1413 Assignment No 1 Solution 2022-AIOU Autumn-Adjustment entries analysis
1413 Assignment No 1 Solution 2022-AIOU Autumn-Adjustment entries analysis
Q.3 For each type of adjustment listed, indicate whether it is an unrecorded receivable, an unrecorded liability, an unearned revenue, or a prepaid expense at December31, 2012.
1. Property taxes that are for the year 2012 but are not to be paid until 2013.
2. Rent revenue earned during 2012, but not collected until 2013.
3. Salaries earned by employees in December 2012, but not to be paid until January 5, 2013.
4. An insurance premium paid on December 29,2012, for the period January 1,2013 to December 31, 2013.
5. Gasoline charged on a credit card during December 2012. The bill will not be received until January 15, 2013.
6. Interest on a certificate of deposit held during 2012. The interest will not be received until January 7, 2013.
7. A deposit was received on December 15, 2012, for the rental of storage space. The rental period if from January 1, 2013, to December 31, 2013.
Q.3 For each type of adjustment listed, indicate whether it is an unrecorded receivable, an unrecorded liability, an unearned revenue, or a prepaid expense at December31, 2012.
1. Property taxes that are for the year 2012 but are not to be paid until 2013.
2. Rent revenue earned during 2012, but not collected until 2013.
3. Salaries earned by employees in December 2012, but not to be paid until January 5, 2013.
4. An insurance premium paid on December 29,2012, for the period January 1,2013 to December 31, 2013.
5. Gasoline charged on a credit card during December 2012. The bill will not be received until January 15, 2013.
6. Interest on a certificate of deposit held during 2012. The interest will not be received until January 7, 2013.
7. A deposit was received on December 15, 2012, for the rental of storage space. The rental period if from January 1, 2013, to December 31, 2013.
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LearningTranscript
00:00bismillahirrahmanirrahim assalamualaikum dear viewers and students welcome to my
00:04YouTube channel TG London Point. In this video we are going to cover the
00:07solution of question number three which is related to the assignment number of
00:11the subject national accounting which has subject code 1413 for autumn 2022
00:18which has been taken under the examination system of AIOU Lamar
00:24Galle Open University. So let's start reading question then we will move to
00:28the related talks. The question is here for each type of adjustment listed
00:34indicate whether it is an unrecorded receivable and unrecorded liability and
00:40on revenue or a prepaid expense at December 31st 2012. What is the
00:48question is that after closing we are going to make some adjustment to make
00:53the closing or trial balance more accurate so all these transactions are
01:01items given in the question statements are related to the balance sheet so some
01:08are related to the asset size and some are related to the liability size mostly
01:15are related to the two unrecorded receivable and prepaid expenses are
01:23related to the asset size and unrecorded liability is related to the liability
01:33size and on revenues also our liability that we have to be paid because we did
01:38not earn until now as per the statement. So first transaction here property tax
01:46that are that it is repeated two times so I am going to delete one yes that are
01:54for the year 2012 but are not to be paid until 2012 unrecorded liability it's the
02:02liability of the company that has to be paid so it has recorded in its
02:07years of period which is 2012 so we have recorded this liability as a as a
02:17future payment so second question rent revenue earned during 2012 but not
02:24collected until 2013 so we have rented out we already earned revenue
02:32as some land or building or something else so but we did not collect this
02:40amount from the users so our customers so it is kind of unrecorded
02:46receivable that we have to receive money from the rent holder or tenant of the
02:52that property. Salaries earned by employees in December 2012 but not to be
02:59paid until January 5, 2013 as the employees have rented their services so
03:05they are eligible to get their salaries but until now means the 5th of the
03:14January of 2013 we didn't make any payment so we are going to be produce
03:19and liability a salary payable account as a as an account so it is an unrecorded
03:26liability let's move to the transaction number four a payment receipt from a
03:32customer in December 2012 for services that will not be performed until February
03:382013 so it's another it's a liability because the payment receipt from
03:50customer December 2012 for services that will not be performed until so it's
03:57liability unrecorded liability because we already receive a payment but we did
04:06not render services until February 2013 liability in my opinion if you disagree
04:17with this please come up with your suggestion or recommendation in
04:22comment section with logical support and insurance premium paid on December 29,
04:302012 for the period January 1, 2013 to December 31, 2013 it's a prepaid
04:36expense gasoline charges on a credit card during December 2012 and that will
04:43not be received until January 15, 2013 we already use this gasoline in December
04:502020 but we didn't still not receive the bill from the concerned company so it is
04:56an unrecorded liability because we have already used gasoline but we have to
05:01make the payment and in my opinion it is an unrecorded liability transaction number
05:08seven is a interest on a certificate of deposit as during 2012 the interest will
05:13not be received until January 7, 2013 so another interest is a revenue or income
05:20so we will attach it with the un-revenue and the last transaction number
05:28eight is a deposit received on December 15 or deposit received on December 15,
05:342012 for rental of storage space the rental period from January 1, 2013 to
05:42December 31, 2013 so we have rented out a storage space for rent so we have received some
05:51amount for the whole year starting from January 1, 2013 to December
05:592013 so it is an un-revenue with the passage of time and we are going to be
06:05use this when the renter use this storage spaces we are put to the this one
06:11we how we pass this entry rental of storage space account to un-un-revenue
06:27so first entry is that cash or bank account to un-un-revenue later when it
06:33will be settled down so it will be come un-un-revenue to the renter of storage
06:42space I hope you will find this session useful if you have any question or
06:50query ask me in comment section if you want to discuss any point please come
06:55up with your recommendation or point in comment section thanks for
06:59watching Assalamu Alaikum