At the start of the year, A. Acson, O. Opao and M. Yasuda Service Firms, each had P75,000 of supplies on hand. The three companies use different accounting procedures for recording supplies. Acson and M. Yasuda show the beginning balance in the Supplies on Hand account but O. Opao reflects the beginning balance in the Supplies Expense account. A. Acson debits the account Supplies on Hand when supplies are acquired, while O. Opao and M. Yasuda follow the policy of debiting Supplies Expense upon acquisition. Each of the tree companies acquired P452,000 of supplies at various times throughout the year, and each has P96,000 of supplies on hand at year-end. Required: Prepare adjusting entries for each entity.

Name: At the start of the year, A. Acson, O. Opao and M. Yasuda Service Firm
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Description: At the start of the year, A. Acson, O. Opao and M. Yasuda Service Firms, each had P75,000 of supplies on hand. The three companies use different accounting procedures for recording supplies. Acson and M. Yasuda show the beginning balance in the Suppl

Adjusting entries are those entries which are recorded at the end of the accounting period in order…

Answered: At the start of the year, A. Acson, O.…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 4PA: On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are...

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At the start of the year, A. Acson, O. Opao and M. Yasuda Service Firms, each had P75,000 of supplies on hand. The three companies use different accounting procedures for recording supplies.

Acson and M. Yasuda show the beginning balance in the Supplies on Hand account but O. Opao reflects the beginning balance in the Supplies Expense account. A. Acson debits the account Supplies on Hand when supplies are acquired, while O. Opao and M. Yasuda follow the policy of debiting Supplies Expense upon acquisition. Each of the tree companies acquired P452,000 of supplies at various times throughout the year, and each has P96,000 of supplies on hand at year-end.

Required:

Prepare adjusting entries for each entity.

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