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Unexpired portion of insurance premium

Unexpired portion of insurance premium

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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What is the correct adjusting entry for number 3?
Account Titles Debit Credit Cash in Bank 2,150 Accounts Receivable Estimated Uncollectible Account Unused Supplies Prepaid Rent Delivery Trucks Accumulated Depreciation – Delivery Truck Accounts Payable Jean Tan, Capital Jean Tan, Drawing Trucking Income Taxes & Licenses Repairs and Maintenance Salaries and Wages Insurance Expense Utilities Expense 320,000 7,000 25,000 70,000 3,000,000 185,000 60,000 3,215,650 50,000 395,000 8,500 97,000 240,000 10,000 40,000 ТOTAL P 3,862,650 P 3,862,650 1. Provision for Uncollectible Account should be adjusted to equal 5% of the outstanding accounts receivable. 2. Prepaid rent that has expired, P35,000. 3. Unexpired portion of insurance premium, P6,000. 4. Unrecorded depreciation, P132,000. 5. Unpaid salaries and wages, P20,000. 6. Supplies on Hand P10,000.
Transcribed Image Text:Account Titles Debit Credit Cash in Bank 2,150 Accounts Receivable Estimated Uncollectible Account Unused Supplies Prepaid Rent Delivery Trucks Accumulated Depreciation – Delivery Truck Accounts Payable Jean Tan, Capital Jean Tan, Drawing Trucking Income Taxes & Licenses Repairs and Maintenance Salaries and Wages Insurance Expense Utilities Expense 320,000 7,000 25,000 70,000 3,000,000 185,000 60,000 3,215,650 50,000 395,000 8,500 97,000 240,000 10,000 40,000 ТOTAL P 3,862,650 P 3,862,650 1. Provision for Uncollectible Account should be adjusted to equal 5% of the outstanding accounts receivable. 2. Prepaid rent that has expired, P35,000. 3. Unexpired portion of insurance premium, P6,000. 4. Unrecorded depreciation, P132,000. 5. Unpaid salaries and wages, P20,000. 6. Supplies on Hand P10,000.
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