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Designer Architects had the following additional information at its November 30, 2020, year-end:   The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30:   EI* Premium Income Taxes* CPP* Total Deductions Net Payable Office Salaries Sales Salaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00   *These values are based on assumed payroll deductions. **The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively.   The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required: Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.)   Analysis Component: If the above entries are not recorded on November 30, 2020, what is the effect on the income statement and the balance sheet?(Enter all value as positive values. Round intermediate and the final answers to 2 decimal places. Select "No effect" in case of no effect on Income statement and Balance sheet.)

Designer Architects had the following additional information at its November 30, 2020, year-end:   The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30:   EI* Premium Income Taxes* CPP* Total Deductions Net Payable Office Salaries Sales Salaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00   *These values are based on assumed payroll deductions. **The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively.   The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required: Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.)   Analysis Component: If the above entries are not recorded on November 30, 2020, what is the effect on the income statement and the balance sheet?(Enter all value as positive values. Round intermediate and the final answers to 2 decimal places. Select "No effect" in case of no effect on Income statement and Balance sheet.)

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPA: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the...
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Designer Architects had the following additional information at its November 30, 2020, year-end:
 

  1. The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020.
  2. The payroll register showed the following unpaid amounts as at November 30:
     
    EI*
    Premium    		 Income
    Taxes*    		 CPP* Total
    Deductions    		 Net
    Payable    		 Office
    Salaries    		 Sales
    Salaries
    190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00
     

    *These values are based on assumed payroll deductions.
    **The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively.
     
  3. The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30.

Required:
Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.)

 

Analysis Component:
If the above entries are not recorded on November 30, 2020, what is the effect on the income statement and the balance sheet?(Enter all value as positive values. Round intermediate and the final answers to 2 decimal places. Select "No effect" in case of no effect on Income statement and Balance sheet.)

 

 

 
Note : = journal entry has been entered Record entry Clear entry View general journal Analysis Component: If the above entries are not recorded on November 30, 2020, what is the effect on the income statement and the balance sheet? (Enter all value as positive values. Round intermediate and the final answers to 2 decimal places. Select "No effect" in case of no effect on Income statement and Balance sheet.) Description Effect Amount The income statement would be On the balance sheet, liabilities would be On the balance sheet, equity would be On the balance sheet, assets would be
Transcribed Image Text:Note : = journal entry has been entered Record entry Clear entry View general journal Analysis Component: If the above entries are not recorded on November 30, 2020, what is the effect on the income statement and the balance sheet? (Enter all value as positive values. Round intermediate and the final answers to 2 decimal places. Select "No effect" in case of no effect on Income statement and Balance sheet.) Description Effect Amount The income statement would be On the balance sheet, liabilities would be On the balance sheet, equity would be On the balance sheet, assets would be
Required: Prepare the appropriate entries at year-end based on the above information: (Round the final answ View transaction list Record the earned portion of unearned revenue. 2 Record the accrued payroll amounts. 3 Record the employer's portion of EI and CPP. 4 Record the accrued utilities for November. Credit Note : journal entry has been entered Record entry Clear entry View general journal
Transcribed Image Text:Required: Prepare the appropriate entries at year-end based on the above information: (Round the final answ View transaction list Record the earned portion of unearned revenue. 2 Record the accrued payroll amounts. 3 Record the employer's portion of EI and CPP. 4 Record the accrued utilities for November. Credit Note : journal entry has been entered Record entry Clear entry View general journal
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