Instructions: А. Determine the type of adjustment (prepaid insurance, Unused Supplies, unearned revenue, accrued revenue or accrued expense, depreciation, allowance for doubtful expense or errors) В. Prepare the appropriate adjusting entries. JYD Company accumulates the following adjustment data at Dec 31, 2021 1. Fees earned but unbilled total P6,000 2. Store Supplies of P3,000 have been used. 3. Utility expenses of P2,250 are unpaid. 4. Fees of P2,600 collected in advance have been earned 5. Salaries of P8,000 are unpaid. 6. Prepaid insurance totaling P3,500 has expired.

Instructions: А. Determine the type of adjustment (prepaid insurance, Unused Supplies, unearned revenue, accrued revenue or accrued expense, depreciation, allowance for doubtful expense or errors) В. Prepare the appropriate adjusting entries. JYD Company accumulates the following adjustment data at Dec 31, 2021 1. Fees earned but unbilled total P6,000 2. Store Supplies of P3,000 have been used. 3. Utility expenses of P2,250 are unpaid. 4. Fees of P2,600 collected in advance have been earned 5. Salaries of P8,000 are unpaid. 6. Prepaid insurance totaling P3,500 has expired.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 13EB: Prepare an adjusted trial balance from the following account information, considering the adjustment...

See similar textbooks

Similar questions

Prepare adjusting journal entries, as needed, considering the account balances excerpted fromthe unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500B. unexpired prepaid rent, $12,500C. remaining balance of unearned revenue, $555
Prepare correcting entries as of December 31, 2020 7. The delivery expense of P 1,800 incurred on October 1, 2020 was debited to delivery equipment account. Delivery equipment is being depreciated at an annual rate of 12%. 8. Accrued rent expenses were overlooked at the end of 2018, P 2,470; at the end of 2019 of P 3,450; and at the end of 2020, P 5,000. 9. As a result of errors in the physical count, inventories were overlooked by P 24,500 at December 31, 2019 and by P 27,650 at December 31, 2020. 10. On July 1, 2020, fully depreciated equipment purchased for P 21,000, was sold as scrap for P 2,500. The only entry made was to debit cash and credit delivery equipment for the scrap proceeds. 11. Advance payment of a customer in 2019 for goods to be delivered in 2020 of P 5,000. The payment was credited to accounts receivable. 12. Purchases of merchandise in 2020, FOB destination, P 24,000, were taken up in the books in 2020. This was not included in the December 31,…
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
Assume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returns
At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2 years: Reported net income was 27,000 in 2018 and 35,000 in 2019. The allowance for doubtful accounts had a zero balance at the beginning of 2018. No accounts were written off during 2018 or 2019. Ignore income taxes. Required: 1. What is the correct net income for 2018 and 2019? 2. Prepare the adjusting journal entry in 2020 to correct the errors.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000
EA11. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit Fixed assets 120,000 Accumulated depreciation Prepaid rent Unearned revenue 24,000 18,000 3,500 A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555
State the effect the following situation would have on the amount of annual net income reported for 2019. The collection of USD 5,000 for services yet unperformed as of December 31, was credited to a revenue account and not adjusted. Group of answer choices Net income is understated, liabilities are overstated Net income is overstated, liabilities are understated Net income is understated, assets are overstated Net income is overstated, assets are overstated
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. depreciation on fixed assets, $8,500 unexpired prepaid rent, $12,500 remaining balance of unearned revenue, $555
Consider the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit Fixed Assets $123,000 Accumulated Depreciation $24,400 Prepaid Rent 18,300 Unearned Revenue 3,600 A. Depreciation on fixed assets, $8,700 B. Unexpired prepaid rent, $12,800 C. Remaining balance of unearned revenue, $560 Prepare adjusting journal entries, as needed. If an amount box does not require an entry, leave it blank. А. С. Accumulated Depreciation Depreciation Expense Insurance Expense Revenue Unearned Revenue B.