Question
Hwang Ltd. has the following balances in selected accounts on December 31, 2017. Accounts Receivable NT$ 0 Accumulated DepreciationEquipment 0 Equipment 210,000 Interest Payable 0
Hwang Ltd. has the following balances in selected accounts on December 31, 2017. Accounts Receivable NT$ 0 Accumulated DepreciationEquipment 0 Equipment 210,000 Interest Payable 0 Notes Payable 240,000 Prepaid Insurance 63,100 Salaries and Wages Payable 0 Supplies 73,500 Unearned Service Revenue 900,000
All the accounts have normal balances. The information below has been gathered at December 31, 2017.
1. Hwang borrowed NT$240,000 by signing a 6%, 1-year note on October 1, 2017. 2. A count of supplies on December 31, 2017, indicates that supplies of NT$23,400 are on hand. 3. Depreciation on the equipment for 2017 is NT$30,000. 4. Hwang paid NT$63,000 for 12 months of insurance coverage on June 1, 2017. 5. On December 1, 2017, Hwang collected NT$900,000 for consulting services to be performed from December 1, 2017, through March 31, 2018. 6. Hwang performed consulting services for a client in December 2017. The client will be billed NT$117,000. 7. Hwang pays its employees total salaries of NT$270,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2017. Instructions Prepare annual adjusting entries for the seven items described above.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started