Exercise 22Records of the equipment purchased by Sinta Company showed:Useful lifeItemsQtyCost/ UnitDate AcquiredScrap Valuein yearsComputer(2)P29,000Sept. 1, 2018P5,0004.AirconMar. 1, 20183,000(1)(3)10,000Airfan1,500Feb. 1, 2017300Direction: a) Adjusting entries on December 31, 2018b) Financial position presentation as of December 31, 2018.Using the data in No. 22 above, give the adjusting entries and the financial positionpresentation if the accounting period ends on December 31, 2019.6 6

Name: Exercise 22Records of the equipment purchased by Sinta Company showed
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Description: Exercise 22Records of the equipment purchased by Sinta Company showed:Useful lifeItemsQtyCost/ UnitDate AcquiredScrap Valuein yearsComputer(2)P29,000Sept. 1, 2018P5,0004.AirconMar. 1, 20183,000(1)(3)10,000Airfan1,500Feb. 1, 2017300Direction: a) Adju

Depreciation as per straight line method = (Original Costs - Salvage Value)/ Useful Life

Business

Accounting

Records of the equipment purchased by Sinta Company showed: Useful life Items Qty Cost/ Unit Date Acquired Scrap Value in years Computer (2) P29,000 Sept. 1, 2018 P5,000 4 10,000 1,500 Aircon (1) Mar. 1, 2018 3,000 6. Airfan (3) Feb. 1, 2017 300 6. Direction: a) Adjusting entries on December 31, 2018 b) Financial position presentation as of December 31, 2018.

Records of the equipment purchased by Sinta Company showed: Useful life Items Qty Cost/ Unit Date Acquired Scrap Value in years Computer (2) P29,000 Sept. 1, 2018 P5,000 4 10,000 1,500 Aircon (1) Mar. 1, 2018 3,000 6. Airfan (3) Feb. 1, 2017 300 6. Direction: a) Adjusting entries on December 31, 2018 b) Financial position presentation as of December 31, 2018.

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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