The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 Revenues on the date of transaction. g) Among the liabilities of the entity is a note payable in the amount of P3,000,000. On November 30, the accrued interest on this note amounted to P150,000. Required: 1. Prepare the adjusting entries. 2. Prepare the Dec. 1, 2021 entry to record the payment of the salaries. 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 Revenues on the date of transaction. g) Among the liabilities of the entity is a note payable in the amount of P3,000,000. On November 30, the accrued interest on this note amounted to P150,000. Required: 1. Prepare the adjusting entries. 2. Prepare the Dec. 1, 2021 entry to record the payment of the salaries.
Expert Answer:
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
Students also viewed these accounting questions
-
You have been researching protein kinase A (PKA) and believe there may be a link between PKA and learning. In some cells, PKA works via a signal transduction pathway (see image). It is also known...
-
The Goodman Tire and Rubber Company periodically tests its tires for tread wear under simulated road conditions. To study and control the manufacturing process, 20 samples, each containing three...
-
Goodman Tire and Rubber Company has capacity to produce 170,000 tires. Goodman presently produces and sells 130,000 tires for the North American market at a price of $ 125 per tire. Goodman is...
-
The Chicago Omni Hotel is a 750-room luxury hotel offering guests the finest facilities in downtown Chicago. The hotel is organized into four departments: lodging, dining, catering, and retail...
-
You want to develop a model to predict the selling price of homes based on assessed value. A sample of 30 recently sold single-family houses in a small city is selected to study the relationship...
-
Allen Ltd is considering a project with a three-year life producing the following costs and revenues: Identify which of the following is closest to the net present value of the machine: A. $(\$...
-
Fraud deterrence is centered on the fear of getting caught and the fear of getting punished. In your opinion, which is stronger and why?
-
Knott Radio Corporation is a subsidiary of Mercer Companies. Knott makes car radios that it sells to retail outlets. It purchases speakers for the radios from outside suppliers for $28 each....
-
Given a public good with supply given by P = 2 + Q, and 4 consumers, each with demand of P = 15.5 - Q, find the optimal aggregate CS (Answer 1) and PS (Answer 2). Blank # 1 Blank # 2 A
-
Complete the statement of cash flow for January through June on the CashFlow worksheet by completing the following tasks. As part of the process, you will need to use a circular reference. You will...
-
9 - You do not need to get the patient s permission to give demographic information to the statistician because: A - Demographic information is not PHI or ePHI B - Data sharing is permitted for...
-
Based on Covid-19 crisis, discuss FOUR (4) communication strategies that are used by political leaders to carry out their roles to face the challenges. Provide a practical example for each strategy.
-
1. What bias is being used in the videos by Fox?
-
Choose a leader you see as inspirational. Provide FOUR (4) descriptions on how the leader uses emotional intelligence to inspire and motivate his followers. Support each description with an example.
-
How would you reconcile a question from an Internal Staff member who believes she or he is worth the same amount of pay than another who is Market Prices ABOVE that staff member?
-
How much interest would you pay if you borrowed $600 at 1% per month compounded monthly for 3 month? What percent of the principal is this interest amount%?
-
A contract change control system is normally part of what process?
-
Test your confidence in the following Project Decisions: SI. # Question 01 02 03 04 05 06 07 08 09 10 How many years did it take to construct the largest Egyptian Pyramid- Pyramid of Cheops? When was...
-
What is the significance of the adjective weighted in the weighted average cost method? Use an example to illustrate your answer.
-
How do financial accounting and management accounting differ?
-
The president of Blue Moon Corp. is reviewing with her department managers the operating results of the year just completed. Sales increased by 12% from the previous year to $750,000. Average total...
-
Martin Galloway, the sole proprietor of a consulting business, has gross receipts of $45,000 in 2017. His address is: 1223 Fairfield Street, Westfield, New Jersey and his SSN is 158-68-7799. Expenses...
-
Probest Corporation (a calendar-year corporation) purchased and placed the following assets in service during the year All assets are used 100 percent for business. $100,000 of the cost of the...
-
In May 2016, Jose purchased a used automobile for $12,000 and used it 75 percent for business. No Section 179 election was made for this asset. In 2017, Joses business use of the automobile decreased...
Study smarter with the SolutionInn App