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1) On March 1, 2019, Xylophone Tutorials borrowed money from Metrobank to be used in business and issued an interest-bearing note for the P285,000. The bank loan is payable after three years with an annual interest of 15%. (Accrued Expenses) 2) Guitar Café received the following bills covering the month of December 2019 on January 3, 2020: advertising of P19, 800, repairs of P2, 000, and utilities of P4,860. (Accrued Expenses) 3) Harp Beauty Shop pays salaries for the first half of the month every 25th day of the current month and the second half every 10th day of the succeeding month. The salaries for the second half of December 2019 amounted to P35,000. (Accrued Expenses) 4) Drumstick Chickens rendered catering services last December 15, 2019. The contract price amounted to P75,000. Since no payment had been received yet, Drumstick did not make any journal entry last December 15, 2019. (Accrued Revenue)

1) On March 1, 2019, Xylophone Tutorials borrowed money from Metrobank to be used in business and issued an interest-bearing note for the P285,000. The bank loan is payable after three years with an annual interest of 15%. (Accrued Expenses) 2) Guitar Café received the following bills covering the month of December 2019 on January 3, 2020: advertising of P19, 800, repairs of P2, 000, and utilities of P4,860. (Accrued Expenses) 3) Harp Beauty Shop pays salaries for the first half of the month every 25th day of the current month and the second half every 10th day of the succeeding month. The salaries for the second half of December 2019 amounted to P35,000. (Accrued Expenses) 4) Drumstick Chickens rendered catering services last December 15, 2019. The contract price amounted to P75,000. Since no payment had been received yet, Drumstick did not make any journal entry last December 15, 2019. (Accrued Revenue)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1) On March 1,2019, Xylophone Tutorials borrowed money from Metrobank to be used in business and issued an interest-bearing note for the P285, 000. The bank loan is payable after three years with an annual interest of 151. (Accrued Expenses) 2) Guitar Café received the following bills covering the month of December 2019 on January 3, 2020: advertising of P19,800, repairs of P2,000, and utilities of P4,860. (Accrued Expenses) 3) Harp Beauty Shop pays salaries for the first half of the month every 25th day of the current month and the second half every 10th day of the succeeding month. The salaries for the second half of December 2019 amounted to P35, 000. (Accrued Expenses) 41 Drumstick Chickens rendered catering services last December 15, 2019. The contract price amounted to P75,000. Since no payment had been received yet, Drumstick did not make any journal entry last December 15, 2019. (Accrued Revenue)
Transcribed Image Text:1) On March 1,2019, Xylophone Tutorials borrowed money from Metrobank to be used in business and issued an interest-bearing note for the P285, 000. The bank loan is payable after three years with an annual interest of 151. (Accrued Expenses) 2) Guitar Café received the following bills covering the month of December 2019 on January 3, 2020: advertising of P19,800, repairs of P2,000, and utilities of P4,860. (Accrued Expenses) 3) Harp Beauty Shop pays salaries for the first half of the month every 25th day of the current month and the second half every 10th day of the succeeding month. The salaries for the second half of December 2019 amounted to P35, 000. (Accrued Expenses) 41 Drumstick Chickens rendered catering services last December 15, 2019. The contract price amounted to P75,000. Since no payment had been received yet, Drumstick did not make any journal entry last December 15, 2019. (Accrued Revenue)
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