4. A company had supplies worth P15,000 in its unadjusted trial balance at the end of the year which was included under assets and supplies on hand were P2,000, the adjusting entry would contain a * debit to Supplies for P2,000 debit to Supplies Expense for P13,000 credit to Supplies for P2.000 O credit to Supplies Expense for P13,000

4. A company had supplies worth P15,000 in its unadjusted trial balance at the end of the year which was included under assets and supplies on hand were P2,000, the adjusting entry would contain a * debit to Supplies for P2,000 debit to Supplies Expense for P13,000 credit to Supplies for P2.000 O credit to Supplies Expense for P13,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.8E: Adjustment for supplies Answer each of the following independent questions concerning supplies and...

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The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.
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A Company reported the following balances on its unadjusted trial balance as of December 31, 2021: Assets P130,000Liabilities 35,000Equity 50,000Revenues 140,000Expenses 95,000 The following adjustments were noted: a. Office supplies ending balance, P15,000. The office supplies account had a balance of P6,000 on January 1, 2021. Office supplies purchased for the year amounts to P25,000 which was debited to a permanent account. b. Total premium paid on September 1, 2021 was P36,000 for a three-year fire insurance policy. This was initially recorded as expense. c. Depreciation of office equipment purchased on June 1, 2021 with a cost of 110,000, useful life of 5 years based on straight line method and a residual value of P10,000. d. Rent income received from tenant on November 1, 2021 representing four months’ rent amounted to P20,000. This was recorded as a credit to a real account. e. The Company issued a note for P180,000 for its September 1 purchase of merchandise. The note is dated…