Prepare the journal entries to record the following adjustment information of September 30, 2019 and at the same time the Adjusted Trial Balance. Write your answer in a two-column journal and in an 8-column worksheet.   a. One month of scheduled advertising appeared in the school newspaper in the amount of P150. b. An inventory of Ironing supplies revealed approximately P50 onhand. c. Depreciation was taken on equipment with a useful life of 5 years. Ironing equipment costs P600. d. On Thursday, October 1, Linda would pay her first employee, who worked Tuesday and Thursdays, P120 for the week. e. Ironing services for one of the two students who had paid in advance had been performed as of 9/30/2019. f. On Tuesday, September 29, services had been finished for 2 students who promised to pay P50 each on 10/5/2019

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare the journal entries to record the following adjustment information
of September 30, 2019 and at the same time the Adjusted Trial Balance. Write
your answer in a two-column journal and in an 8-column worksheet.

 

a. One month of scheduled advertising appeared in the school newspaper
in the amount of P150.
b. An inventory of Ironing supplies revealed approximately P50 onhand.
c. Depreciation was taken on equipment with a useful life of 5 years. Ironing
equipment costs P600.
d. On Thursday, October 1, Linda would pay her first employee, who worked
Tuesday and Thursdays, P120 for the week.
e. Ironing services for one of the two students who had paid in advance had
been performed as of 9/30/2019.
f. On Tuesday, September 29, services had been finished for 2 students who
promised to pay P50 each on 10/5/2019

Speedy Ironing Services
Unadjusted Trial Balance
September 30, 2019
Debit
Credit
Cash
23.450.00
Accounts Receivable
2,000.00
Prepaid Advertising
600.00
Ironing Supplies
100.00
Ironing Equipment
600.00
Accounts Payable
150.00
Unearned Ironing Revenue
100.00
Capital, Linda Santos
15,000.00
Withdrawals, Linda Santos
300.00
Ironing Revenue
17,000.00
Rent Expense
5,000.00
Telephone Expense
200.00
32.250.00
32,250.00
Transcribed Image Text:Speedy Ironing Services Unadjusted Trial Balance September 30, 2019 Debit Credit Cash 23.450.00 Accounts Receivable 2,000.00 Prepaid Advertising 600.00 Ironing Supplies 100.00 Ironing Equipment 600.00 Accounts Payable 150.00 Unearned Ironing Revenue 100.00 Capital, Linda Santos 15,000.00 Withdrawals, Linda Santos 300.00 Ironing Revenue 17,000.00 Rent Expense 5,000.00 Telephone Expense 200.00 32.250.00 32,250.00
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