The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2021 year-end financial statements.a) On Oct. 1, 2021, Piper paid P10,800 for 6-months’ insurance premiums.b) The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2021 totaled P12,800.c) The company received P22,800 on Nov. 1, 2021 from a customer for services to be rendered during the months of November, December, January, and February.d) Piper Ventura acquired Office Equipment costing P352,800 on April 1, 2020. The equipment is expected to last 5 years after which it will be worthless.e) Assume that Nov. 30, 2021 is a Friday and the Piper pays its employees a total of P87,500 on Saturday.f) On September 1, the entity completed the negotiations with a client and accepted an advance of P168,000 for services to be performed on November. The P168,000 was credited to Unearned Service Revenues on the date of transaction.g) Among the liabilities of the entity is a note payable in the amount of P3,000,000. On November 30, the accrued interest on this note amounted to P150,000.Required:1. Prepare the adjusting entries.2. Prepare the Dec. 1, 2021 entry to record the payment of the salaries. The Piper Ventura Illustrators presented the following information pertaining to accounts that willneed adjustments for its Nov. 30, 2021 year-end financial statements.a) On Oct. 1, 2021, Piper paid P10,800 for 6-months' insurance premiums.b) The balance in the ledger account Office Supplies amounted to P32,000. A count of theoffice supplies on Nov. 30, 2021 totaled P12,800.c) The company received P22,800 on Nov. 1, 2021 from a customer for services to berendered during the months of November, December, January, and February.d) Piper Ventura acquired Office Equipment costing P352,800 on April 1, 2020. Theequipment is expected to last 5 years after which it will be worthless.e) Assume that Nov. 30, 2021 is a Friday and the Piper pays its employees a total of P87,500on Saturday.f) On September 1, the entity completed the negotiations with a client and accepted anadvance of P168,000 for services to be performed on November. The P168,000 wascredited to Unearned Service Revenues on the date of transaction.g) Among the liabilities of the entity is a note payable in the amount of P3,000,000. OnNovember 30, the accrued interest on this note amounted to P150,000.Required:1. Prepare the adjusting entries.2. Prepare the Dec. 1, 2021 entry to record the payment of the salaries.

Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…

The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2021 year-end financial statements. a) On Oct. 1, 2021, Piper paid P10,800 for 6-months’ insurance premiums. b) The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2021 totaled P12,800. c) The company received P22,800 on Nov. 1, 2021 from a customer for services to be rendered during the months of November, December, January, and February. d) Piper Ventura acquired Office Equipment costing P352,800 on April 1, 2020. The equipment is expected to last 5 years after which it will be worthless. e) Assume that Nov. 30, 2021 is a Friday and the Piper pays its employees a total of P87,500 on Saturday. f) On September 1, the entity completed the negotiations with a client and accepted an advance of P168,000 for services to be performed on November. The P168,000 was credited to Unearned Service Revenues on the date of transaction. g) Among the liabilities of the entity is a note payable in the amount of P3,000,000. On November 30, the accrued interest on this note amounted to P150,000. Required: 1. Prepare the adjusting entries. 2. Prepare the Dec. 1, 2021 entry to record the payment of the salaries.

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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The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2021 year-end financial statements. a) On Oct. 1, 2021, Piper paid P10,800 for 6-months’ insurance premiums. b) The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2021 totaled P12,800. c) The company received P22,800 on Nov. 1, 2021 from a customer for services to be rendered during the months of November, December, January, and February. d) Piper Ventura acquired Office Equipment costing P352,800 on April 1, 2020. The equipment is expected to last 5 years after which it will be worthless. e) Assume that Nov. 30, 2021 is a Friday and the Piper pays its employees a total of P87,500 on Saturday. f) On September 1, the entity completed the negotiations with a client and accepted an advance of P168,000 for services to be performed on November. The P168,000 was credited to Unearned Service Revenues on the date of transaction. g) Among the liabilities of the entity is a note payable in the amount of P3,000,000. On November 30, the accrued interest on this note amounted to P150,000. Required: 1. Prepare the adjusting entries. 2. Prepare the Dec. 1, 2021 entry to record the payment of the salaries.

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