The following information is available for possible adjustments:1. Unpaid salaries and wages at December 31, P750.2. Unpaid rental as of December 31, 2020 amounts to P2,500. LEM IKUALITAS LABORATORYTRIAL BALANCEDECEMBER 31, 2020CREDITDEBIT1,25011,50039,1257,500337,500CashAccounts ReceivableMedical SuppliesPrepaid InsuranceLaboratory EquipmentAccumulated Depreciation-Laboratory EquipmentAccounts PayableUnearned Diagnostic FeesKualitas, CapitalDiagnostic Fees IncomeSalaries and Wages ExpenseRent ExpenseТОTAL75,0003,8755,000137,500275,50072,50027,500496,875496,875llewin

The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Answered: The following information is available…

The following information is available for possible adjustments: 1. Unpaid salaries and wages at December 31, P750. 2. Unpaid rental as of December 31, 2020 amounts to P2,500.

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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Question

The following information is available for possible adjustments: 1. Unpaid salaries and wages at December 31, P750. 2. Unpaid rental as of December 31, 2020 amounts to P2,500.

LEM I
KUALITAS LABORATORY
TRIAL BALANCE
DECEMBER 31, 2020
CREDIT
DEBIT
1,250
11,500
39,125
7,500
337,500
Cash
Accounts Receivable
Medical Supplies
Prepaid Insurance
Laboratory Equipment
Accumulated Depreciation-Laboratory Equipment
Accounts Payable
Unearned Diagnostic Fees
Kualitas, Capital
Diagnostic Fees Income
Salaries and Wages Expense
Rent Expense
ТОTAL
75,000
3,875
5,000
137,500
275,500
72,500
27,500
496,875
496,875
llewin

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