* —— tatic f the financial state, eee: firm’s examination of t : Ment Tn conjunction with aie 31, 2015,.you obtained the information fn ot Bem, Inc., as of Decem| in the work paper below 7 ‘Om, the Bem voucher register shownn i i. A ie ba Pcie Description Amount Chen - , shipped FOB P1,500 Supplies o, 1 Bee. 18,2015 1200 2/1/2015; recived sateng 42/47/2015 2 Deo. 18,2015 12-207 Au nuance, 2/1/2075 2,200 Prepaid insta 12/15/20 - J pea 21,2015 12-212. Repairs services; received 1,900 Repairs ang —~ ‘ 12/20/2015 -_ maintenance 7 Dec. 06, 2015 12-212 Merchandise, ship! FOB 12,300 Inventor ; shipping point, 1?'20/2915; received 12/24/2015 2 5 Dee. 21,2015 12-210- Payroll, 12/7/2016: 12/21/2015 3,900 Salari:S and (12 working days) wages 6 Dec.27, 2015 12-226 Subscription to ia reporting 500 Dues and : service for 2016 subscriptions be .__ expense 7___Dec. 28,2015 12-234 Utilities for Dec. 2015 2,400 _ Utilities expense @ Dec. 28,2015 12-241 Merchandise, shipped FOB 11,150 inventory destination received 12/24/2015 9 Dec. 28, 2015 12-242 — Merchandise, shipped FOB 8,400 inventory destination, 12/24/2015; received 1/2/2016 3 10 Jan. 2, 2016 14 Legal services; received 4,600 Legal and 12/28/2015 1 professional expense | 1 Jan. 2, 2016 1-2 Medica! services for employees 2,500 Medical expenses for Dec. 2015 12 Jan. 5, 2016 13 Merchandise, shipped FOB 5,500 Inventory shipping point, 12/29/2015; received 1/4/2016 13° Jan. 10, 2016 1-4 Payroll, 12/21/2015; 1/5/2016 7,200 Salaries and (12 working days in total, wages ; 4 working days in Jan.) , Jan. 10, 2016 146 Merchandise, shipped FOB 6,400 ‘nventory ring point, 1/2/2016; received 016 18 Jan.12.2018 7 Manutacturing royales, Dee: aaa 2015 —<= tte Entry Ve [a : 7 poe Account. | we Jan. TS Reference Description Amount Charged 18 Merchandise, shipped FOB 3,800 Inventory | Hae 13/2015; received 016 | ee 1-9 Maintenance services; received 900 Repairs and Jan. 14, 20 11912016 maintenance 18 Cie) 1-40 Interest on bank loan, 3,000 Interest expense 10/10/2015; : 40/2016 ara ia Manufacturing equipment, 25,400 Machinery and installed 12/29/2015 equipment 20 Jan.15,2016 1-12 Dividend declared, 121572015 16,000 Dividend payable Accrued liabilities of 12/31/2015 were as follows: Accrued payroll P 4,800 Accrued interest payable 2,666 Dividend payable 16,000 Accrued royalties payable 3,900 The Accrued Payroll, Accrued Interest Payable and Accrued Royalty accounts were reversed effective January 1, 2016. . REQUIRED: Review the data given above and prepare adjusting journal entrics to correct the accounts on December 31, 2015. Assume that the company follows FOB terms for recording inventory purchases. CAICPA AdantedyMarie Hotel collects 15% in city sales taxes on room rentals, in addition to a P200 per room, per night, occupancy tax. ee Sales taxes for each month are due at the end of the following month, and occupancy taxes are due fifteen days after the end of each calendar quarter. On January 3, 2018, the entity paid the November 2017 sales taxes and the fourth quarter 2017 occupancy taxes. Additional information for the fourth quarter of 2017: Room rentals Room nights October P1,000,000 1,100 November 1,100,000 1,200. December. 1,500,000. 1,800 1. What amount should be reported as sales taxes payable on December 31, 20179, 600,000 390,000 540,000 225,000 ao op 2. What amount should be reported as occ /payable on December 31, 2017? OO oa a. 820,000 b. 220,000 c. 240,000 d. 360,000Anette Video Company sells 1- and 2-year subscriptions for the video-of-the-month business. Subscriptions are collected in advance and credited to sales, An analysis of the recorded sales activity revealed the following: 2017 2018 Sales - 420,000 500,000 Less cancelations 20,000 . 30,000 Net sales 400,000 470,000 Subscription expirations: 2017 120,900 2018 155,000 130,000 2019 125,000 200,000 2020 : 140,000 400,000 470,000 1. On December:31, 2018, what amount should be reported as unearned subscription revenue? 495,000 470,000 465,000 340,000 Ber p 2. What amount should be reported as subscription revenue for 2018? 175,000 305,000 285,000 250,000 peop