Concept explainers
Accrued revenues:
Accrued revenue is the revenue for which company provided products and services to customers but hasn’t received cash. It is recorded as revenue and an asset for the amount expected to be received.
To record: the lending for Company F on July 1, 2018.
Accrued revenues:
Accrued revenue is the revenue for which company provided products and services to customers but hasn’t received cash. It is recorded as revenue and an asset for the amount expected to be received.
To record: the
Accrued revenues:
Accrued revenue is the revenue for which company provided products and services to customers but hasn’t received cash. It is recorded as revenue and an asset for the amount expected to be received.
To calculate: the yearend adjusted balances of interest revenue and interest receivable.
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FINANCIAL ACCOUNTING W/ACCESS >CI<
- JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on 6,000, 60-day, 5.5% note (for 24 days) 22.00 Interest on 9,000, 90-day, 6% note (for 12 days) 18.00 40.00arrow_forwardACCRUED INTEREST PAYABLE The following is a list of outstanding notes payable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal.arrow_forwardPrior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000arrow_forward
- 1. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 2. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible? 3. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021? 4. What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December 31, 2021 of AR Corporation?arrow_forwardHow much increase in the allowance for uncollectible accounts is required on December 31, 2022? 57,400 40,320 43,600 137,400 What is the balance of the allowance for uncollectible accounts after all the necessary adjusting entries on December31, 2022? 127,480 60,000 113,800 117,400arrow_forward1.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021? - 594,337.50 3.) How much is adjusted Interest Income on December 31, 2021?arrow_forward
- Prepare adjusting entries as of December 31, 2021 for the following: 1. ACCRUAL: A company issued on November 16, 2021 a 90-day 12% P25,000 note. The note and interest are payable at maturity date. 2. DEFERRAL: A company issued on October 17, 2021 a 180-day 12% P48,000 note. Interest has been paid in advance and was debited to Prepaid Interest.A company issued on October 17, 2021 a 180-day 12% P48,000 note. Interest has been paid in advance and was debited to Prepaid Interest. 3. DEFERRAL: A company received a 10-month 18% P120,000 note dated August 31, 2021. The company collected in advance the full interest due on the note. The amount was credited to Unearned Interest. 4. DEPRECIATION: Alpha Company depreciates its fixed assets at 10% per annum and maintains salvage value at 10% of acquisition cost. On March 1, 2021 it acquired a set of table and chairs for the manager's office for P82,000 cash. On August 16, 2021, it acquired two computers at a purchase price per unit of P70,000.…arrow_forward3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).$fill in the blank c1967008e049075_1 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ½ of 1% of the sales of $8,760,000 for the year, determine the following: a. Bad debt expense for the year. b. Balance in the allowance account after the adjustment of December 31. c. Expected net realizable value of the accounts receivable as of Decemberarrow_forward1.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021? - 594,337.50 3.) How much is adjusted Interest Income on December 31, 2021? - 7,337.50 4.) How much was recorded to Supplies Expense on December 31, 2021?arrow_forward
- What is the adjusted balance of accounts receivable on December 31, 2021? a. P36,000 b. P64,000 c. P24,000 d. P16,000arrow_forwardReceived an 18% 120,000 note on May 1, 2011. Interest will be paid together with the principal on maturity date. What is the adjustments at December 31,2011?arrow_forwardOn 1 January 2020, a company received OMR 14000 cash as rent revenue for two years. Pass the adjusting entry on 31st December 2020 Select one: a. None of these b. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Unearned rent revenue Income rent revenue Income 7000 7000 c. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Unearned rent revenue Income rent revenue Income 14000 14000 d. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Cash Unearned rent revenue Income 14000 14000arrow_forward
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning