Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please see the attached photo. please make the adjusting entries with computations. 1. Your business is renting a space. Then monthly rental is 120,000, In

image text in transcribed

please see the attached photo.

please make the adjusting entries with computations.

image text in transcribed
1. Your business is renting a space. Then monthly rental is 120,000, In December 2020, the rent for the months of November and December 2020 are not yet paid. What is the adjusting entry? 2. A business receives the electricity bill for the period amounting to 6.000. What is the entry to record the receipt of the bill prior to its payment? 3. On January 1. 2021, your business acquires a computer equipment for 120.000. You expect to use the computer over next 3 years. What Is the adjusting entry on December 31. 2021 to take up the depreciation expense? Your business has accounts receivable of 300.000. You estimated that out of that anipunt. 10 % Is doubtful of collection. What is the adjusting entry to record the doubtful accounts? 5. Your business is renting out properties, On June 1, 2020, your business receives one year advanced rent of 360,000 form one of your tenants, This advance rent covers the months of June 1. 2020 to May 2021. Provide the adjusting entries on December 31. 2020. 6. Your business pays one year insurance of 360,000 on November 1, 2020 Provide the adjusting entries on December 31, 2020

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

Accounting

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

9th edition

1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227

More Books

Students also viewed these Accounting questions

Question

5. It is the needs of the individual that are important.

Answered: 1 week ago