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1. A three year insurance contract was signed and the premium of P 48,000 was paid on July 02, 2016. a. Assuming the original entry made use of the asset account, give the adjusting entry for December 31, 2106 b. How much is the unexpired portions on January 01, 2017. c. How much is the unexpired portion on December 31, 2017.

1. A three year insurance contract was signed and the premium of P 48,000 was paid on July 02, 2016. a. Assuming the original entry made use of the asset account, give the adjusting entry for December 31, 2106 b. How much is the unexpired portions on January 01, 2017. c. How much is the unexpired portion on December 31, 2017.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
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Problem 9P: During 2019, Ryel Companys controller asked you to prepare correcting journal entries for the...
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i. A three year insurance contract was signed and the premium of P 48,000 was paid on July 02, 2016. a. Assuming the original entry made use of the asset account, give the adjusting entry for December 31, 2106 b. How much is the unexpired portions on January 01, 2017. c. How much is the unexpired portion on December 31, 2017. 2. An office Equipment was acquired on May 01, 2016 for P 45,000. Given as estimated of five years with no salvage value: ä. How much would be the depreciation expense on December 31, 2016, using the straight line method. b. Give the journal entry to record the depreciation on December 31. 2017. 3. A 10% interest bearing promissory note for P50,000 was received from a customer on October 01, 2017. The note is due on September 30, 2018. a. How much is the interest earned by December 31, 2017? b. Give the entry to record the interest earned on December 31, 2017. 4. A credit sale with the term 3/10, n/15 was made to Customer A in the amount of P20,000 on November 20, 2017. a. Give the entry to record the sale. b. Give the entry to record the payment if made on November 29, 2017.
Transcribed Image Text:i. A three year insurance contract was signed and the premium of P 48,000 was paid on July 02, 2016. a. Assuming the original entry made use of the asset account, give the adjusting entry for December 31, 2106 b. How much is the unexpired portions on January 01, 2017. c. How much is the unexpired portion on December 31, 2017. 2. An office Equipment was acquired on May 01, 2016 for P 45,000. Given as estimated of five years with no salvage value: ä. How much would be the depreciation expense on December 31, 2016, using the straight line method. b. Give the journal entry to record the depreciation on December 31. 2017. 3. A 10% interest bearing promissory note for P50,000 was received from a customer on October 01, 2017. The note is due on September 30, 2018. a. How much is the interest earned by December 31, 2017? b. Give the entry to record the interest earned on December 31, 2017. 4. A credit sale with the term 3/10, n/15 was made to Customer A in the amount of P20,000 on November 20, 2017. a. Give the entry to record the sale. b. Give the entry to record the payment if made on November 29, 2017.
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