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(a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. (e) On April 1, 2021, the firm purchased an equipment to be used in the warehouse for P200,000. The equipment was estimated to have a useful life of five years and a salvage value of 10% of cost. Record an adjustment for depreciation on the equipment for

(a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. (e) On April 1, 2021, the firm purchased an equipment to be used in the warehouse for P200,000. The equipment was estimated to have a useful life of five years and a salvage value of 10% of cost. Record an adjustment for depreciation on the equipment for

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
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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What is the adjusted trial balance?

(a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. (e) On April 1, 2021, the firm purchased an equipment to be used in the warehouse for P200,000. The equipment was estimated to have a useful life of five years and a salvage value of 10% of cost. Record an adjustment for depreciation on the equipment for September.
Transcribed Image Text:(a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. (e) On April 1, 2021, the firm purchased an equipment to be used in the warehouse for P200,000. The equipment was estimated to have a useful life of five years and a salvage value of 10% of cost. Record an adjustment for depreciation on the equipment for September.
The Unadjusted Trial Balance was prepared on September 30, 2021, which is shown below. Account Name Dr Cr Cash Petty Cash Fund Notes Receivable, due May 1, 2022 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Warehouse Equipment Accumulated Depreciation - Warehouse Equipment Office Equipment Accumulated Depreciation - Office Equipment Notes Payable, due June 30 2022 Accounts Payable Interest Payable Unearned Revenue Notes Payable, Long term Vincent Fabron, Capital Vincent Fabron, Drawing Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchase Returns and Allowances Purchase Discounts Delivery Expense Depreciation Expense - Office Equipment Depreciation Expense - Warehouse Equipment Doubtful Accounts Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Repairs Expense Salaries Expense - Warehouse Salaries Expense - Office Salaries Expense - Sales SSS, Philhealth, Pagibig Expenses Warehouse Supplies Expense Telephone Expense Travel Expense - Sales Utilities Expense 4,950,000 30,000 750,000 7,010,000 10,500 6,425,000 165,000 35,000 154,667 990,000 470,000 1,532,500 420,000 23,150,000 490,000 1,871,250 25.000 15.000 190,000 77,333 200,000 61,000 280,000 185,000 5,430,000 4,250,000 7,585,000 1,580,000 290,000 164,000 1,200,000 400,000 70,386,250 190,000 15,000 25,000 750,000 2,845,000 20,000 81.240 850,000 14,838,500 49,761,510 Rent Expense, Repairs Expense, and Utilities Expense are shared as follows: 10% for the office, 30% for the store, and 60% for the warehouse. 10,500 537,500 462,000 70,386,250
Transcribed Image Text:The Unadjusted Trial Balance was prepared on September 30, 2021, which is shown below. Account Name Dr Cr Cash Petty Cash Fund Notes Receivable, due May 1, 2022 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Warehouse Equipment Accumulated Depreciation - Warehouse Equipment Office Equipment Accumulated Depreciation - Office Equipment Notes Payable, due June 30 2022 Accounts Payable Interest Payable Unearned Revenue Notes Payable, Long term Vincent Fabron, Capital Vincent Fabron, Drawing Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchase Returns and Allowances Purchase Discounts Delivery Expense Depreciation Expense - Office Equipment Depreciation Expense - Warehouse Equipment Doubtful Accounts Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Repairs Expense Salaries Expense - Warehouse Salaries Expense - Office Salaries Expense - Sales SSS, Philhealth, Pagibig Expenses Warehouse Supplies Expense Telephone Expense Travel Expense - Sales Utilities Expense 4,950,000 30,000 750,000 7,010,000 10,500 6,425,000 165,000 35,000 154,667 990,000 470,000 1,532,500 420,000 23,150,000 490,000 1,871,250 25.000 15.000 190,000 77,333 200,000 61,000 280,000 185,000 5,430,000 4,250,000 7,585,000 1,580,000 290,000 164,000 1,200,000 400,000 70,386,250 190,000 15,000 25,000 750,000 2,845,000 20,000 81.240 850,000 14,838,500 49,761,510 Rent Expense, Repairs Expense, and Utilities Expense are shared as follows: 10% for the office, 30% for the store, and 60% for the warehouse. 10,500 537,500 462,000 70,386,250
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