Snoopy enterprises provides collection services to its customers. year-end adjusting journal entries are prepared every Dec. 31 as its books are closed. make the appropriate adjusting entry for each of the ff items: 1. Uncollectible accounts at year-end is estimated to be P6,950. 2. Rent paid last April amounted to P400, 000, one fourth of which has already expired. This was initially recorded as prepaid rent upon payment. 3. Depreciation expense for its transportation equipment, P6,780 4. Supplies purchased during the year amounted to P4,290, of which one- third has been used during the year. 5. Unpaid salaries of its cleaners as of December 31 is P7,460. 6. Unearned interest has a balance of P3,120, of which P2,560 has already been earned during the year, the amount was initially credited to unearned interest upon collection

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Task 8: (Individual/Pair/Group Work)
Snoopy enterprises provides collection services to its customers. year-end adjusting journal entries
are prepared every Dec. 31 as its books are closed. make the appropriate adjusting entry for each of
the ff items:
1. Uncollectible accounts at year-end is estimated to be P6,950.
2. Rent paid last April amounted to P400, 000, one fourth of which has already expired. This
was initially recorded as prepaid rent upon payment.
3. Depreciation expense for its transportation equipment, P6,780
4. Supplies purchased during the year amounted to P4,290, of which one- third has been used
during the year.
5. Unpaid salaries of its cleaners as of December 31 is P7,460.
6. Unearned interest has a balance of P3,120, of which P2,560 has already been
earned during the year. the amount was initially credited to unearned interest
upon collection
Transcribed Image Text:Apply what you have learned Task 8: (Individual/Pair/Group Work) Snoopy enterprises provides collection services to its customers. year-end adjusting journal entries are prepared every Dec. 31 as its books are closed. make the appropriate adjusting entry for each of the ff items: 1. Uncollectible accounts at year-end is estimated to be P6,950. 2. Rent paid last April amounted to P400, 000, one fourth of which has already expired. This was initially recorded as prepaid rent upon payment. 3. Depreciation expense for its transportation equipment, P6,780 4. Supplies purchased during the year amounted to P4,290, of which one- third has been used during the year. 5. Unpaid salaries of its cleaners as of December 31 is P7,460. 6. Unearned interest has a balance of P3,120, of which P2,560 has already been earned during the year. the amount was initially credited to unearned interest upon collection
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