Solution-Identify the type of adjusting entry that will be

Identify the type of adjusting entry that will be used

Assignment Help Accounting Basics

Reference no: EM132670257

Problem 1: Identify the type of adjusting entry that will be used. Make an adjusting entries for each item. On December 31, the end of the current fiscal year, the following information is available to assist Bora Company's accountants in making adjusting entries:

a. Bora's supplies account shows beginning balance of P6,000. Purchases during the year were P10,300. The end-of-year inventory reveals supplies on hand P3,000.

b. On July 1, the company completed negotiations with a client and accepted an advance of P4,800 for the services to be performed monthly for a year. The P4,800 was credited to Unearned Services Revenue.

c. Among the assets of the company a note receivable in the amount of P100,000. On December 31, the accrued interest on this note amounted to P6,000

d. On Saturday, January 3 the company, which is on six-day workweek, will pay its regular employees their weekly wages of P9,000.

Reference no: EM132670257

Questions Cloud

What amount of additional funds will wind em need : If all assets and current liabilities are expected to grow with sales, what amount of additional funds will Wind Em need from external sources to fund the expec

Calculate the amounts that apply to each relevant month : Calculate the amounts that apply to each relevant month. A television set is delivered to the customer in August. Six instalment payments of $ 200 per month

Risks that apple company and industry is facing : What are some of the risks that Apple Company and industry is facing during the current economic and political environment that could impact their WACC?

What was the average price increase per year : Today, in 2020, the average cost of a 4-liter jug of milk is $4.29. What was the average price increase per year of a 4-liter jug of milk in Canada?

Identify the type of adjusting entry that will be used : Identify the type of adjusting entry that will be used. Make an adjusting entries for each item. On December 31, the end of the current fiscal year

What is the? firm debt? ratio-dearborn supplies : Dearborn Supplies has total sales of $198 ?million, assets of $100 ?million, a return on equity of 30 ?percent, and a net profit margin of 7.9 percent. What is

Determine the cost of the land for borges inc : Determine the cost of the land for Borges Inc. Borges Inc. recently purchased land to use for the construction of its new manufacturing facility

Assignment-play chair the fed : Play Chair the Fed: A Monetary Policy Game. In the game, use the learn button and review the tight (contractionary) and easy (expansionar)

How do create alpha company general journal entries : How do create Alpha Company's general journal entries to record the purchase and payment for inventory purchased from its Japanese vendor.

User Account

All Pages

Identify the type of adjusting entry that will be used

Reference no: EM132670257

Reference no: EM132670257

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT