Adobe Reader Touch Instructions Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation at December 31, 2017. E3-5...


Adobe Reader Touch<br>Instructions<br>Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense,<br>or accrued revenue) is needed in each situation at December 31, 2017.<br>E3-5 Hwang Ltd. has the following balances in selected accounts on December 31, 2017.<br>Accounts Receivable<br>Accumulated Depreciation-Equipment<br>Equipment<br>Interest Payable<br>Notes Payable<br>Prepaid Insurance<br>Salaries and Wages Payable<br>Supplies<br>Unearned Service Revenue<br>NT$ -0-<br>-0-<br>210,000<br>-0-<br>240,000<br>63,100<br>-0-<br>73,500<br>900,000<br>

Extracted text: Adobe Reader Touch Instructions Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation at December 31, 2017. E3-5 Hwang Ltd. has the following balances in selected accounts on December 31, 2017. Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue NT$ -0- -0- 210,000 -0- 240,000 63,100 -0- 73,500 900,000
Adobe Reader Touch<br>142<br>3 Adjusting the Accounts<br>All the accounts have normal balances. The information below has been gathered at<br>December 31, 2017.<br>1. Hwang borrowed NT$240,000 by signing a 6%, 1-year note on October 1, 2017.<br>2. A count of supplies on December 31, 2017, indicates that supplies of NT$23,400 are on<br>hand.<br>3. Depreciation on the equipment for 2017 is NT$30,000.<br>4. Hwang paid NT$63,000 for 12 months of insurance coverage on June 1, 2017.<br>5. On December 1, 2017, Hwang collected NT$900,000 for consulting services to be per-<br>formed from December 1, 2017, through March 31, 2018.<br>6. Hwang performed consulting services for a client in December 2017. The client will be<br>billed NT$117,000.<br>7. Hwang pays its employees total salaries of NT$270,000 every Monday for the preceding<br>5-day week (Monday through Friday). On Monday, December 29, employees were paid<br>for the week ending December 26. All employees worked the last 3 days of 2017.<br>Instructions<br>Prepare annual adjusting entries for the seven items described above.<br>

Extracted text: Adobe Reader Touch 142 3 Adjusting the Accounts 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 per- formed 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.
Jun 11, 2022
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