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- Question 1: Super Decorators Co had the following transactions with a customer during the year ended on 31 December 2019; November 1:Sold decoration material on account OMR 7,500, terms 1.5/10, n/30. November 4:Customer retuned some faulty materials of OMR 1,000 November 8:Customer paid OMR 2,500. December 1:Accepted a 90 days, 12% note from the customer for the balance amount. Required: a. Determine the date of maturity of the note. b. Determine the interest payable on maturity of the note. c. Journalize all the above transactions in the books of Super Decorators when the note is i)honoured on maturity and ii)dishonoured on maturityApply what you have learned Task 8: (Individual/Pair/Group Work) Snoopy enterprises provides collection services to its customers. year-end adjusting journal entries are prepared every Dec. 31 as its books are closed. make the appropriate adjusting entry for each of the ff items: 1. Uncollectible accounts at year-end is estimated to be P6,950. 2. Rent paid last April amounted to P400, 000, one fourth of which has already expired. This was initially recorded as prepaid rent upon payment. 3. Depreciation expense for its transportation equipment, P6,780 4. Supplies purchased during the year amounted to P4,290, of which one- third has been used during the year. 5. Unpaid salaries of its cleaners as of December 31 is P7,460. 6. Unearned interest has a balance of P3,120, of which P2,560 has already been earned during the year. the amount was initially credited to unearned interest upon collectionAssuming a year-end in March 31,it is now April 4.A staff member asks you to process an unpaid invoice with details as follows: The invoice is for bus transportation in the amount of P800 and is dated April. The invoice indicates the charges relate to transportation on March 20.A transfer is processed to pay the invoice on April 7. Hiw would you proceed? You may describe how you would record the transaction in the general ledger, including a description of journal entries and the dates each item will be recorded
- On 1.7.2019 XY company received rental revenue in advance from customer of OMR 3600 for two years. in the journal entry, the credit side is: Select one: a. Accrued rent 3600 b. Unearned rental revenue 3600 O c. Accrued rent 3600 O d. Unearned rental revenue 1800 e. Rent outstanding 3600On November 1, Cooper Equipment had a beginning balance in the Office Supplies account of 5600.. During the month, Cooper purchased $1,100 of ofice suap es. At November 30, Cooper Equipment had S200 of offce suppies on hand Read the reguirenents Requirement 1 The Office Supplies T-account has been opened for you. Enter the beginning balance and ourchase of office supplies. Use "Nov 1" as a posting refesente to erte the begnng balance and "Nov. surchases as a posting reference to post the purchase of office supplies during the month.) Office Supplies Nov 1 600 O Requirements 1 The Office Supplies T-account has been opened for you Enter the beginning balance and purchase of office supplies. 2. Record the adusting entry required at Novemoer 30 3. Post the adusting entry to twe hao accounts invoved, and shoN ther balances at iovembeot Print DoneI. On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for 5 months at $8,000 a month from Nov 1 20X3 through March 31, 20X4 and books the amount as rent Revenue. On December 31 20X3 you discover the following adjusting entry. Rent Revenue 32,000 Rent Receive in Advance 32,000 To correct this error you must II. Your calendar year company completes a $6,000 job, of which $1,000 has been received by year end and credited to revenue. If you discover before the books are closed that no adjusting entry was made, your correcting entry will
- The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Dec. 31. Dec. 31. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Dec. 31 Received from Unitarian Clothing and Bags Co., on account, a $84,000, 60-day, 7% note dated December 7. Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. Dec. 31 20Y8, Feb. 5Bell provides $500 of services to customers on account with terms 3/10, n/30. The Service Revenue account is credited for $500. If the customer pays within 10 days, Bell will record which of the following? O Debit Service Revenue $500 O Credit Cash $500 O Credit Sales Discount $50 O Debit Sales Discount $15On the 1.7.2019 XY company received rental revenue in advance from customers of OMR 2400 for two years. in the journal entry, the credit side is: Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.
- Marcellus Purse conduct cleaning business on the credit basis. He provides the collects the sccount receivable in 60 days. The Allowance October 2019 is $3,993. The following information is available Douchd D 1. The business uses aging of account receivable method to count the bad de 2. The accountant is required to update the balance of allowance of dosud des OURE at the end of each month 3. On 5 October 2019 a total of $1.997 ewed by Lucy Frone has been deemed w uncollectable and therefore written off 4. The total sales recorded during 1 October 2019 to 31 October 2019 is $812577 The balance in the Account receivable on 31 October 2019 is $198.300 5. 6. On 31 October 2019 the accountant estimates that 3% of the account receivable is estimated as doubtful. Q3 Required (a) Prepare the Accounting Entries for the transactions or events relating to bad debt for the month ended 31 October 2019, ignore GST ( (b) Prepare and balance the T-account for Allowance for Doubtful Debts accounts as…Prepare Adjusting Entries for the following transactions:Attach the Spreadsheet screenshots here.WITH FORMULAS FOR UPVOTE12/31Salary of P15,000 has been incurred to be paid January 15(cut off is Dec 26-Jan 10)08/01The Company lent P70,000 to a customer who issued a promissory notewith interest rate of 2% to be paid January 30 of the following year.04/01The Company rendered services worth P1,000,000 on account.The Company estimated 2% of AR to be uncollectible.Carla Vista Salon Supply Company has accounts receivable of $105,000 at March 31, 2025. An analysis of the accounts shows these amounts: Month of Sale March February December and January October and November Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 (a) 2025 $72,000 14,800 11,000 7,200 $105,000 Credit terms are 2/10, n/30. At March 31, 2025, there is a $2,900 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage of receivables basis for estimating uncollectible accounts. The company's estimates of uncollectibles are as shown below: 2024 $78,600 7 2% 25 9,000 50 2,500 Estimated Percentage 1,000 $91,100 Uncollectible Determine the total estimated uncollectible accounts receivable at March 31, 2025. Total estimated uncollectibles accounts receivable $