Smart brain is a company that is located in Rawalpindi, Pakistan. The Client Still more operates a private investigating agency called Still more Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Retainer Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Other Data Accrued but unrecorded client fees earned at December 31 amount to RS 1,500. Records show that RS 2,500 of cash receipts originally recorded as Unearned Retainer Fees had been earned as of December 31. Office supplies on hand at December 31 amount to RS 110. The company purchased all of its office equipment when it first began business. At that time, the equipment’s estimated useful life was six years (or 72 months). On…

Flint Hills, Incorporated has prepared a year-end 2024 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred.a) The Supplies account shows a balance of $880, but a count of supplies reveals only $380 on hand.b) Flint Hills initially records the payments of all insurance premiums by debiting the Prepaid Insurance account. The trial balance shows a balance of $590 in the account. A review of insurance policies reveals that $210 of insurance is unexpired.c) Flint Hills employees work Monday through Friday, and salaries of $4,100 per week are paid each Friday. Flint Hills' year-end falls on Tuesday.d) On December 31, 2024, Flint Hills received a bill for $360 for utilities incurred during December. The bill will be paid in early January of 2025. e) On December 1, Flint Hills paid rent in advance in the amount of $6,000 for the months of December, January and February. The Prepaid Rent accounts was debited. f) Depreciation on the equipment…

The Smart brain is a company that is located in Rawalpindi, Pakistan. The Client Still more operates a private investigating agency called Still more Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Retainer Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Other Data Accrued but unrecorded client fees earned at December 31 amount toRS 1,500. Records show that RS 2,500 of cash receipts originally recorded as Unearned Retainer Fees had been earned as of December31. Office supplies on hand at December 31 amount toRS 110. The company purchased all of its office equipment when it first began business. At that time, the equipment’s estimated useful life was six years (or 72months). On…

The Smart brain is a company that is located in Rawalpindi, Pakistan. The Client Still more operates a private investigating agency called Still more Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Retainer Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Other Data Accrued but unrecorded client fees earned at December 31 amount to RS 1,500. Records show that RS 2,500 of cash receipts originally recorded as Unearned Retainer Fees had been earned as of December Office supplies on hand at December 31 amount to RS 110. The company purchased all of its office equipment when it first began business. At that time, the equipment’s estimated useful life was six years (or 72 months). On…

The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2021 year-end financial statements.     a) On Oct. 1, 2021, Piper paid P10,800 for 6-months’ insurance premiums.   b) The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2021 totaled P12,800. c) The company  received  P22,800  on    1,  2021  from  a  customer  for  services  to  be rendered during the months of November, December, January, and February. d) Piper Ventura  acquired  Office  Equipment  costing  P352,800  on  April  1,    The   equipment is expected to last 5 years after which it will be worthless.   e) Assume that Nov. 30, 2021 is a Friday and the Piper pays its employees a total of P87,500 on Saturday. f) On September 1,  the  entity completed  the  negotiations  with  a  client  and  accepted  an advance  of  P168,000  for  services  to  be  performed  on    The  P168,000…

The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2021 year-end financial statements. a) On Oct. 1, 2021, Piper paid P10,800 for 6-months’ insurance premiums. b) The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2021 totaled P12,800. c) The company received P22,800 on Nov. 1, 2021 from a customer for services to be rendered during the months of November, December, January, and February. d) Piper Ventura acquired Office Equipment costing P352,800 on April 1, 2020. The equipment is expected to last 5 years after which it will be worthless. e) Assume that Nov. 30, 2021 is a Friday and the Piper pays its employees a total of P87,500 on Saturday. f) On September 1, the entity completed the negotiations with a client and accepted an advance of P168,000 for services to be performed on November. The P168,000 was credited to Unearned Service…

In December 2019, Evergreen, a cleaning company, is performing $ 1,500 of service for customers who will not pay until February 2020. Record the entries when service is performed and cash is received                                 Evergreen Cleaning Services Company has accrued a salary of $ 15,000 on 30 December 2019, payable on 2 January 2020.Record entries when salaries are accrued and salaries are paid                                  On 15 December 2019, Evergreen Cleaning Services Company received a total of $ 2,000 worth of utility bills. The company will pay the bill on 2 January 2020. Record the entries for 15 December 2019 and 2 January 2020                                      On 31 December 2019, Evergreen Cleaning Services Company rendered $15,000 worth of services to a client. The customer will pay the amount on 15 January 2020. Make…

On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31.     Journalize the entry on July 1 and the adjusting entry on December 31 for Sunland Company. Sunland uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

On March 1, 2020, Jimenez purchased a one-year insurance policy for $2,400. On that date, Jimenez debited Prepaid Insurance for $2,400. If Jimenez prepares financial statements at the end of March, the adjusting journal entry would include a:     credit to Insurance Expense for $2,200.     credit to Prepaid Insurance for $200.     None of these.     debit to Insurance Expense for $2,400.     debit to Insurance Expense for $2,200.