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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.

FINANCIAL ACCOUNTING
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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Please make the adjusting entries for the year ending December 31,2020.

Please provide an explanation. 

Please don't answer if you don't answer it completely.

Thanks.

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.
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.
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