If services totaling P12,500 had been performed but not yet billed, what would the adjusting entry include? Sy Nak Tan Claims Adjuster Trial Balance Dec. 31, 2020 Cash Accounts Receivable Prepaid Insurance P 20,000 50,000 5,000 Supplies Office Equipment Accum. Depreciation - Office Equipment Accounts Payable Tan, Capital Service Revenues Salaries Expense Rent Expense 15,000 40,000 P 20,000 30,000 60,000 50,000 10,000 20,000 P 160,000 P 160,000 debit to Service Revenues for P12,500 credit to Service Revenues for P12,500 credit to Service Revenues for P62,500 credit to Unearned Service Revenues for P12,500

If services totaling P12,500 had been performed but not yet billed, what would the adjusting entry include? Sy Nak Tan Claims Adjuster Trial Balance Dec. 31, 2020 Cash Accounts Receivable Prepaid Insurance P 20,000 50,000 5,000 Supplies Office Equipment Accum. Depreciation - Office Equipment Accounts Payable Tan, Capital Service Revenues Salaries Expense Rent Expense 15,000 40,000 P 20,000 30,000 60,000 50,000 10,000 20,000 P 160,000 P 160,000 debit to Service Revenues for P12,500 credit to Service Revenues for P12,500 credit to Service Revenues for P62,500 credit to Unearned Service Revenues for P12,500

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Description: If services totaling P12,500 had been performed but not yet billed, what would theadjusting entry include?Sy Nak Tan Claims AdjusterTrial BalanceDec. 31, 2020CashAccounts ReceivablePrepaid InsuranceSuppliesOffice EquipmentAccum. Depreciation - Offic

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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Part A Albert Trading Limited used the statement of financial position approach to estimate the impairment loss of receivable. An aging of account receivable at 31 December 2019 revealed that S68,000 of the $835,000 outstanding accounts receivable will prove uncollectible. The Allowance for Impairment has a debit balance of $6,200 prior to adjustment. Required: (Explanation of the Journal Entry is not required) Prepare an adjusting entry on 31 December 2019 to recognize the impairment loss of receivable. Part B On 12 January 2020, Peter Lee, a major customer, declared bankruptey, and Albert Trading, determined that a receivable from Peter Lee in the amount of $3,400 was worthless. Required: (Explanation of the Journal Entry is not required) Prepare the journal entry required by Albert Trading in this situation.
Do a journal entry based on this transections, round interest amounts to the nearest dollar,