Please help me I.Based on the following data, prepare the necessary adjusting entries attheend of the accounting period, December 31.Office Equipment costing P 55,000 was acquired on March 1 of thecurrent year. It has an estimated salvage value of P 1,000 andA.usefullife of 10 years.Rent for nine months from May 1 was paid and charged to PrepaidRent account, P 45,000.Of the balance in advertising expense account of P 60,000; PВ.С.10,000 isapplicable for next year.Interest Accrued on Notes Receivable, P 760.Interest Accrued on Notes Payable , P 900.D.E.

Adjusting entries are the entries passed at the end of the reporting period to record the…

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.

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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