Prepare the following: Adjusting entries – December 31,2015 Working papers Additional information that were found helpful to your analysis are as follows:Beginning balance (agrees with your working papers last year)1. BARTOLMS , COMMON - 5,000 shares P 11,0002. RICH, INC., COMMON - 900 shares 19,0003. YLEVOL Corp., COMMON - 15,000 shares 45,000Commission were recorded as expenseDetails of BERTOLDS Bonds:1. Face value P 1,000 per bond2. Interest rate 12%3. Interest dates May 1 and November 1Required:Prepare the following:Adjusting entries - December 31,2015Working papers You are engaged to audit the marketable securities of BATCH215 Company. In your inquiries, the accountantpresented to you the account of investments.DateParticularsDebitCredit20151-JanBeginning balance75,000Purchased 2,000 shares of GRAZE common at P100 per share P2,000 for15-Marcommission200,000Sold 50 shares of BARTOLMS Co. at P10 per share, less P15 for10-Aprcommission50030-JunReceived 50% stock dividend from BART Co.4,95015-JulReceived 50% stock dividend from RICH, Inc.5,40031-JulSold 100 shares of Rich, Inc. at P30 each, P30 commission3,000Purchased 10 BERTOLDS Bonds at 110, plus interest accrued to date;1-Octcommission amounted to P11011,50015-NovProceeds from sale of 200 shares of GRAZE; no commission involved26,000Proceeds from sale of 4 bonds at 105, including interest to date;1-Deccommission involved amounted to P424,24030-DecSold 50 shares of BARTOLMS at P20 per share, no commission involved1,000

Adjusting entries: Entries that are used for the purpose of preparing adjusted trial balance and…

