Reference no: EM132732382
Question - On September 1, 2019, Winnie-the-Pooh, a lawyer, opened his own legal practice. The business adjusts and closes its accounts at the end of each month. The following trial balance was prepared after one month of operations:
Winnie-the-Pooh Law Firm Unadjusted Trial Balance September 30, 2019
Account Title and Explanation Debit Credit
Cash 10,060
Accounts Receivable 0
Prepaid Expenses 7,800
Supplies 1,460
Office Equipment 26,400
Accumulated Deprn - Off Eqpt 0
Notes Payable 16,000
Interest Payable
Unearned Service Revenue 15,020
Pooh, Capital 20,000
Pooh, Withdrawal 3,000
Service Revenue 1,580
Supplies Expense 2,680
Salaries Expense 1,200
52,600 52,600
Additional Information:
No interest has yet been paid on the note payable. Accrued interest at September 30 amounts to P500.
Salaries earned by the office staff but not yet recorded or paid amounted to P670 by September 30.
Many clients are asked to make advance payment for legal services to be rendered in future months. These advances are credited to the Unearned Service Revenue account once received. During September, P3, 540 of these advances were earned.
Office supplies on hand by September 30 amounted to P260.
The office equipment was purchased on September 15 and is being depreciated over an estimated useful life of 5 years with P1, 000 residual value.
Instructions -
1. Prepare the adjusted entries for September 30.
2. Prepare the adjusted trial balance.
3. Prepare the income statement for September 2019.
What is the estimated cost of equity
: Assume a firm is expected to pay a dividend of P5.00 per share this year the firm, what is the estimated cost of equity
|
Explain the aspect of pci and hipaa regulations
: Write a 3- to 4-page summary in Microsoft Word of the important aspect of PCI and HIPAA regulations to help him make his decision. In your summary.
|
Compute buffalo actual return on plan assets
: During the year, contributions to the pension fund were $116,000, and benefits paid were $203,000. Compute Buffalo's actual return on plan assets
|
Comparison chart of strategic plans and security policies
: Write a 1- to 2-page summary of the comparison chart of strategic plans and security policies you completed in this week's Learning Team assignment.
|
Prepare the income statement for September
: Salaries earned by the office staff but not yet recorded or paid amounted to P670 by September 30. Prepare the income statement for September 2019
|
Determine the over- or underapplied amount for the month
: If the actual factory overhead totaled $141,800, determine the over- or underapplied amount for the month
|
How you would create a better network at your home
: Based on the knowledge you have achieved thus far in this class, compose a brief synopsis compiling what you have learned about today's networks.
|
Explain common types of software product liability claims
: Why must companies place an increased emphasis on the use of high-quality software in business systems, industrial process-control systems, and consumer product
|
Explain which cloud services you use
: In a few short paragraphs, explain which cloud services you use (Google, Amazon, iCloud, Verizon, Microsoft One, Dropbox, etc) and what type of information.
|