Question: Hello please someone help me to answer this please.. *** Count of Supplies 110,000 Adjusting Entries and Accounting Policy The following are some of the

Hello please someone help me to answer this please..

*** Count of Supplies 110,000

Adjusting Entries and Accounting Policy The following are some of the transactions made by Luigi Gomez Cleaners during 2020: Apr. 1 Acquired cleaning supplies in the amount of P260,000. A count of the supplies on Dec. 31, 2020 Aug. 1 Received P360,000 from Cebu Manpower for cleaning janitorial uniforms over the next 3 years. Nov. 1 Paid P240,000 for annual rent. Required: 1. Assume that Gomez records these transactions using the following accounts, record the adjusting entries on Dec. 31, 2020: a. Office Supplies b. Prepaid Rent C. Unearned Cleaning Revenues 2. Now, assume that Gomez records these transactions using the following accounts, what will be the adjusting entries on Dec. 31, 2020? a. Office Supplies Expense b. Rent Expense c. Cleaning Revenues 3. If Gomez were to use reversing entries, which set of entries, (1) or (2), would have to be reversed? Why

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Hello please someone help me to answer this please.. *** Count of Supplies 110,000 . Adjusting Entries and Accounting Policy The following are some of the transactions made by Luigi Go...

Hello! can someone help me to answer this please. i really need your help. thank you in advance ? Adjusting Entries and Accounting Policy The following are some of the transactions made by Luigi...

Hello! can someone help me to answer this please. i really need your help. thank you in advance Comprehensive Problem Julius Caesar, tax consultant, began his practice, on Dec. 1, 2020. The...

Can someone help me with the answers to this Solid Footing 9e Accounting Cycle project? Accounting Cycle Project Solid Footing 9e Project is Activated Save>SAVING your project following these...

Question 1 , Question 2 and Question 5 part (ii) thanks alot Faculty of Business, Economics & Accounting Department of Accounting and Finance HELP Bachelor of Business (Hons) Year 3 INTERNAL SUBJECT...

create a general journal, general ledger, unadjusted trial balance, adjusted trial balance, income statement, and shareholder's equity statement Productions Legal Pad Nume Name 1110 Cash 1120...

Part Four (bank reconciliation) and Part Five. The correct balance for the company is 17,416.67 NO JE Part Four Instructions In this part of the practice set, the student will prepare a Bank...

Answers to cybertext project. Fill in the blanks. Lengthy project. General ledger, unadjusted trail balance, statement of cash flows. adjusted trial balance, income statement. Need to finish by 11:00...

In this part of the parctice set, the student will prepare a Bank Reconciliation for the month of January. Start by using the ending balance in your cash account for the cash for your books and the...

help with part 4 please Record the January 2019 transactions in the general journal (last section of this practice set) using the following events. Skip a line between each entry and number the...

Each of the two blocks has mass m. The coefficient of kinetic friction at all surfaces of contact is m. If a horizontal force P moves the bottom block, determine the acceleration of the bottom block...

Check that the requirements for the theoretical model are met for the data on semester average marks and hours spent working. When the professor checked the data, she noticed that there were two...

does the decrease of office supplies belong on the cash flow statement

Free cash flow valuation You are evaluating the potential purchase of a small business with no debt or preferred stock that is currently generating $ 4 2 , 7 0 0 of free cash flow ( F C F 0 = $ 4 2 ,...