Answered: Prepare the following: Adjusting…

Business

Accounting

Prepare the following: Adjusting entries – December 31,2015 Working papers

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
PLEASE ANSWER THIS QUESTION ASAP. THANK YOU SO MUCH. In connection with your audit of the financial statements of the Pin Shop Company for the year 2020, the following investment in Ordinary shares and dividend income accounts were presented to you: Investment in ordinary shares Date Description Ref. Debit Credit 01/15 10,000 O/S, par value P75, SPIKES CO. VR-18 585,000 04/30 5,000 shares SPIKES Co. received as share div. CJ-7 375,000 05/20 Sold 5,000 shares @ P37.5 CR-21 187,500 12/10 Sold 2,000 shares @ P90 CR-S2 180,000 Dividend Income Date Description Ref. Debit Credit 04/30 Share Dividend…
PLEASE ANSWER THIS QUESTION ASAP. THANK YOU SO MUCH. In connection with your audit of the financial statements of the Pin Shop Company for the year 2020, the following investment in Ordinary shares and dividend income accounts were presented to you: Investment in ordinary shares Date Description Ref. Debit Credit 01/15 10,000 O/S, par value P75, SPIKES CO. VR-18 585,000 04/30 5,000 shares SPIKES Co. received as share div. CJ-7 375,000 05/20 Sold 5,000 shares @ P37.5 CR-21 187,500 12/10 Sold 2,000 shares @ P90 CR-S2 180,000 Dividend Income Date Description Ref. Debit Credit 04/30 Share Dividend…
PLEASE ANSWER THIS QUESTION ASAP. THANK YOU SO MUCH. In connection with your audit of the financial statements of the Pin Shop Company for the year 2020, the following investment in Ordinary shares and dividend income accounts were presented to you: Investment in ordinary shares Date Description Ref. Debit Credit 01/15 10,000 O/S, par value P75, SPIKES CO. VR-18 585,000 04/30 5,000 shares SPIKES Co. received as share div. CJ-7 375,000 05/20 Sold 5,000 shares @ P37.5 CR-21 187,500 12/10 Sold 2,000 shares @ P90 CR-S2 180,000 Dividend Income Date Description Ref. Debit Credit 04/30 Share Dividend…
In connection with your audit of the financial statements of the Pin Shop Company for the year 2020, the following Investment in Ordinary Shares and Dividend Income accounts were presented to you: Investment in Ordinary Shares Date Description Ref. Debit Credit 01/15 10,000 ordinary shares, par value P50, SPIKES Co. VR-18 390,000 04/30 5,000 shares SPIKES Co. received as share dividend CJ-7 250,000 05/20 Sold 5,000 shares @ P25 CR-21 125,000 12/10 Sold 2,000 shares @ P60 CR-S2 120,000 Dividend Income Date Description Ref. Debit Credit 04/30 Share dividend SJ-7 250,000 11/30 SPIKES Company ordinary CR-22 50,000 The following information was obtained during your examination: From independent sources, you determine the following dividend information: Type of Dividend Date Declared Date of Record Date of Payment Rate Share Cash Cash…
In connection with your audit of the financial statements of the Lovely Company for the year 2020, the following Investment in Ordinary Shares and Dividend Income accounts were presented to you: Investment in Ordinary Shares Date Description Ref. Debit Credit 01/15 10,000 ordinary shares, par value P75, SPIKES Co. VR-18 585,000 04/30 5,000 shares SPIKES Co. received as share dividend CJ-7 375,000 05/20 Sold 5,000 shares @ P37.5 CR-21 187,500 12/10 Sold 2,000 shares @ P90 CR-S2 180,000 Dividend Income Date Description Ref. Debit Credit 04/30 Share dividend SJ-7 375,000 11/30 SPIKES Company ordinary CR-22 75,000 The following information was obtained during your examination: From independent sources, you determine the following dividend information: Type of Dividend Date Declared Date of Record Date of Payment Rate Share Cash Cash 03/15/20…
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You are engaged to perform the first audit of the Torrents Company for the year ended December 31, 2022. You find the following account balances related to shareholders' equity: Preference shares, P100 par P3,000,000 Ordinary Shares, P10 par 6,500,000 Capital Surplus (1,640,000) Retained Earnings 15,000,000 Due to the antiquated terminology and negative balance, you examine the Capitak Surplus account first and find in it the following entries: Credit/(Debit) Premium on Ordinary Shares P2,710,000 Capital from donated land 1,600,000 Treasury shares (50,000 ordinary shares at cost) (750,000) Premium on Preference Shares 300,000 Appropriation for contingencies 2,500,000 Share dividend issued (50%) (2,000,000) Prior period adjustment (net of income taxes) (1,200,000) Loss from the fire (uninsured), 2022 (1,800,000) Property dividend distributed (600,000) Cash dividends declared to be paid in 2023 (2,400,000) Balance (P1,640,000) Your examination of…
You are engaged to perform the first audit of the Torrents Company for the year ended December 31, 2022. You find the following account balances related to shareholders' equity: Preference shares, P100 par P3,000,000 Ordinary Shares, P10 par 6,500,000 Capital Surplus (1,640,000) Retained Earnings 15,000,000 Due to the antiquated terminology and negative balance, you examine the Capitak Surplus account first and find in it the following entries: Credit/(Debit) Premium on Ordinary Shares P2,710,000 Capital from donated land 1,600,000 Treasury shares (50,000 ordinary shares at cost) (750,000) Premium on Preference Shares 300,000 Appropriation for contingencies 2,500,000 Share dividend issued (50%) (2,000,000) Prior period adjustment (net of income taxes) (1,200,000) Loss from the fire (uninsured), 2022 (1,800,000) Property dividend distributed (600,000) Cash dividends declared to be paid in 2023 (2,400,000) Balance (P1,640,000) Your examination of…
you are an auditor in charge of the audit of steffen corporation. in the audit of investments, you have just been given the following list of securities held by Steffens Corporation at December 31, 20x3.. 10000 shares of microsoft corp. market value $599,100. 6,000 shares of general motors corp. 216500. 8,000 shares of beta corporation (not publicly traded). 400 holloway lodging corp. 7.5% convertible bonds 555,000. a. identify the potential audit problems that may be indicated by the schedule. b. to value the shares of Beta corporations, management has employed a securities valuation firm. Explain the audit considerations involved in auditing the value developed by the valuation firm.
You are engaged to perform the first audit of the ParkerCompany for the year ended December 31, 2020. Youfind the following account balances related to shareholders'equity:Preference shares, P100 par P 3,000,000Ordinary shares, P10 par 6,500,000Capital surplus (1,640,000)Retained earnings 15,000,000Due to the antiquated terminology and negative balance,you examine the Capital Surplus account first and find in itthe following entries:Credit(Debit)Premium on ordinary shares P 2,710,000Capital from donated land 1,600,000Treasury shares (50,000 ordinary sharesat cost)( 750,000)Premium on preference shares 300,000Appropriation for contingencies 2,500,000Share dividend issued (50%) (2,000,000)Prior period adjustment (net of incometaxes)(1,200,000)Loss from the fire (uninsured), 2020 (1,800,000)Property dividend distributed ( 600,000)Cash dividends declared to be paid in2021(2,400,000)Balance (P1,640,000)Your examination of the Preference Shares and OrdinaryShares accounts reveals that the…
During your audit of Esau Corporation for the year 2021, you found the following postings to the FVPL account: Date Particulars Debit Credit Jan. 1 Purchased 10,000 preference shares of F Company P100,000 Jan. 3 Purchased 1,000 shares of A Company 54,000 Jan. 8 Purchased 1,000 shares of B Company 60,000 Feb. 28 Cash dividends, F Company 20,000 Apr. 2 Cash dividends, A Company 1,000 Apr. 5 Sold 500 shares, A Company 28,000 Apr. 8 Purchased 1,000 shares of C Company 30,000 Purchased 1,000 shares of D Company 36,000 July 15 Purchased 200 shares, Esau Company 33,000 Purchased 500 shares of E Company 20,000 Aug. 15 Sold 100 shares, Esau Company 20,000 Dec. 8 Received 10% bonus issue from E Corporation 2,000 Dec. 10 Cash dividend, C Company 1,200 The following information was discovered from your audit procedures: The cash dividends received…