On August 1, 2011, Tyrion, a lawyer, received ₱60,000 from a client for legal services to be rendered starting August 1, 2011 to January 31, 2012. The amount receives was credited to Professional Fees. What is the adjusting journal entry on December 31, 2011? *
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On August 1, 2011, Tyrion, a lawyer, received ₱60,000 from a client for legal services to be rendered starting August 1, 2011 to January 31, 2012. The amount receives was credited to Professional Fees. What is the
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- On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.Mr. Diretso is concurrently employed at Cumaliua Corporation and Cumanan Corporation. He received the following during the month:Compute for the VAT to be paid a. ₱0 b. ₱7,440 c. ₱9,643 d. ₱10,800Johnson Inc. has the following information available: On November 1, 20X1, Johnson lent $15,000 cash to one of its employees. The employee signed a one-year, 12%, promissory note. The note's principal plus interest is repaid to Johnson on November 1, 20X2. Interest calculations are rounded to the nearest whole month. Prepare journal entries to record the November 1, 20X1 transaction, the adjusting entry on 12/31/X1, and the November 1, 20X2 transaction.
- Below are four independent cases (a to d) affecting Wong Auto Repair Inc. (WARI) in 2019. a. Each Friday, WARI pays employees for the current week's work. The amount of the payroll is $6,000 for a five-day week. The current accounting period ends on Monday. b. WARI has received notes receivable from some clients for services. During the current year, WARI has earned accrued interest revenue of $3,250, which will be received next year. c. The beginning balance of supplies was $15,500. During the year, then entity purchased supplies costing $55,400, and at December 31 the inventory of supplies on hand is $12,650. d. WARI is conducting test of new hinges to be used in the rebuilding of a dump truck, and the client paid WARI $15,000 at the start of the project. WARI recorded this amount as Unearned Service Revenue. The tests will take several months to complete. WARI executives estimate that the company has earned two-thirds of the total fee during the current year. Required Journalize the…Shine received a promissory note of Php. 90,000, representing payment for her services as a legal officer, from Shiners Company payable after two years. COMPUTE Shine's GROSS COMPENSATION INCOME UNDER THE FOLLOWING SITUATION: The note is interest-bearing with an interest rate of 12%.Below are four independent cases (a to d) affecting Wong Auto Repair Inc. (WARI) in 2019.a. Each Friday, WARI pays employees for the current week’s work. The amount of the payroll is$6,000 for a five-day week. The current accounting period ends on Monday.b. WARI has received notes receivable from some clients for services. During the current year, WARIhas earned accrued interest revenue of $3,250, which will be received next year.c. The beginning balance of supplies was $15,500. During the year, then entity purchased suppliescosting $55,400, and at December 31 the inventory of supplies on hand is $12,650.d. WARI is conducting test of new hinges to be used in the rebuilding of a dump truck, and the clientpaid WARI $15,000 at the start of the project. WARI recorded this amount as Unearned ServiceRevenue. The tests will take several months to complete. WARI executives estimate that thecompany has earned two-thirds of the total fee during the current year.RequiredJournalize the adjusting…
- Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018. a. How many days were there between the date of the invoice, and when the invoice was paid? Number of days = b. How much was the amount of the discount? Amount of discount = $ c. How much was paid? days Amount paid = $ (round to the nearest cent) (round to the nearest cent)i) Ms Tee rents her premises at had paid her rent up to the end of July, and during the year ended 31 May, 2017 she made the following payments for rent by cheque: annual rental of GHC2,400. On June 1, 2016, Ms Tee August 25 December 1 GHC600 GHC600 March 31 GHC600 June 1 GHC600 ii) Ms Tee sublets part of these premises to Nana Akua at a rent of GHC960 per annum, and on June 1 2016 Nana Akua's rent was one month in arrears. During the year ended 31 May, 2017 Ms Tee received the following amounts in cash from Nana Akua: July 31 September 5 January 1 Мay 20 GHC80 GHC240 GHC300 GHC120 iii) On June 1, 2016 Ms Tee owed the Electricity Company Ghana GHC148 for electricity supplies up to that date. During the year, she made the following payments for rent by cheque: June 1 GHC148 October 1 GHC164 December 31 GHC208 April 30 GHC162 On 31 May, 2017 there was a balance outstanding on the Electricity Account of GHC192 You are required to write up Ms Tee's a) Rent Payable account b) Rent…Following are transactions for Veilstone Jewelers. November 1 Accepted a $15,000, 180-day, 5% note from Vitalo in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 Vitalo honored her note when presented for payment. Calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. General Journal Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet 1 2 3 4 Accepted a $15,000, 180-day, 5% note from Vitalo in granting a time extension on her past-due account receivable.
- Pina Colada's gross earnings for the week were $1,650, his federal income tax withholding was $326, and his FICA total was $126. What was Pina Colada’s net pay for the week? Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries and Wages Payable: not Cash.) Record the issuing of the check for Pina Colada’s pay in the general journal.Katie Pereira and Ferro Schwartz are employees of Free Star, Inc. In February 2017, Katie's gross pay was $5,500, and Ferro's gross pay was $14,900. All earnings are subject to FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. Which of the following would be included in the entry to record the salaries expense for February? OA. a credit to FICA-OASDI Taxes Payable for $1,264.80 OB. a debit to Salaries Payable to employees for $1,264.80 OC. a debit to FICA-Medicare Taxes Payable for $1,264.80 OD. a credit to Salaries Expense for $1,264.80In 2014, Mr. Pacino was employed as account officer in a non-life insurance company. He received P8,000 basic monthly salary. In addition, he gets 5% of gross premium a commission on policies issued under his account. In 2014, gross premiums under hie account totaled P4.2 million. He is likewise entitled to representation allowance of P1,000 a month. 1. How much is to be included as gross income in 2014? ь. Рзо6,000 c. P318,000 d. exempt a. P96,000