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

See similar textbooks

Similar questions

education.com/ext/map/index.html?_con=con&external_browser=0&launchU actice Assignment - Part A (M/C) i Sav The information on a work sheet can be used to prepare Multiple Choice All of these Interim financial statements Adjusting entries Pivot & Vlook up.sx < Prev Pivot & Vlook up....xlsx Failed-Dick full 8 of 25
Which accounts remain open at end of year and carried over to the following year?
please do not provide soltion in image format thank you!
The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2021, year-end financial statements.
Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $117.480 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Dec. 31 Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033, Paid cash of $38,820 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $73,190 cash. As the purchase was being finalized, spent $33.150 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, and leasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $58,000,…
Rodriguez Corp. changed from the straight-line method of depreciation on its plant assets acquired in early 2018 to the double- declining-balance method in 2020 (before finalizing its 2020 financial statements) because of a change in the pattern of benefits received. The assets had an eight-year life and no expected residual value. Information related to both methods follows: Double-Declining- Balance Depreciation Straight-Line Depreciation Year Difference 2018 $410,000 $205,000 $205,000 2019 307,500 205.000 102.500 2020 230,625 205,000 25,625 Net income for 2019 was reported at $452,000; income for 2020 before depreciation and income tax is $482.000. Assume an income tax rate of 30%. The change from the straight-line method to the double-declining-balance method is considered a change in estimate. What net income is reported for 2020? Net income, 2020 What is the amount of the adjustment to opening retained earnings as at January 1, 2020? Adjustment to opening retained earnings,…
Journalize reversing entries on October 1, 2020, if applicable journalize closing entries on September 30,2020 Prepare the company’s post-closing trial balance as at September 30, 2020
Which of the following taxpayers are not required to make estimated payments? a. An employee who works at a local department store with appropriate withholding and no other income. Ob. A wealthy individual whose earnings are from corporate dividends. Oc. c. A car mechanic who is self-employed and earns $50,000 a year. Od. All of these choices must make estimated payments.
On April 1 2019, a company paid insurance premium of P340,000 covering a period of two years beginning on this date. The entries to record the payment on April 1 and the adjusting entry on December 31 under the two methods.
How would you enter this adjusted journal entry in a manual general journal: Wages of $1,020 are owed to casual employees as at 31 May 2023 and will be paid on the 6th June 2023.
ASAP
When researching retirement obligations in the FASB Accounting Standards Codification you would look under section 210 310 410 510