08 Sample-Activities
08 Sample-Activities
08 Sample-Activities
Answer:
Answer:
Answer:
Supplies 41,950
The prepaid insurance account showed the following
entries on June 30:
Answer:
Answer:
Depreciation Expense – Buildings 73,000
Accumulated Depreciation – Building 73,000
Depreciation Expense – Equipment 218,000
Accumulated Depreciation – Equipment 218,000
On June 1, The entity completed negotiations with
another client and accepted an advance of
P210,000 for services to be performed in the next
year.
Answer:
Cash 210,000
Unearned Service Revenue (L) 210,000
After service performance:
Unearned Service Revenue (L) 210,000
Service Revenue 210,000
The entity calculated that as at June 30, it
earned P35,000 on a P75,000 that will be
completed and billed in August.
Answer:
Accounts Receivable 35,000
Service Revenue 35,000
PROBLE
M2
Preparing Adjusting Entries at Year-End
Answer:
Cash 18,000
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