accounts that will need adjustments for its Nov. 30, 2016 year-end financial statements: Preparing Adjusting Entries at Year-End The Gloria Dimen Illustrators presented the following information pertaining to On Oct. 1, 2016, Gloria Dimen Illustrators paid P10,800 for 6-months' insurance a. premiums. . The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2016 totaled P12,800. Gloria Dimen Illustrators received P22,800 on Nov. 1, 2016 from a customer for C. services to be rendered during the months of November, December, January, and February. d Gloria Dimen acquired Office Equipment costing P352,800 on Apr. 1, 2016. The equipment is expected to last 5 years after which it will be worthless. e. Assume that Nov. 30, 2016 is a Friday and that Gloria Dimen pays its employees a total of P87,500 on Saturday. Required: 1. Prepare the adjusting entries. 2. Prepare the Dec. 1, 2016 entry to record the payment of the salaries.

accounts that will need adjustments for its Nov. 30, 2016 year-end financial statements: Preparing Adjusting Entries at Year-End The Gloria Dimen Illustrators presented the following information pertaining to On Oct. 1, 2016, Gloria Dimen Illustrators paid P10,800 for 6-months' insurance a. premiums. . The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2016 totaled P12,800. Gloria Dimen Illustrators received P22,800 on Nov. 1, 2016 from a customer for C. services to be rendered during the months of November, December, January, and February. d Gloria Dimen acquired Office Equipment costing P352,800 on Apr. 1, 2016. The equipment is expected to last 5 years after which it will be worthless. e. Assume that Nov. 30, 2016 is a Friday and that Gloria Dimen pays its employees a total of P87,500 on Saturday. Required: 1. Prepare the adjusting entries. 2. Prepare the Dec. 1, 2016 entry to record the payment of the salaries.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.10E

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