From the following information, prepare adjusting entries on December 31, 2019, the end of the accounting period: a.) Accrued interest on notes to suppliers, P 5,000. b.) Accrued interest on notes from customers, P2,000. c) Interest received and credited to Unearned Interest Revenue account is P 6,000 of which only P 2,500 was earned. d.) Equipment acquired on July 1, 2019 for P 60,000 is expected to last for five years. e.) Unrecorded or accrued salary, P 46,000. f) Use of the office supplies account of P 5,600 was P 2,500. g) Unexpired of the Prepaid Insurance account of P 40,000 was P 12,000. h.) The Prepaid Rent of P 50,000 was for a period of 10 months starting Sept 1, 2019. i.) The Notes Receivable of P 50,000 in a 12%, 90-day note dated November 1, 2019.
From the following information, prepare adjusting entries on December 31, 2019, the end of the accounting period: a.) Accrued interest on notes to suppliers, P 5,000. b.) Accrued interest on notes from customers, P2,000. c) Interest received and credited to Unearned Interest Revenue account is P 6,000 of which only P 2,500 was earned. d.) Equipment acquired on July 1, 2019 for P 60,000 is expected to last for five years. e.) Unrecorded or accrued salary, P 46,000. f) Use of the office supplies account of P 5,600 was P 2,500. g) Unexpired of the Prepaid Insurance account of P 40,000 was P 12,000. h.) The Prepaid Rent of P 50,000 was for a period of 10 months starting Sept 1, 2019. i.) The Notes Receivable of P 50,000 in a 12%, 90-day note dated November 1, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:From the following information, prepare adjusting entries on December 31, 2019, the end of the
accounting period:
a.) Accrued interest on notes to suppliers, P5,000.
b.) Accrued interest on notes from customers, P2,000.
c.) Interest received and credited to Unearned Interest Revenue account is P 6,000 of which only P
2,500 was earned.
d.) Equipment acquired on July 1, 2019 for P 60,000 is expected to last for five years.
e.) Unrecorded or accrued salary, P 46,000.
f) Use of the office supplies account of P 5,600 was P 2,500.
g) Unexpired of the Prepaid Insurance account of P 4O,000 was P 12,000.
h.) The Prepaid Rent of P 50,000 was for a period of 10 months starting Sept 1, 2019.
i.) The Notes Receivable of P 50,000 in a 12%, 90-day note dated November 1, 2019.
Account Title
Debit
Credit
a.)
b.)
c.)
d.)
e.)
f.)
8)
h.)
i.)
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