Instructions Prepare the adjusting entry for each of the following for year ended December 31, 2019. 1. Paid Trio Insurance Co. Php33,000 one year car insurance to commence August 1, 2019. The amount of premium was debited to Prepaid Insurance. 2. Borrowed Php200,000 from Metro Bank issuing a one-year note with 12% annual interest on April 30, 2019. 3. Bought Php20,000 equipment with five- year estimated life and a salvage value of Php2,000. Depreciation is computed on a

Instructions Prepare the adjusting entry for each of the following for year ended December 31, 2019. 1. Paid Trio Insurance Co. Php33,000 one year car insurance to commence August 1, 2019. The amount of premium was debited to Prepaid Insurance. 2. Borrowed Php200,000 from Metro Bank issuing a one-year note with 12% annual interest on April 30, 2019. 3. Bought Php20,000 equipment with five- year estimated life and a salvage value of Php2,000. Depreciation is computed on a

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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Ss.236.
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