The inventory of Ureta-Reyes is to be increased by P4,000; an allowance doubtful accounts of P1,000 and P1,500 are to be set up in the books of Isada Ureta-Reyes, respectively; and accounts payable of P4,000 is to be recognizec Isada's books. The individual trial balances on August, before adjustments, follow Isada Ureta-Reyes Assets P75,000 P113,000 Liabilities 5,000 34,500 What is the capital of Isada and Ureta-Reyes after the above adjustments?
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- A credit sale of $2800 is made on July 15, terms 4/10, net/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24?Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $5,000. Of the $5,000 of receivables, $1,000 are within a 2% discount period, meaning that it expects buyers to take $20 in future-period discounts arising from this period’s sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $5 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts. c. Is Allowance for Sales Discounts a contra asset or a contra liability account?Use the following information for the next two items: Entity A provides bookkeeping services to Entity B for a monthly retainer fee (fixed monthly fee) of ₱100,000. On December 1, 20x1, Entity A receives advanced fees of ₱300,000 covering the months of December 20x1 and January and February of 20x2. Provide the journal entry to record the receipt of the advanced fee on December 1, 20x1 under each of the following methods: (a) Liability method and (b) Income method. Provide the adjusting entry on December 31, 20x1 under each of the following methods: (a) Liability method and (b) Income method. Use the following information for the next two items: Entity A prepays one-year insurance for ₱240,000 on September 1, 20x1. Provide the journal entry to record the prepayment of the insurance on September 1, 20x1 under each of the following methods: (a) Asset method and (b) Expense method. Provide the adjusting entry on December 31, 20x1 under each…
- A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a retur of $200 is granted on July 18. What amount is receved as payment in full on uly 247Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. What is the balance sheet classification for a note payable due in six months that was used to purchase abuilding?A credit sale of $1800 is made on July 15, terms 4/10, net/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? a.) $1632 b.) $1800 c.) $1728 d.) $1775
- How much will be the amount to be paid on July 15 of the same year in payment of an invoice dated June 5, amounting to P41,500.00 with terms 5/10, 3/30, n/60?Create a Trial Balance. Transaction for the JHARA DISTRIBUTORS for April 2021 follows:Ward Company’s usual sales terms are net 60 days, FOB shipping point. Sales, net of returns and allowances, totaled P5,000,000 for the year ended December 31, 2019, before year end adjustments. On December 27, 2019, Ward authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2019. The returned goods were received by Ward on January 4, 2020, and a P50,000 credit memo was issued on the same date. Goods with an invoice amount of P300,000 were billed to a customer on January 3, 2020. The goods were shipped on December 31, 2019. Goods with an invoice amount of P200,000 were billed and recorded on December 30, 2019. The goods were shipped on January 3, 2020. Ward’s adjusted net sales for 2019 should be? Choices: P4,750,000 P5,050,000 P5,250,000 P4,950,000
- tasks will provide further exposure to the year-end adjustments. 5.17.1 Enter the following year-end adjustments under the headings i The first one has been done for you as an example. The year-end is 28 February interest on capital Ve covered some of these adjustments. Subsequent The previous iation accounts Revision of adjustments & accounting equation covered in Grade 10 TASK 5.17 el Agency on s B. Bester and Required: the table below. 20.7. GAAP Account debited Account credited Name of No. Description Amount Name of concept applicable Section in Section in account ledger account ledger 1. Correction of Business entity rule Drawings Balance Sheet Sundry Nominal R3 000 expenses error following: 5472 For each of the adjustments indicate the effect on the accounting equation A = 0 + L. Information: 166750 in the ratio 1. Correction of error: The owner took stock for personal use at cost price, R3 000, but this has been deb- ited to Sundry expenses. 2. Omission: A direct electronic…Hello, I'm looking for help with trial balance for each months end cutoff for the following transactions.In accordance with IFRS 15, how much is the total revenue for the year ? In accordance with IFRS 15,assuming aside from 10 used ballpens shall be returned, an additional of P 25 shall also be received to avail the correction tape,how much is the total revenue for the year ?