5.) How much is adjusted Supplies on December 31, 2021? Cotton's Laundry ServicesFor the year ended December 31, 2021Trial Balance5,087,000265,000587,00070,000270,000516,000573,0005,000,000200,00030,000270,00089,00012,957,000CashAccounts ReceivableAllowance for Bad DebtsNotes ReceivableOffice SuppliesPrepaid RentPrepaid InsuranceEquipmentAccumulated Depreciation - EqptLandAccounts Payable2.5% Notes PayableCotton, CapitalCotton, DrawingService IncomeSupplies ExpenseRent ExpenseUtilities Expense12,000105,000527,0001,500,0009,960,000853,00012,957,000 A. Cotton serviced for P75,000, on account. She mistakenly recorded the promise to pay as 57,000 toNotes Receivable.B. The Notes payable was issued on 3/1/20, payable after 2 years.C. Notes receivable was received on 10/1/21 and is payable semi-annually for the next 2 years. Interestrate was twice of the Notes payable.D. Supplies amounted to P100,000 on 1/1/21. 69% of total Supplies were used at year-end. No purchasesof supplies were made during the year.E.Cotton is under a 2-year rent contract amounting to P720,000 since 1/1/2021. She will pay P180,000 atthe end of every quarter, starting March 31, 2021, until the full price is paid. Cotton's last recordrelated to this transaction was on September 30, 2021.F. Cotton availed a 4-year P576,000 fire insurance last 8/1/20.G. Equipment was purchased on 6/1/20. It is estimated that it could be sold for P123,000 at the end of itsuseful life.H. Cotton failed to record a P300,000 service that she rendered. As of 12/31/21, only 80% of this balancehas been collected. (Collections related to this transaction were not recorded as well)I.For 2021, Cotton started off with 4 employees with monthly salaries of P15,000 each. After 3 months,she hired an additional 3 employees with a payment cut-off salary of P10,000. Payment of salaries ismade every 15th and last day of the month.J. 5% of total Accounts Receivable is expected to be uncollectible.

The trial balance is a type of worksheet in which all the ledger accounts are entered on the debit…

Answered: 5.) How much is adjusted Supplies on…

Business

Accounting

5.) How much is adjusted Supplies on December 31, 2021?

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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