a. The balance in the ledger account Office Supplies amounted to P 32,000. A count of the Office Supplies on Dec. 331, 2017 totaled P 12,800. b. On Oct. 1, Gloria Diaz Company paid P 10,800 for 6-months' rent. Prepare the adjusting entry on Dec. 31, 2017. The entity acquired Office Equipment costing P352,800 on May 1, 2017. The equipment is expected to last 5 years after which it will be worthless. Compute for the depreciation expense as of Dec. 31, 2017. d. Gloria Diaz received P 22,800 on Nov. 1 from a customer for service to be rendered during the months of November to February. On December 31, 2 months' worth of service is already done.

a. The balance in the ledger account Office Supplies amounted to P 32,000. A count of the Office Supplies on Dec. 331, 2017 totaled P 12,800. b. On Oct. 1, Gloria Diaz Company paid P 10,800 for 6-months' rent. Prepare the adjusting entry on Dec. 31, 2017. The entity acquired Office Equipment costing P352,800 on May 1, 2017. The equipment is expected to last 5 years after which it will be worthless. Compute for the depreciation expense as of Dec. 31, 2017. d. Gloria Diaz received P 22,800 on Nov. 1 from a customer for service to be rendered during the months of November to February. On December 31, 2 months' worth of service is already done.

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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