December 31, 2020 Cash Accounts Receivable 190,000 450,000 260,000 350,000 2,750,000 Prepaid Advertising Construction Supplies Construction Equipment Accumulated Depreciation-Construction Equipment Office Building Accumulated Depreciation-Office Building Accounts Payable Unearned Construction Revenue Notes Payable Datumolok, Capital Datumolok, Withdrawals Construction Revenues Salaries Expense Rent Expense Insurance Expense Utilities Expense Miscellaneous Expense 410,000 1,870,000 257,000 280,000 750,000 500,000 1,450,000 400,000 6,343,000 2,540,000 650,000 280,000 165,000 85.000 P 9,990,000 Total P9,990,000 The following information pertaining to the year-end adjustments is available: a) The P260,000 prepaid advertising represents payment made on December 1, 2020 for monthly advertising over the next 10 months. b) Engr. Datumolok decided to set-up provision for possible uncollectible clients accounts at 5% of the accounts receivable. c) A count of the construction supplies at December 31, 2020 revealed that P105,000 remained on hand. d) Payment of P45,00 for accounts payable last Dec. 17, 2020 was not recorded. e) Depreciation expenses for the period: P145,000 for the Construction Equipment, and P51,400 for the Office Building. 60% of the unearned construction revenues were earned at year-end. f) g) At year-end, salaries in the amount of P245,000 have accrued. This will be paid on January 3, 2021. h) Payment for utilities expense of P12,500 was erroneously recorded as P1,250 Interest of P50,000 on the notes payable is due for payment on January 10, 2021. 1) ) Of the recorded rent expense, P195,000 is for the months of January and February 2021. Activate Wir

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
Prepare adjusting entries
Trial Balance
December 31, 2020
Cash
Accounts Receivable
Prepaid Advertising
Construction Supplies
Construction Equipment
Accumulated Depreciation-Construction Equipment
Office Building
Accumulated Depreciation-Office Building
Accounts Payable
Unearned Construction Revenue
Notes Payable
Datumolok, Capital
Datumolok, Withdrawals
Construction Revenues
Salaries Expense
Rent Expense
Insurance Expense
Utilities Expense
Miscellaneous Expense
190,000
450,000
260,000
350,000
2,750,000
410,000
1,870,000
257,000
280.000
750,000
500,000
1,450,000
400,000
6,343,000
2,540,000
650,000
280,000
165,000
85,000
P 9.990,000
Total
P9,990,000
The following information pertaining to the year-end adjustments is available:
a) The P260,000 prepaid advertising represents payment made on December 1, 2020 for monthly advertising over the
next 10 months.
b) Engr. Datumolok decided to set-up provision for possible uncollectible clients accounts at 5% of the accounts
receivable.
A count of the construction supplies at December 31, 2020 revealed that P105,000 remained on hand,
c)
d) Payment of P45,00 for accounts
e) Depreciation expenses for the period: P145,000 for the Construction Equipment, and P51,400 for the Office Building.
60% of the unearned construction revenues were earned at year-end.
g) At year-end, salaries in the amount of P245,000 have accrued. This will be paid on January 3, 2021.
h) Payment for utilities expense of P12,500 was erroneously recorded as P1,250
last Dec. 17, 2020 was not recorded.
i)
Interest of P50,000 on the notes payable is due for payment on January 10, 2021.
Of the recorded rent expense, P195,000 is for the months of January and February 2021.
Activate Windows
bar to activate WindowS
Transcribed Image Text:Trial Balance December 31, 2020 Cash Accounts Receivable Prepaid Advertising Construction Supplies Construction Equipment Accumulated Depreciation-Construction Equipment Office Building Accumulated Depreciation-Office Building Accounts Payable Unearned Construction Revenue Notes Payable Datumolok, Capital Datumolok, Withdrawals Construction Revenues Salaries Expense Rent Expense Insurance Expense Utilities Expense Miscellaneous Expense 190,000 450,000 260,000 350,000 2,750,000 410,000 1,870,000 257,000 280.000 750,000 500,000 1,450,000 400,000 6,343,000 2,540,000 650,000 280,000 165,000 85,000 P 9.990,000 Total P9,990,000 The following information pertaining to the year-end adjustments is available: a) The P260,000 prepaid advertising represents payment made on December 1, 2020 for monthly advertising over the next 10 months. b) Engr. Datumolok decided to set-up provision for possible uncollectible clients accounts at 5% of the accounts receivable. A count of the construction supplies at December 31, 2020 revealed that P105,000 remained on hand, c) d) Payment of P45,00 for accounts e) Depreciation expenses for the period: P145,000 for the Construction Equipment, and P51,400 for the Office Building. 60% of the unearned construction revenues were earned at year-end. g) At year-end, salaries in the amount of P245,000 have accrued. This will be paid on January 3, 2021. h) Payment for utilities expense of P12,500 was erroneously recorded as P1,250 last Dec. 17, 2020 was not recorded. i) Interest of P50,000 on the notes payable is due for payment on January 10, 2021. Of the recorded rent expense, P195,000 is for the months of January and February 2021. Activate Windows bar to activate WindowS
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
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