Instruction: Prepare the correct adjusting entry for the year ended December 31, 2021. Write your answer in the journal sheet or a yellow paper. Take a photo or scan your answer and upload to google form/Microsoft form. The Insurance Expense account ha
nstruction: Prepare the correct adjusting entry for the year ended December 31, 2021. Write your answer in the journal sheet or a yellow paper. Take a photo or scan your answer and upload to google form/Microsoft form.
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Instruction: Prepare the correct adjusting entry for the year ended December 31, 2021. Write your answer in the journal sheet or a yellow paper. Take a photo or scan your answer and upload to google form/Microsoft form. The Insurance Expense account ha
Instruction: Prepare the correct adjusting entry for the year ended December 31, 2021. Write your answer in the journal sheet.
Instruction:Prepare the correct adjusting entry for the year ended December 31, 2021. Write your answer in the journal sheet or a yellow paper. Take a photo or scan your answer and upload to google form/Microsoft form.The Insurance Expense account has a debit balance on December 31, 2021 of P72,000 representing premium for a 2-year fire insurance policy effective October 1, 2021.Rent Income was credited for P36,000 on November 1, 2021, representing nine months rental collected in advance.As of December 31,...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
PLEASE ANSWER ALL THREE Fes Company is making adjusting Journal entries for the year ended December...
PLEASE ANSWER ALL THREE
Fes Company is making adjusting Journal entries for the year ended December 31, 2018. In developing Information for the adjusting Journal entries, you learned the following: a. A two-year Insurance premium of $7,300 was paid on January 1, 2018. for coverage beginning on that date. As of December 31. 2018. the unadjusted balances were $7,300 for Prepaid Insurance and $0 for insurance Expense. b. At December 31, 2018, you obtained the following data relating to supplies....
2. Prepare the necessary closing entries at December 31, 2021. The December 31, 2021. adjusted trial...
2. Prepare the necessary closing entries at
December 31, 2021.
The December 31, 2021. adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 49, 2ee 295,000 9,580 44,08e 54e, eee Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 226,eee...
QUESTION 17 Free response question: Please answer the following questions on paper, scan the papers and...
QUESTION 17 Free response question: Please answer the following questions on paper, scan the papers and upload as a single file at the end of the exam. Part II Contd. 2. ABC company maintains its records cash basis of accounting during the year and then converts them to accrual basis at the end of the year through adjusting entries. While preparing the financial statements of ACC for the year ended December 31, 2020 on accrual basis, you discover the following:...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
4. the adjusting Entry. prepare your answer in Tabular form. The Cheyenne Company accumulates the following...
4. the adjusting Entry. prepare your answer in Tabular
form.
The Cheyenne Company accumulates the following adjustment data at December 31 Styles 1. Revenue of $1,232 collected in advance has been recognized. 2. Salaries of $600 are unpaid. 3. Prepaid rent totaling $368 has expired 4. Supplies of $484 have been used 5. Revenue recognized but unbilled totals $720. 6. Utility expenses of $336 are unpaid. 7. Interest of $220 has accrued on a note payable. For each of the...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31,...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.8%, 95, eee shares at $i par Common stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 common shares Total shareholders' equity $ 95, eee 454,500 1,565,000 2,615, cee 9,445, eee (49,500) $14,125,000 During 2021, several events and transactions affected the retained earnings of Consolidated...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
PLEASE ANSWER ALL THREE
Fes Company is making adjusting Journal entries for the year ended December 31, 2018. In developing Information for the adjusting Journal entries, you learned the following: a. A two-year Insurance premium of $7,300 was paid on January 1, 2018. for coverage beginning on that date. As of December 31. 2018. the unadjusted balances were $7,300 for Prepaid Insurance and $0 for insurance Expense. b. At December 31, 2018, you obtained the following data relating to supplies....
2. Prepare the necessary closing entries at
December 31, 2021.
The December 31, 2021. adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 49, 2ee 295,000 9,580 44,08e 54e, eee Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 226,eee...
QUESTION 17 Free response question: Please answer the following questions on paper, scan the papers and upload as a single file at the end of the exam. Part II Contd. 2. ABC company maintains its records cash basis of accounting during the year and then converts them to accrual basis at the end of the year through adjusting entries. While preparing the financial statements of ACC for the year ended December 31, 2020 on accrual basis, you discover the following:...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
4. the adjusting Entry. prepare your answer in Tabular
form.
The Cheyenne Company accumulates the following adjustment data at December 31 Styles 1. Revenue of $1,232 collected in advance has been recognized. 2. Salaries of $600 are unpaid. 3. Prepaid rent totaling $368 has expired 4. Supplies of $484 have been used 5. Revenue recognized but unbilled totals $720. 6. Utility expenses of $336 are unpaid. 7. Interest of $220 has accrued on a note payable. For each of the...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.8%, 95, eee shares at $i par Common stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 common shares Total shareholders' equity $ 95, eee 454,500 1,565,000 2,615, cee 9,445, eee (49,500) $14,125,000 During 2021, several events and transactions affected the retained earnings of Consolidated...
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