Part II. Prepaid Expense Apollo Dressmaking Shop paid P9,000 worth of airtime advertising to Eclipse Radio Philippines on December 1. The radio advertisement shall be aired every 9:00 AM and 8:00 PM every day for 60 days starting December 31, what shall be the adjustment to be made at the December 31, if Apollo Dressmaking Shop debited prepaid advertising upon payment on December 1. Date Particulars PR Debit Credit Part III. Accrued Expense A business enterprise pays weekly salaries of P6,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends on Tuesday. Date Particulars PR Debit Credit

Part II. Prepaid Expense Apollo Dressmaking Shop paid P9,000 worth of airtime advertising to Eclipse Radio Philippines on December 1. The radio advertisement shall be aired every 9:00 AM and 8:00 PM every day for 60 days starting December 31, what shall be the adjustment to be made at the December 31, if Apollo Dressmaking Shop debited prepaid advertising upon payment on December 1. Date Particulars PR Debit Credit Part III. Accrued Expense A business enterprise pays weekly salaries of P6,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends on Tuesday. Date Particulars PR Debit Credit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 22CE: Service Revenue Softball Magazine Company received advance payments of $75,000 from customers during...

See similar textbooks

Similar questions

EXPENSE METHOD OF ACCOUNTING FOR PREPAID EXPENSES Davidsons Food Mart paid 1,200 in advance to the local newspaper for advertisements that will appear monthly. The following entry was made: At the end of the year, December 31, 20--, Davidson received notification that advertisements costing 800 had been run. Prepare the adjusting entry.
Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?
Accounts Payable On May 18, Stanton Electronics purchased, on credit, 1,000 TV sets for $400 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on June 30. Required: Prepare the necessary journal entry (or entries) on May 18 and June 30.
Rent Receivable Hudson Corp. has extra space in its warehouse and agrees to rent it out to Stillwater Company at the rate of $2,000 per month. The space was made available to Stillwater beginning on September 1. Under the terms of the agreement, Stillwater pays the months rent on the fifth day after the end of the month. Assume that Hudson prepares adjusting entries at the end of each month. Required How much revenue should Hudson record in September? How much revenue should Hudson record in October? Prepare the necessary entries on Hudsons books during the month of October.
Service Revenue Softball Magazine Company received advance payments of $75,000 from customers during 2019. At December 31, 2019, $20,000 of the advance payments still had not been earned. Required: After the adjustments are recorded and posted at December 31, 2019, calculate what the balances will be in the Unearned Magazine Revenue and Magazine Revenue accounts. Use the following information for Cornerstone Exercises 5-23 and 5-24: Bolton sold a customer service contract with a price of S37 000 to Sammys Wholesale Company. Bolton offered terms of 1/10, n/30 and expects Sammy to pay within the discount period.
Accounts Payable Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the first 10 days of June: a. Purchased, on credit, space for classified advertisements in the New York Times for $1,950. The advertising was run the day the space was purchased. b. Purchased office supplies from Office Max on credit in the amount of $475. c. One of Sleek Rides sales staff signed a $20,000 contract to provide exclusive limo services for a large company for the remainder of the month. The salespersons commission is 10% of service revenue. The commission will be paid July 10. ( Note: Concern yourself only with the commission.) d. Received electric bill for May. The bill is $4,200 and is due June 15. e. Received a bill for $970 from Harrys Auto. Harrys repaired 10 limos for Sleek Ride in late May. Payment is due June 18. Required: Prepare journal entries for the above transactions.
On November 1, 2022, SAN JOSE receives an order from a customer for a computer as well as 12 months of technical support. The company delivers the computer to customer on same day (Dec 1). The customer paid the P 50,400 upfront. The computer sells for P 36,000- standalone price.What is the total revenue to be recognized at Dec. 31, 2022?
Consider the following situations for Shocker: On November 28, 2024, Shocker receives a $4,200 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 28. On December 1, 2024, the company paid a local radio station $2,640 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising was debited on December 1. Employee salaries for the month of December totaling $7,800 will be paid on January 7, 2025. On August 31, 2024, Shocker borrowed $68,000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2025. Required: Record the necessary adjusting entries for Shocker at December 31, 2024. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
Consider the following situations for Shocker: a. On November 28, 2018, Shocker receives a $4,350 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited.b. On December 1, 2018, the company pays a local radio station $2,670 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited.c. Employee salaries for the month of December totaling $7,900 will be paid on January 7, 2016.d. On August 31, 2018, Shocker borrows $69,000 from a local bank. A note is signed with principal and 8% interest to be paid on August 31, 2019. Required: Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2018, balance sheet is higher or lower if the adjustment is not recorded. (If none of the categories apply for a particular item, leave the cell blank.)
n December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any year-end adjustments. Radio and television advertising spots broadcast during December 2021 were billed to Happy on January 5, 2022. The invoice cost of P400,000 was paid on January 20, 2022. Included in the P3,000,000 is P600,000 for newspaper advertising for January 2022 sales promotional campaign. How much is prepaid newspaper advertising as of December 31, 2021?a. 400,000b. 600,000c. 200,000d. 300,000
On December 1 Simpson marketing company received $6900 from a customer for a two month marketing plan to be completed January 31 of the following year. The cash receipt was recorded as unearned fees the adjustment entry for the year and then December 31 would include:
On June 23 Mac Cosmetics sold $250,000 worth of its products to Ulta Coporation, with the payment to be received in 90 days on September 23. The firm's accountants should recognize the sale on: A) Jun-23 B) Sep-23