B. ADJUSTING ENTRIES: More Review Show (MRS) prepares quarterly statements. The bookkeeper presented to you the records and you found out the following account balances before adjustments for the quarter ended March 31, 200B: 1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B 2. The balance of the prepaid insurance account of P22,000 represents a one-year policy contracted last November 1, 200A for P10,000 and two year policy contracted last July 1, 200Å for P12,000 3. The balance of the prepaid rent account of P50,000 pertains to advance rent paid last December 1, 200A six months effective on the same date. 4. The rate per day of each of the four shop workers is P350. MRS pays the weekly salaries of its workers every Monday of the following week ( a week consist of five days from Monday to Friday). March 31, 200B falls on Thursday. 5. Mortgage notes…

"For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. Prepaid Insurance. The Prepaid Insurance account has a $4,700 debit balance to start the year. A review of insurance policies shows that $900 of unexpired insurance remains at year-end. Prepaid Insurance. The Prepaid Insurance account has a $5,890 debit balance at the start of the year. A review of insurance policies shows $1,040 of insurance has expired by year-end. Prepaid Rent. On September 1 of the current year, the company prepaid $24,000 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $24,000."

Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries. Specifially for supplies, interest paybale, and accumlated depreciation.

For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Supplies. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. b. Supplies. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. c. Supplies. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased and debited to the Supplies account. The inventory of…

For each separate case below, follow the three-step process for adjusting the accrued revenue account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year.

For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31. Assume no other adjusting entries are made during the year.

On June 1, Sheffield Company borrows $111,000 from First Bank on a 6-month, $111,000, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 List of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 List of Accounts

Present entries to record the following (a,b,c) for a business that uses the Allowance Method:  a: Record the adjusting entry at 12/31/19, the end of the fiscal year to provide for doubtful accounts. The accounts receivable account has a balance of $100,000 and the contra asset account, before adjustment has a debit balance of $700. Analysis of receivables indicates doubtful accounts of $4,500.   b: In March of the following fiscal year $610 owed by the Filthy Disgusting Yankees Inc was written off.  c: Six months later the $610 is reinstated and payment of that amount received What is the estimated realizable value of the accounts receivable as reported on the Balance Sheet prepared as of 12/31/19 Assuming that the business had been following the direct write off method for accounting for uncollectibles, present the entry to record the write-off in (1b) Record the entry for the reinstatement of the account written off in (3) under the direct write-off method Assignment: Record the…

For each separate case below, follow the three-step process for adjusting the prepald asset account at Deceml Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Prepaid Insurance. The Prepaid Insurance account has a $6,100 debit balance to start the year. A review of insurance policies shows that $1,600 of unexpired insurance remains at year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. b. Prepaid Insurance. The Prepaid Insurance account has a $7,290 debit balance at the start of the year. A review of insurance policies shows $1,600 of insurance has expired by year-end. Prepaid Insurance Step 1:…