Error and Correction The following scenarios are for GQH Company for years 2018 and 2019. Each scenario is independent. Assume that year 2018 is closed and year 2019 is open. 1. GQH received a 10,000 advance payment from a customer in 2017, the service was delivered in 2018. The transaction was recorded against Accounts Receivable in 2017. No other transaction was recorded in 2017 and 2018 related to the service. 2. GQH paid 24,000 for renting a warehouse on June 1, 2018 for the 1 year. This payment was recorded as rent expense, therefore no adjustment entry was made in 2018. 3. GQH purchased a delivery van on Oct 1, 2018 for 40,000 on credit with a useful life of 8 years and no salvage value. The purchase was recorded on Jan 1, 2019. No depreciation was recorded in 2018. GQH uses straight line method of depreciation. 4. Interest Expense for 2017 was 7,500 and for 2018 was 6,600. Interest expense was not accrued in 2017 and 2018 and was recorded when paid in the following year.…

Comprehensive Accounting Cycle Review 9-1 (Part Level Submission) Pina Colada Corp.’s unadjusted trial balance at December 1, 2017, is presented below.   Debit   Credit Cash $25,900     Accounts Receivable 35,100     Notes Receivable 8,400     Interest Receivable 0     Inventory 36,280     Prepaid Insurance 3,600     Land 21,800     Buildings 140,100     Equipment 60,500     Patent 9,630     Allowance for Doubtful Accounts     $600 Accumulated Depreciation—Buildings     46,700 Accumulated Depreciation—Equipment     24,200 Accounts Payable     28,100 Salaries and Wages Payable     0 Notes Payable (due April 30, 2018)     12,900 Income Taxes Payable     0 Interest Payable     0 Notes Payable (due in 2023)     36,000 Common Stock     56,400 Retained Earnings     24,410 Dividends 13,500     Sales Revenue     923,500 Interest Revenue     0 Gain on Disposal of Plant Assets     0 Bad Debt Expense 0     Cost of Goods Sold 631,500…

Shamrock Company received an invoice of $27,950 dated February 26, 2015 with payment terms 6/10, 2/20, n/45. a. Calculate the amount required to settle the invoice on March 8, 2015. Round to the nearest cent b. Calculate the amount required to settle the invoice on March 13, 2015. Round to the nearest cent 71

my worK Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Receivable Uncollectible $128,400 91,100 55,500 33,700 5% 10% 16% 33% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Inc. writes off $3,271 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required C The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for…

Preparing Adjusting Entries The Sang Tae Company presented the following information pertaining to accounts that will need adjustments for its November 30, 2019 year-end financial statements. On Oct. 1,2019 Sang Tae paid P10, 800 for 6 month's insurance premiums 2. The balance in the leger account Office Supplies amounted to P32,000. A count of the supplies on November 30, 2019 totaled P12,800. 1. 3. Sang Tae received P22,800 on November 1, 2019 from a customer for services to be rendered during the months of November, December, January and February 2020. 4. Sang Tae acquired Office Equipment costing P352,800 on April 1, 2019, the equipment is expected to last 5 years after which it will be worthless. The scrap value is 10,500. 5. Assume that November 30, 2019 is a Friday and that Sang Tae pays its employees a total of P87,500 on Saturday. Requirements: 1. Prepare the adjusting entries as of November 30,2019 2. Prepare ihe Dec. 1, 2019 entry to record the paymeni of the salaries. 43

lal Acc CO ng-20201 am ACCT301 Fall 2020/2021 (Sections 1, 2, and 81) 19 Revenue has a credit balance of OMR 15,000 in Muscat Co. if the dosing entry will made at the year end, ved The entry to close Revenue is: it of Select one: O a debit Income Summary OMR20,000, credit Revenue OMR20,000 Ob. debit Revenue OMR15,000, credit Ahmad Capital OMR15,000 Oc debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000 Clear my choice s page

Adjustments a. The supplies available at the end of fiscal year 2017 had a cost of $3,300. b. The cost of expired Insurance for the fiscal year is $3,800. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded. e. The company's employees have earned $1,800 of accrued wages at fiscal year-end. f. The rent expense Incurred and not yet paid or recorded at fiscal year-end is $500. g. Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears Interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $250 accrued Interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the…

Instructions The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 2017 Dec 2018 Feb 7 Received from Unitarian Clothing & Bags Co., on account, a $30,000, 60-day, 6% note dated December 7 Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. DATE 31 31 5 Received payment of note and interest from Unitarian Clothing & Bags Co. Joumalize the entries to record the transactions. If no entry is required, simply skip to the next transaction Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

Prepare correcting entries as of December 31, 2020 7. The delivery expense of P 1,800 incurred on October 1, 2020 was debited to delivery equipment account. Delivery equipment is being depreciated at an annual rate of 12%. 8. Accrued rent expenses were overlooked at the end of 2018, P 2,470; at the end of 2019 of P 3,450; and at the end of 2020, P 5,000. 9. As a result of errors in the physical count, inventories were overlooked by P 24,500 at December 31, 2019 and by P 27,650 at December 31, 2020. 10. On July 1, 2020, fully depreciated equipment purchased for P 21,000, was sold as scrap for P 2,500. The only entry made was to debit cash and credit delivery equipment for the scrap proceeds. 11. Advance payment of a customer in 2019 for goods to be delivered in 2020 of P 5,000. The payment was credited to accounts receivable. 12. Purchases of merchandise in 2020, FOB destination, P 24,000, were taken up in the books in 2020. This was not included in the December 31,…