1. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P21,000 and (CR) Cash, P21,000.00.            a. Transposition            b. Transplacement            c. No error            d. Error of Omission            e. Error of account titles2. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P21,000 and (CR) Cash, P21,000.00.            a. Transposition            b. Transplacement            c. No error            d. Error of Omission            e. Error of account titles3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P120,000.00 and (CR) Cash, P120,000.00            a. Transposition            b.…

Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows:                                                           The following data are not yet recorded:a. Depreciation on the equipment is $18,350.b. Unrecorded wages owed at December 31, 2019: $4,680.c. Prepaid rent at December 31, 2019: $9,240.d. Income taxes expense: $5,463.Required:Prepare a completed worksheet for Rapisarda Company.

Presented below is information related to equipment owned by Sunland Company at December 31, 2020. Cost $10,170,000 Accumulated depreciation to date 1,130,000 Expected future net cash flows 7,910,000 Fair value 5,424,000 Assume that Sunland will continue to use this asset in the future. As of December 31, 202O, the equipment has a remaining useful life of 4 years. (a) Your answer is correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually,.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 3616000 Accumulated Depreciation-Equipment 3616000

1. Prepare the entry to record the write-off ofuncollectible accounts during 2019. 2. Prepare the entries to record the recovery ofthe uncollectible account during 2019 3. Prepare the entry to record bad debt expense(BDE) at the end of 2019. Ending balance ofAFDA was Rp18,200 (Cr.) 4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.

On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a non-interest-bearing $80,000, 1-year note. The face value of the note includes the price of the equipment and the interest. The effective interest rate is an annual rate of 16%, and the note is to be paid in four $20,000 quarterly installments on March 31, June 30, September 30, and December 31. The price of the equipment is the present value of the four payments discounted at the effective interest rate.

1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 wasRM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31December 2019 was RM100 2. The following balances were extracted from the ledger of CTSha Trading as at 31 October 2019.   DEBIT (RM)  CREDIT (RM) Insurance  12,000   Water and electricity  4,800   Wages and salaries  16,000   Rental income    9,900 Interest income    6,000 Prepaid insurance as at 1 Nov 2018  1,500   Accrued wages and salaries as at 1 Nov 2018    2,000 Accrued rental income as at 1 Nov 2018  1,800   The following adjustment were to be…

You are presented with the following trial balance of Carl Ltd at 31 October 2018. DrCr R,000Building at costBuildings, accumulated depreciation, 1 November 2018 Plant at costPlant, accumulated depreciation, 1 November 2018 Land at costBank balanceRevenuePurchasesDiscounts receivedReturns inwardsWagesEnergy expensesTrade PayablesTrade ReceivablesInventory at 1 November 2018Allowance for debtors at 1 November 2018 Administrative expensesDirector's remunerationAccumulated profit at 1 November 201810% DebentureDividend paidR1 Ordinary sharesShare premium accountR,000 74060 220110 23550 1,8001,1059035 180 105250 3201601080 70306503,28080 3,280130 50Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost, allocated 30%…

A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…

Required information [The following information applies to the questions displayed below} On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Debit $ 25,900 47,8ee Credit Cash Accounts Recelvable Allowance for Uncollectible Accounts Inventory Land Equipment Accunulated Depreciation Accounts Payable Notes Payable (6x, due April 1, 2022) $ 5,000 20,8ee 54,0ee 19,eee 2,300 29,300 58,000 43,880 Connon Stock Retained Earnings 29,900 $167,5e0 Totals $167,500 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,600. The cards are redeemable for nerchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $155,80e. January 15 Firework sales for the first half of the month total $143,80e. All of these sales are on account. The cost of the units sold is $77,880. January 23 Receive $126, 200 from customers on accounts receivable. January 25 Pay $98,00e to…