Answer #1-4Thanks 1) On March 1,2019, Xylophone Tutorials borrowed money from Metrobank to be used inbusiness and issued an interest-bearing note for the P285, 000. The bank loan ispayable after three years with an annual interest of 151. (Accrued Expenses)2) Guitar Café received the following bills covering the month of December 2019 onJanuary 3, 2020: advertising of P19,800, repairs of P2,000, and utilities of P4,860.(Accrued Expenses)3) Harp Beauty Shop pays salaries for the first half of the month every 25th day of thecurrent month and the second half every 10th day of the succeeding month. The salariesfor the second half of December 2019 amounted to P35, 000. (Accrued Expenses)41 Drumstick Chickens rendered catering services last December 15, 2019. The contractprice amounted to P75,000. Since no payment had been received yet, Drumstick did notmake any journal entry last December 15, 2019. (Accrued Revenue)

Note: It is assumed that the requirement of the Question is to provide Adjusting Journal entries…

Answered: 1) On March 1, 2019, Xylophone…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 56BE

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