Reference no: EM132617081
Hwang Ltd. has the following balances in selected accounts on December 31, 2017.
Accounts Receivable NT $ -0-
Accumulated Depreciation-Equipment -0-
Equipment 210,000
Interest Payable -0-
Notes Payable 240,000
Prepaid Insurance 63,100
Salaries and Wages Payable -0-
Supplies 73,500
Unearned Service Revenue 900,00
All the accounts have normal balances. The information below has been gathered at December 31, 2017.
1. Hwang borrowed NT$240,000 by signing a 6%, 1-year note on October 1, 2017.
2. A count of supplies on December 31, 2017, indicates that supplies of NT$23,400 are on hand.
3. Depreciation on the equipment for 2017 is NT$30,000.
4. Hwang paid NT$63,000 for 12 months of insurance coverage on June 1, 2017.
5. On December 1, 2017, Hwang collected NT$900,000 for consulting services to be per-formed from December 1, 2017, through March 31, 2018.
6. Hwang performed consulting services for a client in December 2017. The client will be billed NT$117,000.
7. Hwang pays its employees total salaries of NT$270,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2017.
Instructions
Problem 1: Prepare annual adjusting entries for the seven items described above.
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