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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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