Make the necessary adjusting entries on each of the following independent cases. Show your solutions after...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Make the necessary adjusting entries on each of the following independent cases. Show your solutions after each entry. (5 pts on each problem) 1. A law firm began November with office supplies of P16,000. During the month, the firm purchased supplies of P29,000. On November 30, supplies on hand totaled P21,000. 2. A business received cash of P300,000 in advance for revenue that will be earned later. The cash receipt entry debited cash and credited unearned revenues for P300,000/ At the end of the period, P110,000 is still unearned. 3. An entity's weekly payroll of P50,000 is paid on Fridays. Assume that the last day of the month falls on Wednesday. 4. Equipment costing P508,000 has a useful life of five years with an P60,000 salvage value at the end of five years. Record the depreciation for the year. 1. Adjusting Entry: 2. Adjusting Entry: 3. Adjusting Entry: 4. Adjusting Entry: Questions from FABM 1- Ballada (2017 Edition) Supporting Computation: Supporting Computation: Supporting Computation: Supporting Computation: Make the necessary adjusting entries on each of the following independent cases. Show your solutions after each entry. (5 pts on each problem) 1. A law firm began November with office supplies of P16,000. During the month, the firm purchased supplies of P29,000. On November 30, supplies on hand totaled P21,000. 2. A business received cash of P300,000 in advance for revenue that will be earned later. The cash receipt entry debited cash and credited unearned revenues for P300,000/ At the end of the period, P110,000 is still unearned. 3. An entity's weekly payroll of P50,000 is paid on Fridays. Assume that the last day of the month falls on Wednesday. 4. Equipment costing P508,000 has a useful life of five years with an P60,000 salvage value at the end of five years. Record the depreciation for the year. 1. Adjusting Entry: 2. Adjusting Entry: 3. Adjusting Entry: 4. Adjusting Entry: Questions from FABM 1- Ballada (2017 Edition) Supporting Computation: Supporting Computation: Supporting Computation: Supporting Computation:
Expert Answer:
Answer rating: 100% (QA)
1 Adjusting Entry Office Supplies Expense 24000 Office Supplies 24000 Supporting Computation Supplie... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
On December 1, 2011, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by pur-chasing the assets and taking...
-
From the information given, complete the table given below: Prepare an income statement and a statement of changes in equity for the year ended 30 June 2021. Prepare a balance sheet as at 30 June...
-
The financial year for Crystal Catering Services ends on 30 June. After analysing the accounting records and other data for the business of Crystal Catering Services, the following information is...
-
A population of Ecuadorians have short stature. They have a rare genetic defect that affects the body's response to growth horm one, called Laron syndrome. Recent genetic studies have dem onstrated...
-
Southern Rail Inc. is considering acquiring equipment at a cost of $442,500. The equipment has an estimated life of 10 years and no residual value. It is expected to provide yearly net cash flows of...
-
Read Eye on Smartphones and then think about the ice cream market. Washtenaw Dairy in Ann Arbor, Michigan, sells 63 flavors of Strohs Mooneys ice cream, and Ben and Jerrys Web site also lists 63...
-
What are the primary categories of a risk?
-
Pam Corporation holds 70 percent ownership of Northern Enterprises. On December 31, 20X6, Northern paid Pam $40,000 for a truck that Pam had purchased for $45,000 on January 1, 20X2. The truck was...
-
Consider a reservoir filled with water of uniform density po and subject to the gravi- tational force. One side of the reservoir is confined by a dam wall of height h and width W, as shown in the...
-
Mega Games, Inc., produces two games, Extreme Combat and Judgment Weekend, with product structures as shown. An order for 100 units of Extreme Combat and 175 units of Judgment Weekend has been...
-
1) Why is financial accounting regulated whereas management accounting is not? 2) Briefly describe the following accounting elements and give one example of each: Equity Income Expense 3) Choose any...
-
Consider the one-to-one function f(x) = x3 + x + x + 1 for x -1. x+x+x+1 (a) Find, by inspection, an x-value for which f(x) = 2. x = (b) Determine (f-1(x))' when x = 2. (F-1(2))'=
-
How does the new nursing shortage impact the nursing shortage? Will it help in solving the issue of nursing shortage or add to it?
-
How do cognitive biases and perceptual distortions influence the resolution of intricate disputes, and what strategies can be implemented to mitigate their impact ?
-
How can the judicious application of mediation and arbitration principles foster harmonious resolutions amidst intricate intergroup conflicts ?
-
"Share a situation (personal or business) where you had to decide on a capital budgeting matter, like buying a house or a car or an appliance. Explain how you evaluated the matter and what...
-
Financial balances for Tom's business on 30 June 20X3 are given below: ASSETS Cash Account Receivable Inventory Equipment Total Assets LIABILITIES 20,000 Account Payable 6,063 33,125 Loan OWNERS...
-
Write a program that initializes an array. It inputs a value from the user and searches the number in the array.
-
You have recently taken a position with Albers, Inc., a wholesale company that relies heavily on sales outside the United States. In order to facilitate sales worldwide, the company has warehouses at...
-
How can operating at 100 percent of capacity create unfavorable variances?
-
A number of business transactions carried out by Smalling Manufacturing Company are as follows: a. Borrowed money from a bank. b. Sold land for cash at a price equal to its cost. c. Paid a liability....
-
a. Suppose that General Hospital has a current ratio of 0.5. Which of the following actions would improve (increase) this ratio? Use cash to pay off current liabilities. Collect some of the current...
-
What is the role of internal control in an organization?
-
What are the elements and principles of the COSO framework?
Study smarter with the SolutionInn App