The Midoriya Security Services began operation on January 1, 2020. At the end of the first year of operations, the unadjusted trial balance shows the following: Midoriya Security Services Unadjusted Trial Balance December 31, 2020 Debit Р 12, 400 3, 200 3, 600 58, 000 Credit Cash Accounts Receivable Prepaid Insurance Automobiles Notes Payable Unearned Revenue Midoriya, Capital Service Revenue Salaries expense Repair expense Gas and oil expenses P 45, 000 2, 500 18, 000 84, 000 57, 000 6, 000 9, 300 Р 149, 500 ТОTAL P 149, 500 Additional information: a. Services provided but unbilled P2, 500 at December 31. b. Insurance coverage began January 1 under a 2- year policy. C. Automobile depreciation is P15, 000 for the year. d. Interest of P5, 4000 accrued on notes payable for the year. e. P1, 000 of the unearned fees has been earned. f. Driver's salaries total P500 per day. At December 31, 3 days salaries are unpaid. g. Repairs to automobiles of P650 have been incurred, but bills have not been received prior to December 31. (Use accounts payable) Instructions: 1. Prepare the adjusting entries at December 31, 2020. Adjusting Entry (4 Credit Debit а. b. С. d. o.
The Midoriya Security Services began operation on January 1, 2020. At the end of the first year of operations, the unadjusted trial balance shows the following: Midoriya Security Services Unadjusted Trial Balance December 31, 2020 Debit Р 12, 400 3, 200 3, 600 58, 000 Credit Cash Accounts Receivable Prepaid Insurance Automobiles Notes Payable Unearned Revenue Midoriya, Capital Service Revenue Salaries expense Repair expense Gas and oil expenses P 45, 000 2, 500 18, 000 84, 000 57, 000 6, 000 9, 300 Р 149, 500 ТОTAL P 149, 500 Additional information: a. Services provided but unbilled P2, 500 at December 31. b. Insurance coverage began January 1 under a 2- year policy. C. Automobile depreciation is P15, 000 for the year. d. Interest of P5, 4000 accrued on notes payable for the year. e. P1, 000 of the unearned fees has been earned. f. Driver's salaries total P500 per day. At December 31, 3 days salaries are unpaid. g. Repairs to automobiles of P650 have been incurred, but bills have not been received prior to December 31. (Use accounts payable) Instructions: 1. Prepare the adjusting entries at December 31, 2020. Adjusting Entry (4 Credit Debit а. b. С. d. o.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question
Please prepare the adjusting entries at Dec 31, 2020. Use the table above for reference
Transcribed Image Text:The Midoriya Security Services began operation on January 1, 2020. At the
end of the first year of operations, the unadjusted trial balance shows the
following:
Midoriya Security Services
Unadjusted Trial Balance
December 31, 2020
Credit
Debit
P 12, 400
3, 200
3, 600
58, 000
Cash
Accounts Receivable
Prepaid Insurance
Automobiles
P 45, 000
2, 500
18, 000
84, 000
Notes Payable
Unearned Revenue
Midoriya, Capital
Service Revenue
Salaries expense
Repair expense
Gas and oil expenses
ТОTAL
57, 000
6, 000
9, 300
Р 149, 500
P 149, 500
Additional information:
a. Services provided but unbilled P2, 500 at December 31.
b. Insurance coverage began January 1 under a 2- year policy.
c. Automobile depreciation is P15, 000 for the year.
d. Interest of P5, 4000 accrued on notes payable for the year.
e. P1, 000 of the unearned fees has been earned.
f. Driver's salaries total P500 per day. At December 31, 3 days salaries are
unpaid.
g. Repairs to automobiles of P650 have been incurred, but bills have not
been received prior to December 31. (Use accounts payable)
Instructions:
1. Prepare the adjusting entries at December 31, 2020.
Adjusting Entry
(Ч
Credit
Debit
а.
b.
С.
d.
е.
f.
g.
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