aceres Realty end its fiscal vear on June 30, 2019.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 11P: Worksheet Devlin Company has prepared the following partially completed worksheet for the year ended...
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![Adjusting Entries Additional Exercises
Caceres Realty end its fiscal year on June 30, 2019.
Required:
Using the following information, make the necessary adjusting entries on June 30, 2019.
1. Rent of office premises of P18,000 for the 3-month period ending July 31 is due to be paid in
July.
2. The telephone expense of P1,500 is unpaid and unrecorded at June 30.
3. The supplies account had a P2,900 debit balance on July 1 of the preceding year. Supplies
costing P8,450 were purchased during the year, and P1,780 of supplies are in inventory as at
June 30.
4. Caceres Realty borrowed P50,000 from BDC Bank on May 1 at 18% interest per annum. The
principal, plus interest, is payable on November 1.
5. Annual depreciation is to be taken for the equipment which costs P130,000 and has a useful life
of 5 years with salvage value of P10,000.
6. The office assistant earns P280 a day. She will be paid in July for the 5-day period ending July 3.
7. On June 1, Caceres received 2 months' rent in advance, totaling P9,000. This was recorded by a
credit to Unearned Rental Revenue.
8. Caceres Realty purchased a 6-month insurance policy for P18,000 on November 1. A 24-month
policy was purchased on April 30 for P43,200. Both purchases were recorded by debiting
Prepaid Insurance.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb63955c6-369a-4b3a-9cbe-a63de4fc6200%2F0213f542-68cb-4f0a-a491-2f4fd423d4f4%2Faqz6igt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Adjusting Entries Additional Exercises
Caceres Realty end its fiscal year on June 30, 2019.
Required:
Using the following information, make the necessary adjusting entries on June 30, 2019.
1. Rent of office premises of P18,000 for the 3-month period ending July 31 is due to be paid in
July.
2. The telephone expense of P1,500 is unpaid and unrecorded at June 30.
3. The supplies account had a P2,900 debit balance on July 1 of the preceding year. Supplies
costing P8,450 were purchased during the year, and P1,780 of supplies are in inventory as at
June 30.
4. Caceres Realty borrowed P50,000 from BDC Bank on May 1 at 18% interest per annum. The
principal, plus interest, is payable on November 1.
5. Annual depreciation is to be taken for the equipment which costs P130,000 and has a useful life
of 5 years with salvage value of P10,000.
6. The office assistant earns P280 a day. She will be paid in July for the 5-day period ending July 3.
7. On June 1, Caceres received 2 months' rent in advance, totaling P9,000. This was recorded by a
credit to Unearned Rental Revenue.
8. Caceres Realty purchased a 6-month insurance policy for P18,000 on November 1. A 24-month
policy was purchased on April 30 for P43,200. Both purchases were recorded by debiting
Prepaid Insurance.
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