following independent cases: ACCRUAL-TYPE 1.A company rents the ground floor of a building at P20,000 per month. As of December 31, the firm has not paid yet its rent for the last quarter of 2022. 2. A company issued on November 16, 2022 a 90-day 12% P25,000 note. The note and interest are payable at maturity date. 3. Ten (10) casual employees are paid every Saturday, their pay day, at P200 per hour and work eight hours per day from Monday to Saturday. Assume December 31, 2022 is a Thursday. 4. A company received a 6-month 14% P60,000 note dated November 1, 2022. The company has not recorded any interest yet on this note as of the end of 2022. 5. A company received its December 2022 bill from MERALCO for P12,300. The bill is to be paid on the first week of January 2022.
following independent cases: ACCRUAL-TYPE 1.A company rents the ground floor of a building at P20,000 per month. As of December 31, the firm has not paid yet its rent for the last quarter of 2022. 2. A company issued on November 16, 2022 a 90-day 12% P25,000 note. The note and interest are payable at maturity date. 3. Ten (10) casual employees are paid every Saturday, their pay day, at P200 per hour and work eight hours per day from Monday to Saturday. Assume December 31, 2022 is a Thursday. 4. A company received a 6-month 14% P60,000 note dated November 1, 2022. The company has not recorded any interest yet on this note as of the end of 2022. 5. A company received its December 2022 bill from MERALCO for P12,300. The bill is to be paid on the first week of January 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare adjusting entries as of December 31, 2022 for the
following independent cases:
ACCRUAL-TYPE
1.A company rents the ground floor of a building at P20,000 per month. As of
December 31, the firm has not paid yet its rent for the last quarter of 2022.
2. A company issued on November 16, 2022 a 90-day 12% P25,000 note. The note and
interest are payable at maturity date.
3. Ten (10) casual employees are paid every Saturday, their pay day, at P200 per hour
and work eight hours per day from Monday to Saturday. Assume December 31, 2022
is a Thursday.
4. A company received a 6-month 14% P60,000 note dated November 1, 2022. The
company has not recorded any interest yet on this note as of the end of 2022.
5. A company received its December 2022 bill from MERALCO for P12,300. The bill is
to be paid on the first week of January 2022.
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