on March 1, 2022 for $5280. At March 31, 2022,…
A: 12 month insurance policy @ 5280 Premium for the month of march = 5280 / 12 = 440
Q: Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool,…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Sheffield Corp. received a check for $19080 on July 1, which represents a 6-month advance payment of…
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Q: On August 1, 2021, Vixen Ltd. received $54,000 cash from a tenant for one year of rent in advance,…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool,…
A: 1. Unadjusted Trial balance - Unadjusted Trial Balance includes transactions entered into during the…
Q: The Piper Ventura Illustrators presented the following information pertaining to accounts that will…
A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…
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- How can i record this quastion on quckbook? Record the purchase of a building from Leeds, Inc. (a new vendor) on 1/17/20 in exchange for a note payable of $31,800.A furniture store received an invoice from a supplier for $12282 dated July 13, 2022 with terms 5/10, 2/20, n/60. A partial payment, in the amount of $5373 is made on July 20. What amount is credited to the account? Boyd Industries received an invoice dated September 4, 2021 with terms 2.5/10, n/30. The amount stated on the invoice was $6386. What is the amount due on September 10 if the invoice is to be paid in full? A set of weights has a list price of $97. If discounts of 14%, 10% and 3% are offered, what is the single equivalent discount rate (SEDR) that was given? Write your final answer as a percent rounded to 2 decimal places. A microwave oven has a list price of $93 less discounts of 16%, 5% and 2%. What is the net price of the microwave oven? Beatles Office Products bought a desk for $735 and plans a mark up of $626. During a clearance sale, they decided to mark down the regular selling price of the desk by 16%. What was the clearance sale price of the desk?…You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?
- You received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. A. What is the outstanding balance on the January 25th invoice after the January 27th payment? B. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?On December 1, 2020, a client paid P 120,000 for the rental of a shop for 3 months An asset method was used to record the payment of the said amount. What amount is recognized as an expense at the end of the year 2020?Skysong, Inc. purchased a 12-month insurance policy on March 1, 2022 for $5280. At March 31, 2022, the adjusting journal entry to record expiration of this asset will include: Pick one of the answers and tell me why 1. a debit to Insurance Expense and a credit to Prepaid Insurance for $440. 2. a debit to Insurance Expense and a credit to Cash for $440
- Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the sellerRefer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What is the outstanding balance on the January 25th invoice after the January 27th payment?
- Swerte Co. received P45,600 on May 1, 2020 for one year’s rent in advance and recorded the transaction with a credit to real account. The December 31,2020 Adjusting entry is a.Debit - Unearned rent Credit - Rent Revenue for P30,400 b.Debit -Unearned rent Credit - Rent Revenue for P15,200 c.Debit -Rent Revenue Credit - Unearned rent for P30,400 d.Debit -Rent Revenue Credit - Unearned rent for P15,200What is the journal entry for this transaction? Please explain. Thanks. On June 1, the entity completed negotiations with another client and accepted an advance of P210,000 for services to be performed in the next year. The P210,000 was credited to Unearned Service Revenue.On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.
