Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can anyone help me out please and thank you!??! Designer Architects had the following additional Information at its November 30, 2020, year-end: a. The Unearned

Can anyone help me out please and thank you!??! image text in transcribed
image text in transcribed
image text in transcribed
Designer Architects had the following additional Information at its November 30, 2020, year-end: a. The Unearned Revenue account showed a balance of $74,000, which represented four months of services pald in advance by a client for services beginning on October 15, 2020. b. The payroll register showed the following unpaid amounts as at November 30: BI Premium 200.41 Income Taxen 1,410.00 CPP 303.98 Total Deductions 1,914.39 Net Payable 4,785.61 Office Salaries 3,700.00 Sales Salaries 3,000.00 These values are based on assumed payroll deductions. **The employer's portions of El and CPP are 1.4 times and 1 times the employees' portion, respectively. c. The November utility bill in the amount of $3,360 was unpaid and unrecorded at November 30. Required: Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) View transaction list X: 1 Record the earned portion of unearned revenue. > 2 Record the accrued payroll amounts 3 Record the employer's portion of El and CPP. 4 Record the accrued utilities for November Credit Note : = journal entry has been entered Record entry Clear entry View general journal Analysis Component: If the above entries are not recorded on November 30, 2020, what is the effect on the income statement and the balance sheet? (Enter all value as positive values. Round intermediate and the final answers to 2 decimal places. Select "No effect" In case of no effect on Income statement and Balance sheet.) Effect Amount Description The Income statement would be On the balance sheet, abilities would be On the balance sheet, equity would be On the balance shoot, assets would be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Statistics For Contemporary Decision Making

Authors: Ken Black

7th Edition

0470931469, 978-0470931462

More Books

Students also viewed these Accounting questions