Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 3, Problem 20QS
a.
To determine
Prepare the
b.
To determine
Prepare the adjusting entry to record the subscription revenue earned.
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Students have asked these similar questions
I.
On November 1, 20X3, your calendar year company receives $40,000 for
space it is subletting for 5 months at $8,000 a month from Nov 1 20X3
through March 31, 20X4 and books the amount as rent Revenue. On
December 31 20X3 you discover the following adjusting entry.
Rent Revenue
32,000
Rent Receive in Advance 32,000
To correct this error you must
II.
Your calendar year company completes a $6,000 job, of which $1,000 has been
received by year end and credited to revenue. If you discover before the books are
closed that no adjusting entry was made, your correcting entry will
Apply what you have learned
Task 8: (Individual/Pair/Group Work)
Snoopy enterprises provides collection services to its customers. year-end adjusting journal entries
are prepared every Dec. 31 as its books are closed. make the appropriate adjusting entry for each of
the ff items:
1. Uncollectible accounts at year-end is estimated to be P6,950.
2. Rent paid last April amounted to P400, 000, one fourth of which has already expired. This
was initially recorded as prepaid rent upon payment.
3. Depreciation expense for its transportation equipment, P6,780
4. Supplies purchased during the year amounted to P4,290, of which one- third has been used
during the year.
5. Unpaid salaries of its cleaners as of December 31 is P7,460.
6. Unearned interest has a balance of P3,120, of which P2,560 has already been
earned during the year. the amount was initially credited to unearned interest
upon collection
More info
Oct. 1
Nov. 15
Dec. 31
Sold a six-month subscription (starting on November 1), collecting cash
of $270, plus sales tax of 5%.
Remitted (paid) the sales tax to the state of Tennessee.
Made the necessary adjustment at year-end to record the amount of
subscription revenue earned during the year.
Print
Done
-
X
Chapter 3 Solutions
Principles of Financial Accounting.
Ch. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - What is the difference between the cash basis and...Ch. 3 - Prob. 2DQCh. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...
Ch. 3 - What contra account is used when recording and...Ch. 3 - Prob. 7DQCh. 3 - If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Samsung Assume Samsung has unearned revenue. What...Ch. 3 - Prob. 12DQCh. 3 - Question: QUICK STUDY Periodic reporting C1 Choose...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Accrued expenses adjustments For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments For each separate...Ch. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 1ECh. 3 - Classifying adjusting entries P1 P2 P3 P4 In the...Ch. 3 - Question: Adjusting and paying accrued wages P3...Ch. 3 - Question: Determining cost flows through accounts...Ch. 3 - Prob. 5ECh. 3 - Preparing adjusting entries P1 P2 P3 Prepare...Ch. 3 - Prob. 7ECh. 3 - Analyzing and preparing adjusting entries P5...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Question: Computing and interpreting profit margin...Ch. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Preparing adjusting entries P1 P2 P3 P4 For each...Ch. 3 - Prob. 1APCh. 3 - Prob. 2APCh. 3 - Prob. 3APCh. 3 - Prob. 4APCh. 3 - Prob. 5APCh. 3 - Prob. 1BPCh. 3 - Prob. 2BPCh. 3 - Prob. 3BPCh. 3 - Prob. 4BPCh. 3 - Prob. 5BPCh. 3 - Question: SERIAL PROBLEM Business Solutions P1 P2...Ch. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Question: TAKING IT TO THE NET A1 Access EDGAR...
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