The company rented on November 1, 2020 a copying machine at P1.50/copy of production. Tt reported to have produced 400 copies as of December 31, 2020. No payment was made as of this date. 11) Paid an advertising to a radio station on December 1, 2020 for P4,500. The contract will commence upon payment on December 15, 2020 and will terminate on January 15, 2021. The payment was recorded using the Expense Method. 12) Office Supplies account showed a balance of P35,000 as of December 31, 2019. During the year, P10,000 worth of supplies were purchased, and on December 31, 2020, P9,400 were found to be on hand. 13) Of the P250,000 accounts receivable balance, the business estimated that P8,500 will be doubtful of collection. 14) Received a bill from Colight Co. for P3,500. The business plans to pay this amount next month. 15) Cash received of P15,500 for services rendered was credited to Accounts Receivable. The amount was also erroneously recorded at P1,550.
The company rented on November 1, 2020 a copying machine at P1.50/copy of production. Tt reported to have produced 400 copies as of December 31, 2020. No payment was made as of this date. 11) Paid an advertising to a radio station on December 1, 2020 for P4,500. The contract will commence upon payment on December 15, 2020 and will terminate on January 15, 2021. The payment was recorded using the Expense Method. 12) Office Supplies account showed a balance of P35,000 as of December 31, 2019. During the year, P10,000 worth of supplies were purchased, and on December 31, 2020, P9,400 were found to be on hand. 13) Of the P250,000 accounts receivable balance, the business estimated that P8,500 will be doubtful of collection. 14) Received a bill from Colight Co. for P3,500. The business plans to pay this amount next month. 15) Cash received of P15,500 for services rendered was credited to Accounts Receivable. The amount was also erroneously recorded at P1,550.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please make the
Please provide an explanation.
Please don't answer if you don't answer it completely.
Thanks.
Transcribed Image Text:10) The company rented on November 1, 2020 a copying machine at P1.50/copy of production. It reported
to have produced 400 copies as of December 31, 2020. No payment was made as of this date.
11) Paid an advertising to a radio station on December 1, 2020 for P4,500. The contract will commence upon
payment on December 15, 2020 and will terminate on January 15, 2021. The payment was recorded using
the Expense Method.
12) Office Supplies account showed a balance of P35,000 as of December 31, 2019. During the year, P10,000
worth of supplies were purchased, and on December 31, 2020, P9,400 were found to be on hand.
13) Of the P250,000 accounts receivable balance, the business estimated that P8,500 will be doubtful of
collection.
14) Received a bill from Colight Co. for P3,500. The business plans to pay this amount next month.
15) Cash received of P15,500 for services rendered was credited to Accounts Receivable. The amount was
also erroneously recorded at P1,550.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education