(a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. (e) On April 1, 2021, the firm purchased an equipment to be used in the warehouse for P200,000. The equipment was estimated to have a useful life of five years and a salvage value of 10% of cost. Record an adjustment for depreciation on the equipment for

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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What is the adjusted trial balance?

(a) On September 30, the firm received its utilities bill for the month of September amounting
to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities
for the month of September.
(b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei
amounting to P400,000. The remainder of the amount pertains to a 12-month 9%
promissory note received on May 1, 2021. Record an adjustment for the accrued interest
from both notes for the month of September.
(c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that
items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for
the supplies used in September.
(d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record
an adjustment for the expired insurance in September. Round-off answer to the nearest
peso.
(e) On April 1, 2021, the firm purchased an equipment to be used in the warehouse for
P200,000. The equipment was estimated to have a useful life of five years and a salvage
value of 10% of cost. Record an adjustment for depreciation on the equipment for
September.
Transcribed Image Text:(a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. (e) On April 1, 2021, the firm purchased an equipment to be used in the warehouse for P200,000. The equipment was estimated to have a useful life of five years and a salvage value of 10% of cost. Record an adjustment for depreciation on the equipment for September.
The Unadjusted Trial Balance was prepared on September 30, 2021, which is shown below.
Account Name
Dr
Cr
Cash
Petty Cash Fund
Notes Receivable, due May 1, 2022
Accounts Receivable
Allowance for Doubtful Accounts
Interest Receivable
Merchandise Inventory
Warehouse Supplies
Office Supplies
Prepaid Insurance
Warehouse Equipment
Accumulated Depreciation - Warehouse Equipment
Office Equipment
Accumulated Depreciation - Office Equipment
Notes Payable, due June 30 2022
Accounts Payable
Interest Payable
Unearned Revenue
Notes Payable, Long term
Vincent Fabron, Capital
Vincent Fabron, Drawing
Sales
Sales Returns and Allowances
Interest Income
Purchases
Freight In
Purchase Returns and Allowances
Purchase Discounts
Delivery Expense
Depreciation Expense - Office Equipment
Depreciation Expense - Warehouse Equipment
Doubtful Accounts Expense
Insurance Expense
Interest Expense
Office Supplies Expense
Rent Expense
Repairs Expense
Salaries Expense - Warehouse
Salaries Expense - Office
Salaries Expense - Sales
SSS, Philhealth, Pagibig Expenses
Warehouse Supplies Expense
Telephone Expense
Travel Expense - Sales
Utilities Expense
4,950,000
30,000
750,000
7,010,000
10,500
6,425,000
165,000
35,000
154,667
990,000
470,000
1,532,500
420,000
23,150,000
490,000
1,871,250
25.000
15.000
190,000
77,333
200,000
61,000
280,000
185,000
5,430,000
4,250,000
7,585,000
1,580,000
290,000
164,000
1,200,000
400,000
70,386,250
190,000
15,000
25,000
750,000
2,845,000
20,000
81.240
850,000
14,838,500
49,761,510
Rent Expense, Repairs Expense, and Utilities Expense are shared as follows:
10% for the office, 30% for the store, and 60% for the warehouse.
10,500
537,500
462,000
70,386,250
Transcribed Image Text:The Unadjusted Trial Balance was prepared on September 30, 2021, which is shown below. Account Name Dr Cr Cash Petty Cash Fund Notes Receivable, due May 1, 2022 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Warehouse Equipment Accumulated Depreciation - Warehouse Equipment Office Equipment Accumulated Depreciation - Office Equipment Notes Payable, due June 30 2022 Accounts Payable Interest Payable Unearned Revenue Notes Payable, Long term Vincent Fabron, Capital Vincent Fabron, Drawing Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchase Returns and Allowances Purchase Discounts Delivery Expense Depreciation Expense - Office Equipment Depreciation Expense - Warehouse Equipment Doubtful Accounts Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Repairs Expense Salaries Expense - Warehouse Salaries Expense - Office Salaries Expense - Sales SSS, Philhealth, Pagibig Expenses Warehouse Supplies Expense Telephone Expense Travel Expense - Sales Utilities Expense 4,950,000 30,000 750,000 7,010,000 10,500 6,425,000 165,000 35,000 154,667 990,000 470,000 1,532,500 420,000 23,150,000 490,000 1,871,250 25.000 15.000 190,000 77,333 200,000 61,000 280,000 185,000 5,430,000 4,250,000 7,585,000 1,580,000 290,000 164,000 1,200,000 400,000 70,386,250 190,000 15,000 25,000 750,000 2,845,000 20,000 81.240 850,000 14,838,500 49,761,510 Rent Expense, Repairs Expense, and Utilities Expense are shared as follows: 10% for the office, 30% for the store, and 60% for the warehouse. 10,500 537,500 462,000 70,386,250
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