During the 12 months ended December 31, 2024, All Mopped Up: a. Used office supplies of $1,700. b. Used prepaid insurance of $580. C. Depreciated equipment, $500. d. Accrued salaries expense of $310 that hasn't been paid yet. Earned $400 of unearned revenue. e.
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- The following information is available for Drake Company, which adjusts and closes its accounts every December 31: 1. Salaries accrued but unpaid total $2,840 on December 31. 2. The $247 December utility bill arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of $78,000, 25-year life, and $9,000 residual value are to be depreciated; equipment with a cost of $44,000, 8-year life, and $2,000 residual value is also to be depreciated. The straight-line method is to be used. 4. A count of supplies indicates that the Store Supplies account should be reduced by $128 and the Office Supplies account reduced by $397 for supplies used during the year. 5. The company holds a $6,000, 12% (annual rate), 6-month note receivable dated September 30, from a customer. The interest is to be collected on the maturity date. 6. Bad debts expense is estimated to be 1% of annual sales. Sales total $65,000. 7. An analysis of the company insurance policies…De Guzman Furniture has an Operating Income of P4,012,000.00 in the year ended December 31, 2019. Based on his record book the company incurred an Operating Expenses of P150,000.00 and Cost of Sale of P338,000.00PROBLEM SOLVING:a. Compute the Gross Income of De Guzman Furniture.b. How much is De Guzman Furniture’s Net Sale? Based on the above due to heavy rain and flood, one table set amounting to P90,000.00 has already destroyed. De Guzman Furniture’s owner wanted to survive the said table set and incurred expenses of P15,000.00. Unfortunately, it cannot be sold anymore.PROBLEM SOLVING:a. Determine the Net Profit Before Tax of De Guzman Furniture for the Year ended December 31, 2019.b. Base on the problem above, how much is their Net Income?The following information is available at the end of December 31, 2022: The physical count of office supplies at year end revealed ₺ 1.056 worth of office supplies on hand. ₺ 1.760 of prepaid rent expired. Depreciation expense of office equipment was ₺ 2.640. Fees that had been earned but not yet billed and collected were ₺ 8.800. Interest expense accrued on the notes payable as of December 31, 2023 was ₺ 2.200. ₺ 4.664 of unearned fees was still unearned as of December 31, 2023. Accrued salaries at the end of the year amounted to ₺ 1.320. Reguired: Prepare the adjusting entries Prepare closing entries Prepare the adjusted trial balance
- On June 15, 2023, Discount Furniture discarded equipment that had a cost of $26,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jun. 15 Accounts and Explanation Debit CreditThe following information is available for Drake Company, which adjusts and closes its accounts every December 31: 1. Salaries accured but Unpaid total $2,840 on December 31. 2. The $247 December Utility arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of $78,000, 25-year life, and $9,000 residual value are to be depreciated; equipment with a cost of $44,000, 8-year life, and $2,000 residual value is also to be depreciated. The straight-line method is to be used. 4. A count of supplies indicates that the Store Supp es account should be reduced by $128 and the Office Supplies account reduced by $397 for supplies used during the year. 5. The company holds a $6,000, 12% (annual rate), 6-month note receivable dated September 30 from a customer. The interest is to be collected on maturity date. 6. Bad debts expense is estimated to be 1% of annual sales.…For each transaction, prepare a journal entry. Incurred $116 in utility usage during the year; paid $93 in cash and owed the rest on account
- a. Unpaid utilities for the month of January are $7,300. b. Supplies at the end of January total $6,200.. c. Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $11,100.. d. Accrued income taxes at the end of January are $2,200. 3. Prepare an adjusted trial balance as of January 31, Year 1. Adjusted Trial Balance January 31, Year 1 Accounts Debit Credit Cash 83,100 Accounts Receivable 45,700 Supplies Equipment 6,200 75,000 Accumulated Depreciation 31,400 Accounts Payable 4,100 Common Stock 13,000 Additional Paid-in Capital 129,000 Retained Earnings 43,390 Treasury Stock 9,500 Dividends Payable 2,910 Service Revenue 66,900 Salaries Expense 43,100 Utilities Payable 7,300 Utilities Expense 7,300 Supplies Expense Income Tax Expense 8,400 2,200 Depreciation Expense Income Tax Payable 21,300 2,200 Additional Paid-in Capital 1,600…D. On January 1, 2021, Mrs. Enjambre bought a machinery for P 325,000 with a estimated useful life of 8 years. Once fully depreciated, the machinery can be sold to a junk shop at P 5,000. I. Provide Adjusting Entry for the depreciation at Dec. 31, 2021 E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021 F. Wrong use of Account Title. The company bought an office table and chairs worth P 15,000 for cash but the bookkeeper recorded it as: Entry made. office Supplies 15,000 Cash 15,000 1 Provide a.) Should be entry and b.) Adjusting Entry to correct the entry made by the bookkeeper.Journal entry worksheet 1 2 4 5 > Depreciation on the company's equipment for the year is computed to be $12,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
- a. Unrecorded depreclation on the trucks at the end of the year is $9,054. b. The total amount of accrued Interest expense at year-end is $8.000. c. The cost of unused office supplies still avallable at year-end is $1,500. 1. Use the above Information about the company's adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan Delivery Company as of December 31. 2b. Determine the capital amount to be reported on the December 31, balance sheet. Note: S. Dylan, Capital was $129,560 on December 31 of the prior year. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Use the above information about the company's adjustments to complete a 10-column work sheet. DYLAN DELIVERY COMPANY Work Sheet For Year Ended December 31 Adjusted Trial Balance Balance Sheet and Statement of Owner's Equity Unadjusted Trial Balance Adjustments Income Statement Account Title Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash 16,500 S 17,500 17,500…The following additional information is available December 31, 2021: 1. Store Supplies on hand on December 31, 2021, amounted to $800,000. 2. Insurance of $2,660,000 was paid on January 1, 2021, for the 14-months to February 28, 2022 3. Prepaid rent expired December 31, 2021, amounted to $2,100,000 4. The furniture and equipment have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $200,000. 5. The delivery van cost relates to two Toyoda Vans purchased for $2,000,000 each by the company on January 1, 2015. The double-declining balance method of depreciation is used to compute the van’s depreciation charges and their expected useful life is 10 years or 100,000 miles. In 2015, 10,000 miles were driven, 16,500 in 2016, 12,600 in 2017, 16,000 in 2018, 16,500 in 2019, 14,800 in 2020 and 16,800 in 2021. The residual value on both van is $241,592 each. On September 1, 2021, the company sold one of the vans to ZM Company for…The ledger of Hillsboro Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Assume no adjusting entries were made in Januaray or February either. Prepaid Insurance Supplies Equipment Accumulated Depreciation- Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit $ 3,600 3,053 26,200 -0- 15,330 Credit $ 8,921 20,600 7,500 54,170