The total debit and credit balances of an Income Statement in the worksheet is P481,700 and P715,800. The omitted adjustment was debit Unearned Rent and credit Rent Revenue of P7 500 What is the corrected balance of Net Income?
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- The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would 1w: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.What two accounts are affected by each of these adjustments? A. recorded accrued interest on note payable B. adjusted unearned rent to correct C. recorded depreciation for the year D. adjusted salaries payable to correct E. sold merchandise to customers on accountUsing the percentage - of - sales method , the estimated total uncollectible accounts are $6,722. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $3,135. The Accounts Receivable balance is $44,520. The amount of the adjusting entry for Uncollectible accounts expense is : A. $9,857. B. $3,135. C. $6,722. D. $3,587.
- 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 P15,200The unearned rent account has a balance of P36,000. If P4,000 of the P36,000 is unearned at the end of the accounting period, the amount of the adjusting entry isAfter all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $70,800 and $97,750, respectively. What is the amount of the net income or net loss for the period? Oa. $26,950 of net income Ob. $26,950 of net loss Oc. $70,800 of net loss Od. $97,750 of net income
- Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2019, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2019 92,000 Allowance for uncollectible accounts at December 31, 2019 1,850 Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: 1. Determine the net balance of AR to be reflected in the balance sheet using net credit sales 2. Assume that Allowance for uncollectible accounts has a debit balance of 1,850 and Aging revealed that 11,040 may proved to be uncollectible, What amount of AR should be reflected in the balance sheetPrepare the Adjusting Journal Entry for the following: 1. Accounts Receivable has a balance of P78,000. It is estimated that 3% of this will be uncollectible. 2. Accounts Receivable and its corresponding allowance have balances of P229,000 and P5,000 respectively. It is estimated that 7.5% of this will be uncollectible.For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.a. The adjustment of $9,800 for accrued fees earned was journalized as a debit to Accounts Receivable for $9,800 and a credit to Fees Earned for $8,900.b. The adjustment of depreciation of $3,600 was omitted from the end-of-period adjusting entries.
- Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,0009. Uncollectible account expense for 2018 is $1,615. What is the adjusted balance in theAllowance account at year-end for 2018?a. $650b. $2,515c. $1,615d. $900State the effect the following situation would have on the amount of annual net income reported for 2019. The collection of USD 5,000 for services yet unperformed as of December 31, was credited to a revenue account and not adjusted. Group of answer choices Net income is understated, liabilities are overstated Net income is overstated, liabilities are understated Net income is understated, assets are overstated Net income is overstated, assets are overstatedHow much uncollectible accounts expense should be presented on the statement of comprehensive income for the year ended December 31, 2018? a. 160,600 b. 194,000 c. 240,600 d. 254,600 e. None of the choices
