Homework Help is Here – Start Your Trial Now!
Business
Accounting
Accruals are as follows: • Salaries, Php5,000 • Utilities, Php3,000 • Interest, 1% per month, for 3 months   Give the adjustment entries only.

Accruals are as follows: • Salaries, Php5,000 • Utilities, Php3,000 • Interest, 1% per month, for 3 months   Give the adjustment entries only.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Accruals are as follows:
• Salaries, Php5,000
• Utilities, Php3,000
• Interest, 1% per month, for 3 months
 
Give the adjustment entries only. 
 
LT One property rentals commenced business operation on July 1, 2020 with fifteen (15) deluxe cottages. The trial balance before adjustment on December 31, 2020 follows: Cash Supplies Prepaid Insurance Land Cottages Furniture & Fixture Php 200,000 30,000 50,000 900,000 100,000 200,000 150,000 China wares & Kitchen Equipment Accounts Payable Unearned Rent Bank Payable, in 5 years Mae, Capital Mae, Drawing Rent Revenue, Cottages Sales, F & B Cost of Sales, F & B Salary Expense Repairs & Maintenance Expense Utilities Expense Miscellaneous Expense 25,000 Php 80,000 20,000 300,000 1,164,000 250,000 105,000 150,000 90,000 5,000 15,000 4,000 Php1,919,000 Php1,919,000
Transcribed Image Text:LT One property rentals commenced business operation on July 1, 2020 with fifteen (15) deluxe cottages. The trial balance before adjustment on December 31, 2020 follows: Cash Supplies Prepaid Insurance Land Cottages Furniture & Fixture Php 200,000 30,000 50,000 900,000 100,000 200,000 150,000 China wares & Kitchen Equipment Accounts Payable Unearned Rent Bank Payable, in 5 years Mae, Capital Mae, Drawing Rent Revenue, Cottages Sales, F & B Cost of Sales, F & B Salary Expense Repairs & Maintenance Expense Utilities Expense Miscellaneous Expense 25,000 Php 80,000 20,000 300,000 1,164,000 250,000 105,000 150,000 90,000 5,000 15,000 4,000 Php1,919,000 Php1,919,000
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

Shouldn't the time be 3/60 since 3 months for the interest accrued, then bank payable is 5 years?

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Accounting for Impairment of Assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS