II. Based on the following data, prepare the necessary adjusting entries at the end of the accounting period, December 31. Office Equipment costing P 55,000 was acquired on March 1 of the current year. It has an estimated salvage value of P 1,000 and А. useful life of 10 years. Rent for nine months from May 1 was paid and charged to Prepaid Rent account, P 45,000. Of the balance in advertising expense account of P 60,000; P В. С. 10,000 is applicable for next year. Interest Accrued on Notes Receivable, P 760. Interest Accrued on Notes Payable , P 900. D. E.
II. Based on the following data, prepare the necessary adjusting entries at the end of the accounting period, December 31. Office Equipment costing P 55,000 was acquired on March 1 of the current year. It has an estimated salvage value of P 1,000 and А. useful life of 10 years. Rent for nine months from May 1 was paid and charged to Prepaid Rent account, P 45,000. Of the balance in advertising expense account of P 60,000; P В. С. 10,000 is applicable for next year. Interest Accrued on Notes Receivable, P 760. Interest Accrued on Notes Payable , P 900. D. E.
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 7CPA: Which statement below is correct? a. Real property is depreciated using the half-year convention. b....
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