Learning Task 3: Prepare Adjusting Entries in a two-column journal: 1. On June 30, 2018, Mr. De Guzman received P50,000 as advance rental for 6 months. Give the adjusting entry for December 31, 2018. 2. Give the Adjusting entries to record the depreciation expense. Date Particulars Cost Years 180,000 June 15, 2015 October 31, 2017 20 Salvage Value 10,000 1,500,000 Machinery Building 25,000,000 20 3. Uncollectible accounts at year end are estimated to be P 7,500. 4. Depreciation expense for its transportation equipment is P 9,000. 5. Unpaid salaries of employees as of December 31, 2018, is P 12,000. 6. Uncollectible accounts of P 1,000,000 of accounts receivable at the end of the year and it's determined that 2% of these cannot be collected. Make the Adjusting entry for December 31. 7. Supplies purchased during the year amounted to P 5,600 of which one half has been used during the year. 8. Unpaid utilities total of P15,000 9. Depreciation of store equipment for December 31, 2018, is P12,000 10. Uncollectible accounts at year end are estimated to be P22,000

Learning Task 3: Prepare Adjusting Entries in a two-column journal: 1. On June 30, 2018, Mr. De Guzman received P50,000 as advance rental for 6 months. Give the adjusting entry for December 31, 2018. 2. Give the Adjusting entries to record the depreciation expense. Date Particulars Cost Years 180,000 June 15, 2015 October 31, 2017 20 Salvage Value 10,000 1,500,000 Machinery Building 25,000,000 20 3. Uncollectible accounts at year end are estimated to be P 7,500. 4. Depreciation expense for its transportation equipment is P 9,000. 5. Unpaid salaries of employees as of December 31, 2018, is P 12,000. 6. Uncollectible accounts of P 1,000,000 of accounts receivable at the end of the year and it's determined that 2% of these cannot be collected. Make the Adjusting entry for December 31. 7. Supplies purchased during the year amounted to P 5,600 of which one half has been used during the year. 8. Unpaid utilities total of P15,000 9. Depreciation of store equipment for December 31, 2018, is P12,000 10. Uncollectible accounts at year end are estimated to be P22,000

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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