Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please answer completing the accounting cycle | 2

please answer Completing the Accounting Cycle | 299 NAME SECTION SCORE: PROFESSOR: Problem #2...

70.2K

Verified Solution

Question

Accounting

image

please answer

Completing the Accounting Cycle | 299 NAME SECTION SCORE: PROFESSOR: Problem #2 Adjusting Entries hree 2018 8 transactions of the Gloria Dimen Programmers are described below: hree Dimen paid the Subic Equipments P36,000 in advance to rent certain equipment over the next 12 months. il 1 A check in the amount of P72,000 was received from Clark Consultants for professional services to be rendered over the next 24 months. July 1 Required: 1. Prepare the adjusting entries assuming that the transactions were initially recorded in balance sheet accounts. 2. Prepare the adjusting entries assuming that the transactions were initially recorded in income statement accounts. Also, record the Jan. 1, 2019 reversing entries, if any

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Directions In the following question a statement of assertion A is followed by a statement...

Chemistry
1.2K views

1. Potassium hydrogen phthalate is a solid, monoprotic acid frequently used in the laboratory to standardize strong...

Medical Sciences
1.2K views

15. Cortical Processing of visual information is primarily performed in the Primary Visual Cortex within the...

Accounting
1.2K views

During 2014, Robby’s Camera Shop had sales revenue of $158,000, of which $74,000 was on credit....

Biology
1.2K views

Which of the following statements about biofilms is incorrect?a biofilm is a complex of microorganisms...

Biology
1.2K views

Examine this painting of the Grand Army s Retreat from Moscow Which term best fits...

Physics
1.2K views

A transparent sphere of radius R 2 0 m has mirrored surface on its right...

Physics
1.2K views

An infinite number of charges each of magnitude q are placed on x axis at...

Basic Math
1.2K views

Complete the chart Capacity A system filters about this amount of fluid every minute Cups...

Accounting
1.2K views

Company A repurchased the bond which had been issued many years ago. It has a...

Accounting
1.2K views

ending balance for February is $51,300. What is the cost of budgeted purchases of direct...

Finance
1.2K views

The present value of a $1000 bond maturing in nine years having an 8.75% coupon,...