Accrued Expense On September 30, 2010, X corporation issued a 9-month note to a supplier amounting to P500,000, 6% interest. Also, there was an unpaid and unrecorded income taxes at the end of the year dated December 31, 2010 amounting to p5,000. Give the adjusting entries.

Accrued Expense On September 30, 2010, X corporation issued a 9-month note to a supplier amounting to P500,000, 6% interest. Also, there was an unpaid and unrecorded income taxes at the end of the year dated December 31, 2010 amounting to p5,000. Give the adjusting entries.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 6SEB: SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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