he Gloria Dimen Company presented the following information pertaining to accounts that will need adjustments for its November 30, 2021, year-end financial statements: On October 1, 2021, Gloria Dimen Company paid P10,080 for 6 months' insurance premiums The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on November 30,2021 totaled P12,800. Gloria Dimen Company received P22,800 on November 1, 2021 from a customer for services to be rendered during the months of November, December, January, and February. Gloria Dimen acquired Office Equipment costing P352,800 on April 1, 2021. The equipment is expected to last 5 years after which it will be worthless. Assume that November 30, 2021 is a Friday and that Gloria Dimen pays its employees a total of P87,500 on Saturday.
he Gloria Dimen Company presented the following information pertaining to accounts that will need adjustments for its November 30, 2021, year-end financial statements: On October 1, 2021, Gloria Dimen Company paid P10,080 for 6 months' insurance premiums The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on November 30,2021 totaled P12,800. Gloria Dimen Company received P22,800 on November 1, 2021 from a customer for services to be rendered during the months of November, December, January, and February. Gloria Dimen acquired Office Equipment costing P352,800 on April 1, 2021. The equipment is expected to last 5 years after which it will be worthless. Assume that November 30, 2021 is a Friday and that Gloria Dimen pays its employees a total of P87,500 on Saturday.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The Gloria Dimen Company presented the following information pertaining to accounts that will need adjustments for its November 30, 2021, year-end financial statements:
- On October 1, 2021, Gloria Dimen Company paid P10,080 for 6 months' insurance premiums
- The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on November 30,2021 totaled P12,800.
- Gloria Dimen Company received P22,800 on November 1, 2021 from a customer for services to be rendered during the months of November, December, January, and February.
- Gloria Dimen acquired Office Equipment costing P352,800 on April 1, 2021. The equipment is expected to last 5 years after which it will be worthless.
- Assume that November 30, 2021 is a Friday and that Gloria Dimen pays its employees a total of P87,500 on Saturday.
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