Debit Credit Accounts Receivable 29,250 Supplies 2,700 Prepaid rent 18,000 Equipment 70,000 Accumulated Depreciation 14,000 Salary payable Unearned fees 26,500 Fees earned 299,800 Salary expense 60,000 Rent expense 24,000 Supplies expense Depreciation expense Additional information at December 31 is as follows: 1. The unused supplies at December 31 were 1/3 of the amount recorded. 2. Equipment is being depreciated over 10 years period without salvage. 3. Prepaid rent was paid on September 1 to cover six-month period. 4. Two-weeks salary at P2,750 per week for December was not paid. 5. Unearned fees at December 31 amounted to P5,500. 6. Fees earned but still unbilled at December 31 was P12,250.

Debit Credit Accounts Receivable 29,250 Supplies 2,700 Prepaid rent 18,000 Equipment 70,000 Accumulated Depreciation 14,000 Salary payable Unearned fees 26,500 Fees earned 299,800 Salary expense 60,000 Rent expense 24,000 Supplies expense Depreciation expense Additional information at December 31 is as follows: 1. The unused supplies at December 31 were 1/3 of the amount recorded. 2. Equipment is being depreciated over 10 years period without salvage. 3. Prepaid rent was paid on September 1 to cover six-month period. 4. Two-weeks salary at P2,750 per week for December was not paid. 5. Unearned fees at December 31 amounted to P5,500. 6. Fees earned but still unbilled at December 31 was P12,250.

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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