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Use the journal provided on the other page for your answer.

Use the journal provided on the other page for your answer.

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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Match each transaction with its related term: Terms Definitions NAME: COURSE: ACTIVITY NO. 2 YR.&SEC. DATE Prepare Adjusting Entries required on December 31 for each item with your supporting computations after each entry. a. On March 1, 2019, XYZ Company paid P54,000 for 2 year insurance premium on property. The bookkeeper debited Prepaid Insurance account at the time of payment. b. On December 1, 2019, ABC Company received P120,000 as advance payment for professional services to be rendered starting 1st quarter of 2020. Unearned revenue account was credited at the time of deposit. c. Miscellaneous office supplies were purchased in the last quarter of 2019 amounting to P6,500. On December 31 , inventories showed that P3,200 were on hand. The purchase was debited to Office Supplies account. d. The company's office equipment costing P100,000 is expected to have 10 years economic life with no salvage value. This was purchased by the company on Aug. 1, 2019 e. ZTE company owes a bank a 10%, 90-day note for P 150,000 dated Nov. 1, 2019. Use the journal provided on the other page for your answer. 17
Transcribed Image Text:Match each transaction with its related term: Terms Definitions NAME: COURSE: ACTIVITY NO. 2 YR.&SEC. DATE Prepare Adjusting Entries required on December 31 for each item with your supporting computations after each entry. a. On March 1, 2019, XYZ Company paid P54,000 for 2 year insurance premium on property. The bookkeeper debited Prepaid Insurance account at the time of payment. b. On December 1, 2019, ABC Company received P120,000 as advance payment for professional services to be rendered starting 1st quarter of 2020. Unearned revenue account was credited at the time of deposit. c. Miscellaneous office supplies were purchased in the last quarter of 2019 amounting to P6,500. On December 31 , inventories showed that P3,200 were on hand. The purchase was debited to Office Supplies account. d. The company's office equipment costing P100,000 is expected to have 10 years economic life with no salvage value. This was purchased by the company on Aug. 1, 2019 e. ZTE company owes a bank a 10%, 90-day note for P 150,000 dated Nov. 1, 2019. Use the journal provided on the other page for your answer. 17
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