Saturday. Requirements: 1. Prepare the adjusting entries as of November 30,2019 2. Prepare the Dec. 1, 2019 entry to record the paymeni of the sala
Saturday. Requirements: 1. Prepare the adjusting entries as of November 30,2019 2. Prepare the Dec. 1, 2019 entry to record the paymeni of the sala
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Preparing Adjusting Entries
The Sang Tae Company presented the following information pertaining to accounts that will need
adjustments for its November 30, 2019 year-end financial statements.
On Oct. 1,2019 Sang Tae paid P10, 800 for 6 month's insurance premiums
2. The balance in the leger account Office Supplies amounted to P32,000. A count of the supplies on
November 30, 2019 totaled P12,800.
1.
3. Sang Tae received P22,800 on November 1, 2019 from a customer for services to be rendered during
the months of November, December, January and February 2020.
4. Sang Tae acquired Office Equipment costing P352,800 on April 1, 2019, the equipment is expected to
last 5 years after which it will be worthless. The scrap value is 10,500.
5. Assume that November 30, 2019 is a Friday and that Sang Tae pays its employees a total of P87,500 on
Saturday.
Requirements:
1. Prepare the adjusting entries as of November 30,2019
2. Prepare ihe Dec. 1, 2019 entry to record the paymeni of the salaries.
43](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52a98421-f523-48f7-90aa-e92d6e4acae6%2Fc99c20ba-1446-407f-8cae-d1201d66ab2c%2Fu6gsozb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Preparing Adjusting Entries
The Sang Tae Company presented the following information pertaining to accounts that will need
adjustments for its November 30, 2019 year-end financial statements.
On Oct. 1,2019 Sang Tae paid P10, 800 for 6 month's insurance premiums
2. The balance in the leger account Office Supplies amounted to P32,000. A count of the supplies on
November 30, 2019 totaled P12,800.
1.
3. Sang Tae received P22,800 on November 1, 2019 from a customer for services to be rendered during
the months of November, December, January and February 2020.
4. Sang Tae acquired Office Equipment costing P352,800 on April 1, 2019, the equipment is expected to
last 5 years after which it will be worthless. The scrap value is 10,500.
5. Assume that November 30, 2019 is a Friday and that Sang Tae pays its employees a total of P87,500 on
Saturday.
Requirements:
1. Prepare the adjusting entries as of November 30,2019
2. Prepare ihe Dec. 1, 2019 entry to record the paymeni of the salaries.
43
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