12/31 Salary of P15,000 has been incurred to be paid January 15 (cut off is Dec 26-Jan 10) 08/01 The Company lent P70,000 to a customer who issued a promissory note with interest rate of 2% to be paid January 30 of the following year. 04/01 The Company rendered services worth P1,000,000 on account. The Company estimated 2% of AR to be uncollectible.

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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Prepare Adjusting Entries for the following transactions:
Attach the EXCEL screenshots here.
WITH FORMULAS IN EXCEL FOR UPVOTE
12/31
Salary of P15,000 has been incurred to be paid January 15
(cut off is Dec 26-Jan 10)
08/01
The Company lent P70,000 to a customer who issued a promissory note
with interest rate of 2% to be paid January 30 of the following year.
04/01
The Company rendered services worth P1,000,000 on account.
The Company estimated 2% of AR to be uncollectible.

 

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