Reference no: EM132652790
Questions -
Q1. Raisins Rental Agency prepares monthly financial statements. On November 1, a check for P72,000 was received from a tenant for six months' rent. The full amount was credited to Rent Revenue. Prepare the ORIGINAL ENTRY and the ADJUSTING ENTRY(with explanation), the company should make on December 31.
Q2. Flinston Company purchased fire-insurance good for one year on Dec. 1 amounting to 48,000. On its unadjusted trial balance, it has a Prepaid Insurance Account. Prepare the ORIGINAL ENTRY and the ADJUSTING ENTRY(with explanation), the company should make on December 31.
Q3. On December 15, 2019 Olivia Events Coordination Company 2-bookings of wedding on Dec. 31, 2019 and January 5, 2020 each amounting to 100,000. On December 31, 2019 the ledger has the account title Unearned Revenue. Prepare the ORIGINAL ENTRY and the ADJUSTING ENTRY (with explanation), the company should make on December 31.
Q4. Universal Company signed a P 1,000,000 2-year advertising contract with KAPS Telecommunication Company on June 1, 2015. Its unadjusted trial balance displays an expense account. Prepare the ORIGINAL ENTRY and the ADJUSTING ENTRY (with explanation), the company should make on December 31.
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