Gloria dimen company paid 18,000 for 6 months insurance premium Preparing Adjusting Entries at Year-EndProblem #9zhe Gloria Dimen Company presented the following information pertaining to accountshat will need adjustments for its Nov. 30, 2014 year-end financial statements:, On-Oct. 1, 2014, Gloria Dimen Company paid P10,800 for 6-months' insurancepremiums.h. The balance in the ledger account Office Supplies amounted to P32,000. Acount of the office supplies on Nov. 30, 2014 totaled P12,800.c. Gloria Dimen Company received P22,800 on Nov. 1, 2014 from a customer forservices to be rendered during the months of November, December, January,and February.d. Gloria Dimen acquired Office Equipment costing P352,800 on Apr. 1, 2014. Theequipment is expected to last 5 years after which it will be worthless.e. Assume that Nov. 30, 2014 is a Friday and that Gloria Dimen pays its employeesa total of P87,500 on Saturday.Required:

Answered: Gloria dimen company paid 18,000 for 6…

Business

Accounting

Gloria dimen company paid 18,000 for 6 months insurance premium

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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Question

Gloria dimen company paid 18,000 for 6 months insurance premium

Preparing Adjusting Entries at Year-End
Problem #9
zhe Gloria Dimen Company presented the following information pertaining to accounts
hat will need adjustments for its Nov. 30, 2014 year-end financial statements:
, On-Oct. 1, 2014, Gloria Dimen Company paid P10,800 for 6-months' insurance
premiums.
h. The balance in the ledger account Office Supplies amounted to P32,000. A
count of the office supplies on Nov. 30, 2014 totaled P12,800.
c. Gloria Dimen Company received P22,800 on Nov. 1, 2014 from a customer for
services to be rendered during the months of November, December, January,
and February.
d. Gloria Dimen acquired Office Equipment costing P352,800 on Apr. 1, 2014. The
equipment is expected to last 5 years after which it will be worthless.
e. Assume that Nov. 30, 2014 is a Friday and that Gloria Dimen pays its employees
a total of P87,500 on Saturday.
Required:

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