From the following given data, prepare adjusting journal entries for the year ended Preparation of Adjusting Journal Entries December 31, 20A: 11 Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actually used. Expense method was used in payment of supplies. 2) A P48,000 6%, 120-day note was received from a client dated Nov. 1, 20A. The interest was not yet collected at the end of the accounting period. 3) Before adjustments, the balance of laundry supplies inventory was P35,000. Physical count of supplies inventory was P15,000. 4) An office equipment was acquired on May 31, 20A for P150,000. The office equipment has an estimated life of 5 years without scrap value. 5) A copying machine was rented on November 30, 20A at P1.00/copy of production. It reported to have produced 300 copies as of December 31, 20A. No pavment was made as of this date
From the following given data, prepare adjusting journal entries for the year ended Preparation of Adjusting Journal Entries December 31, 20A: 11 Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actually used. Expense method was used in payment of supplies. 2) A P48,000 6%, 120-day note was received from a client dated Nov. 1, 20A. The interest was not yet collected at the end of the accounting period. 3) Before adjustments, the balance of laundry supplies inventory was P35,000. Physical count of supplies inventory was P15,000. 4) An office equipment was acquired on May 31, 20A for P150,000. The office equipment has an estimated life of 5 years without scrap value. 5) A copying machine was rented on November 30, 20A at P1.00/copy of production. It reported to have produced 300 copies as of December 31, 20A. No pavment was made as of this date
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PREPARATION OF ADJUSTING JOURNAL ENTRIES
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Transcribed Image Text:From the following given data, prepare adjusting journal entries for the year ended
Preparation of Adjusting Journal Entries
December 31, 20A:
1 Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies
were actually used. Expense method was used in payment of supplies.
2) A P48,000 6%, 120-day note was received from a client dated Nov. 1, 20A. The
interest was not yet collected at the end of the accounting period.
3) Before adjustments, the balance of laundry supplies inventory was P35,000.
Physical count of supplies inventory was P15,000.
4) An office equipment was acquired on May 31, 20A for P150,000. The office
equipment has an estimated life of 5 years without scrap value.
5) A copying machine was rented on November 30, 20A at P1.00/copy of
production. It reported to have produced 300 copies as of December 31, 20A.
No payment was made as of this date.
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