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solve this accoridng to canadian standard GAAP Question 3 [15 points] At January month-end, Oppong Corporation gathered the information listed below for the preparation of
solve this accoridng to canadian standard GAAP
Question 3 [15 points] At January month-end, Oppong Corporation gathered the information listed below for the preparation of adjusting entries. Indicate whether the required adjusting entry for each item would cause an increase (+). decrease ( - ), or has no effect (NE) on each of the components of the accounting equation. If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component but in a different account, select ( +/-). A = L + E a) $2,250 of the insurance policy purchased in advance has expired. b) The estimated monthly depreciation on the building is $430. c) A review of the $54,000 unadjusted balance in the prepaid rent account shows a remaining balance of $52,750 at the end of the month. d) $2,100 of the advertising paid for in advance has been published by the newspaper. e) of the rent paid to Oppong Corporation in advance, $250 has been earned. f) This month's advertising bill for $5,500 is unrecorded and unpaid. g) $3,100 of the television advertising paid for in advance has been used. h) $4,000 of the rent paid in advance has been used. i) Oppong oration rents part of its building for a monthly fee of $2,000. The rent for the month just past has not been received. 1) Accrued salaries of $6,000 were not recorded at month-end. k) of the consulting fees Oppong Corporation received in advance, $3,700 has been earned. 1) The estimated monthly depreciation on the equipment is $320. m) Interest of $310 has accrued on a note payable but is unrecorded. n) Unrecorded and uncollected consulting fees at the end of the month were $1,500. o) A review of the $6,000 unadjusted balance in the supplies account shows a balance on hand at the end of the month of $5,450Step by Step Solution
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