Reference no: EM133111483
Question - On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:
The supplies account balance on March 31 is $5,865, the supplies on hand on March 31 are $1,330.
The unearned rent account balance on March 31 is $4,100 representing the receipt of an advance payment on March 1 of four months' rent from tenants.
Wages accrued but not paid at March 31 are $2,030.
Fees accrued but unbilled at March 31 are $18,090.
Depreciation of office equipment is $4,500.
Required -
1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles.
2. What is the difference between adjusting entries and correcting entries?
|
How much is the final withholding tax
: How much is the final withholding tax assuming the corporation is nonresident foreign lessor of vessels chartered to Philippine nationals
|
|
Determine the business income for the year
: The single proprietorship reported the following changes during the year: Increase in total assets P250,000; Determine the business income for the year
|
|
What is the weighted-avg number of shares outstanding
: On November 1, 600,000 shares were sold for $25 per share. What is the weighted-avg number of shares outstanding for 2021
|
|
Should the machine be purchased
: The sprayer would not change revenues, but it is expected to save the firm $321,000 per year in before-tax operating costs, Should the machine be purchased
|
|
Journalize the adjusting entries required at March
: Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles
|
|
Determine the unrealized gain on transfer to ST Company
: S Co. invested equipment with a carrying amount of P150,000. Determine the unrealized gain on transfer to ST Company on January 1, 2020
|
|
What the initial amount recorded in Agaton capital account
: Agaton joined a partnership by contributing the following: cash, P1,200,000; What the initial amount recorded in Agaton capital account
|
|
By how much would Lopez account decrease
: Partners Lopez and Antonio receive a salary of P150,000 and P300,000, respectively, By how much would Lopez account decrease
|
|
Describe the general characteristics and reactivity
: Describe reaction mechanisms using curly arrow convention to predict and rationalise the outcome of organic reactions.
|