a. Salaries already due but not yet paid as of December 31, amounted to P 12,000. b. The unearned rent has a balance of P 6,800. Of this amount, P 1,500 has already been earned as of December 31. c. The prepaid insurance account amounted to P 6,000. Of this amount, P 2,000 expired as of December 31. d. The Unearned Subscription has a balance of P 9,800. Of this amount P 5,000 has already been earned as of December 31. e. Interest earned but not yet collected on notes receivable outstanding, p 5,200. f. Interest due on notes payable outstanding, P 6,500. g. Interest paid in advance on a bank loan was debited to prepaid interest account, P980. The loan will run for a period of 90-day starting from December 1. h. Interest collected and credited to unearned interest P 1,400. This represents interest for a 45-day period effective December 18. i. Store supplies debited to Store supplies expense, P 6,600. As of December 31, P 2,250 store supplies are used. j. Accounts receivable of P250,000 is only 5% is uncollectible. k. Building of P300,000 have an estimated useful life of 30 years with scrap value of P25,000 and was acquired on April 1.

a. Salaries already due but not yet paid as of December 31, amounted to P 12,000. b. The unearned rent has a balance of P 6,800. Of this amount, P 1,500 has already been earned as of December 31. c. The prepaid insurance account amounted to P 6,000. Of this amount, P 2,000 expired as of December 31. d. The Unearned Subscription has a balance of P 9,800. Of this amount P 5,000 has already been earned as of December 31. e. Interest earned but not yet collected on notes receivable outstanding, p 5,200. f. Interest due on notes payable outstanding, P 6,500. g. Interest paid in advance on a bank loan was debited to prepaid interest account, P980. The loan will run for a period of 90-day starting from December 1. h. Interest collected and credited to unearned interest P 1,400. This represents interest for a 45-day period effective December 18. i. Store supplies debited to Store supplies expense, P 6,600. As of December 31, P 2,250 store supplies are used. j. Accounts receivable of P250,000 is only 5% is uncollectible. k. Building of P300,000 have an estimated useful life of 30 years with scrap value of P25,000 and was acquired on April 1.

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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