User Account

All Pages

Prepare adjusting entries required on june

Assignment Help Accounting Basics
Reference no: EM133158575

Question 1 - Queen Twins Pty Ltd is an insurance broker company. Queen Twins Pty Ltd received $3,600 cash from customers on 1 March 2022 for a 12-month insurance coverage. Refer to the following two independent scenarios:

(i) Queen Twins Pty Ltd treated the receipt from the customers of $3,600 on 1 March 2022 as income in their financial statements.

(ii) Queen Twins Pty Ltd treated the receipt from the customers of $3,600 on 1 March 2022 as liability in their financial statements

Required - Prepare adjusting entries required on 30 June 2022 for both scenarios (i) and (ii). Please note that the original entry on 1 March 2022 is NOT required. Narrations are NOT required.

Question 2 - Hurst Car Rental purchased a one-year insurance policy for $6,000 from Queen Twins Pty Ltd on 1 February 2022. Refer to the following two independent scenarios:

(i) Hurst Car Rental treated the insurance payment of $6000 on 1 February 2022 as expense in their financial statements.

(ii) Hurst Car Rental treated the insurance payment of $6,000 on 1 February 2022 as asset in their financial statements.

Required - Prepare adjusting entries required by Hurst Car Rental on 30 June 2022 for both scenarios (i) and (ii). Please note that the original entry on 1 February 2022 is NOT required. Narrations are NOT required.

Question 3 - The following information is related to the equipment hire business of ABC Ltd. The balance in the Allowance for Doubtful Debts account on 1 July 2021 was $5,000 Cr. The bad debts written off during the year amounted to $20,000. Accounts receivable balance on 30 June 2022 (before taking into account the write-off) was $120,000, and ABC Ltd requires the Allowance for Doubtful Debts to be set at 10% of the adjusted accounts receivable.

Required - Prepare the necessary general journal entries to record the above events. Narrations are NOT required.

Reference no: EM133158575

Questions Cloud

Impact on the hr function in a business : Technological advances are constant. All organisations, regardless of size or of core business, will utilise some form of technology. How is technological devel
Determine the minimum price that you should accept : They are interested in buying your vineyard business. Determine the minimum price that you should accept. Provide all necessary calculations
What is continuum of care : What is continuum of care? What part of the continuum care is within a HHSA? Identify five special considerations that will need to be considered when serving t
Advantages and disadvantages of lecture method : What are the advantages and disadvantages of the lecture method? What can a trainer do to make a lecture more interesting and engaging?
Prepare adjusting entries required on june : Prepare adjusting entries required on 30 June 2022 for both scenarios (i) and (ii). Please note that the original entry on 1 March 2022 is NOT required
Develop trust and confidence in the workplace : You are a HR manager for a fitness facility . Due to significant growth of the organisation, you are tasked to recruit additional personnel to assist with the g
Understand the compensation practices in countries : Why is it important for MNEs to understand the compensation practices in other countries?
Effective scale for appraising instructors : 1.) First, based on what you now know about performance appraisal, do you think Figure 9-1 is an effective scale for appraising instructors?
How is equity defined in the Conceptual Framework : Question - How is equity defined in the Conceptual Framework? Provide one example of transactions or events that affect equity

Reviews

Write a Review

Accounting Basics Questions & Answers

  Production records show that there were 490 units in the

production records show that there were 490 units in the beginning inventory 30 complete 1540 units started and 1560

  Compute the first years depreciation using straight-line

The Zamboni is anticipated to drive 352 miles the first year, 375 miles the second year, Compute the first years depreciation using Straight-line

  Prepare the adjusting journal entries in good form

The following list are the adjusting entries for the first month (July 2017) of operations for Reynolds Corporation. Prepare the Adjusting Journal Entries

  Murphy mining company recently purchased a quartz mine

Murphy Mining Company recently purchased a quartz mine that it intends to work for the next 10 years. According to state environmental laws, Murphy must restore the mine site to its original natural prairie state after it ceases mining operatio..

  A june sales forecast projects that 7500 units are going

a june sales forecast projects that 7500 units are going to be sold at a price of 12.00 per unit. the desired ending

  Activity method working hours for 2012 round cost per hour

agazzi company purchased equipment for 326640 on october 1 2012. it is estimated that the equipment will have a useful

  Compute the companys predetermined overhead rate

Buckhorn Corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. Compute company's predetermined overhead rate

  Kate greenway corporation having recently issued a 20

ron stein company recently signed a lease for a new office building for a lease period of 10 years. under the lease

  What is the amount of cash received from the bank

Collections together with uncollected assigned accounts of P700,000. What is the amount of cash received from the bank in the final settlement?

  Calculate NPV, Payback period and IRR

Anderson Corporation is planning to purchase new computer which would cost $1,850,000. Calculate NPV, Payback period and IRR

  How much cash will whitmore corp receive in total

On January 1, 2019, Whitmore Corp Issues $600,000 of 9% 15 year bonds that pay interest annually on December 31st each year. Bonds of similar risk and maturity.

  What the gain to be recognized on conversion of the bonds

On January 2, 2017, the Nati, Inc. issued P2,000,000 of 8% convertible bonds at par. The gain to be recognized on conversion of the bonds is

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd