ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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answer in text form please (without image), Note: .Every entry should have narration please
Atty. Namjoonie began business on January 1, 2020. The unadjusted trial balance for the
first year of operation is found below. The following data were collected for adjustments:
1. The balance in the Notes Receivable is for a single P60,000 note from a customer dated
December 16, 2020. The note, due February 14, 2021, carries an interest rate of 20%.
2. A count of office supplies showed P12,000 still on hand as at December 31.
3. Bad accounts should be established amounting to P7,000 which seems to be
uncollectible.
4. Atty. Namjoonie invested P35,000 of the furniture and fixtures when the clinic was opened
on January 1. It is estimated to have a useful life of five years, no scrap value.
5. The office equipment was purchased on February 28 for P280,000. It has as estimated
useful life of five years and a residual value of P40,000.
6. The salary of a newly hired secretary, Miss Queenie, amounting to P9,000 for the month
of December, has not been paid and recorded.
7. Only P7,000 shown…
atty. namjoonie began business on january 1, 2020. the unadjusted trial balance for the first year of operation is found below. the following data were collected for adjustments: 1. the balance in the notes receivable is for a single p60,000 note from a customer dated december 16, 2020. the note, due february 14, 2021, carries an interest rate of 20%. 2. a count of office supplies showed p12,000 still on hand as at december 31. 3. bad accounts should be established amounting to p7,000 which seems to be uncollectible. 4. atty. namjoonie invested p35,000 of the furniture and fixtures when the clinic was opened on january 1. it is estimated to have a useful life of five years, no scrap value. 5. the office equipment was purchased on february 28 for p280,000. it has as estimated useful life of five years and a residual value of p40,000. 6. the salary of a newly hired secretary, miss queenie, amounting to p9,000 for the month of december, has not been paid and recorded. 7. only p7,000 shown…
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