Salaries ExpenseUtilities ExpenseGas and Oil ExpenseInterest ExpenseTotal450,350253,75075,00010,0006,961,350 6,961,350TThe following information were given to you for the preparation of the adjusting entries as of December 31.A. P5,500 worth of supplies are still unused at the end of the year.B. Insurance represents the amount of a one-year premium expiring on April 1, 2020C. The note was received from a customer on November 16, 2019 for 60 days at 20% interest.D. An advanced payment for service to be rendered amounting to P120,500 was included in the income account.E. The allowance for bad debts/allowance for impairment (required allowance) is 10% of Accounts Receivable.F. Mr. Gallardo entered into a contract of lease on January 1, 2019 for 2 years. Mr. Gallardo received anadvanced payment amounting to P240,000 from a lessee.G. Mr. Gallardo issued a 16% P100, 000 note to Metro bank dated April 15, 2019.H. The life of the equipment and furniture is 5 years and the estimated residual values are 10,000 and 15,000respectively. The building has an estimated useful life of 10 years and has an estimated residual value ofP200,000.I. Salaries incurred but unpaid as of December 31, P12,000.J.Accrued Commission income amounted to P50,000 is not yet recorded by the company. COMPREHENSIVE PROBLEM AThe unadjusted Trial Balance of Mr. Gallardo for the year ended December 31, 2019 is shown below:Gallardo CompanyUnadjusted Trial BalanceAs of December 31, 2019Account NameCashAccounts ReceivableAllowance for Doubtful AccountsNotes ReceivablePrepaid InsuranceLandEquipmentAccumulated Depreciation - EquipmentFurnitureAccumulated Depreciation - FurnitureBuildingAccumulated Depreciation - BuildingAccounts PayableNotes Payable - Metro BankUnearned Rent IncomeGallardo, CapitalGallardo, DrawingsService IncomeCommission IncomeInterest IncomeSupplies ExpenseSalaries ExpenseUtilities ExpenseGas and Oil ExpenseInterest ExpenseTotalDebit300,0001,350,000500,000162,0001,500,000525,000315,0001,400,000105,000Credit75,250206,000120,000240,000235,000400,000240,0003,379,9751,745,000300,00020,12515,250450,350253.75075,00010.0006.961.350 6.961.350TThe following information were given to you for the preparation of the adjusting entries as of December 31.A. P5.500 worth of supplies are still unused at the end of theyear.B. Insurance represents the amount of a one-year premium expiring on April 1. 2020

Journal Entries: It is the process to record the business transaction by way of debit and credit…

Gas and Oil Expense Interest Expense Total 75,000 10,000 6,961,350 6,961,350 ing information were given to you for the preparation of the adjusting entries as of December 5,500 worth of supplies are still unused at the end of the year. surance represents the amount of a one-year premium expiring on April 1, 2020 he note was received from a customer on November 16, 2019 for 60 days at 20% interest. advanced payment for service to be rendered amounting to P120,500 was included in the inco he allowance for bad debts/allowance for impairment (required allowance) is 10% of Accounts . Gallardo entered into a contract of lease on January 1, 2019 for 2 years. Mr. Gallardo vanced payment amounting to P240,000 from a lessee. - Gallardo issued a 16% P100, 000 note to Metro bank dated April 15, 2019. e life of the equipment and furniture is 5 years and the estimated residual values are 10,000 J TI bildi CUPC CIO

Gas and Oil Expense Interest Expense Total 75,000 10,000 6,961,350 6,961,350 ing information were given to you for the preparation of the adjusting entries as of December 5,500 worth of supplies are still unused at the end of the year. surance represents the amount of a one-year premium expiring on April 1, 2020 he note was received from a customer on November 16, 2019 for 60 days at 20% interest. advanced payment for service to be rendered amounting to P120,500 was included in the inco he allowance for bad debts/allowance for impairment (required allowance) is 10% of Accounts . Gallardo entered into a contract of lease on January 1, 2019 for 2 years. Mr. Gallardo vanced payment amounting to P240,000 from a lessee. - Gallardo issued a 16% P100, 000 note to Metro bank dated April 15, 2019. e life of the equipment and furniture is 5 years and the estimated residual values are 10,000 J TI bildi CUPC CIO

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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