Case 2: GTC Company The GTC Company began operations on April 1. On April 30, the trial balance shows the following balances for selected accounts. Prepaid Insurance P 3,600 Equipment 28,000 Notes Payable 20,000 Unearned Service Revenue 4,200 Service Revenue 1,800 Analysis reveals the following additional data. Prepaid insurance is the cost of a 2-year insurance policy, effective April Depreciation on the equipment is P500 per The note payable is dated April 1. It is a 6-month, 12% Seven (7) customers paid for the company’s 6-month lawn service package of P600 beginning in The company performed services for these customers in April. Lawn services performed for other customers but not recorded on April 30, totaled P1,500. Requirement: Prepare the adjusting entries for the month of April. Show computations
Case 2: GTC Company The GTC Company began operations on April 1. On April 30, the trial balance shows the following balances for selected accounts. Prepaid Insurance P 3,600 Equipment 28,000 Notes Payable 20,000 Unearned Service Revenue 4,200 Service Revenue 1,800 Analysis reveals the following additional data. Prepaid insurance is the cost of a 2-year insurance policy, effective April Depreciation on the equipment is P500 per The note payable is dated April 1. It is a 6-month, 12% Seven (7) customers paid for the company’s 6-month lawn service package of P600 beginning in The company performed services for these customers in April. Lawn services performed for other customers but not recorded on April 30, totaled P1,500. Requirement: Prepare the adjusting entries for the month of April. Show computations
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 59BPSB: Problem 2-593 Journalizing Transactions Monilast Chemicals engaged in the following transactions...
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Case 2: GTC Company
The GTC Company began operations on April 1. On April 30, the
|
Prepaid Insurance |
P 3,600 |
|
Equipment |
28,000 |
|
Notes Payable |
20,000 |
|
Unearned Service Revenue |
4,200 |
|
Service Revenue |
1,800 |
Analysis reveals the following additional data.
- Prepaid insurance is the cost of a 2-year insurance policy, effective April
Depreciation on the equipment is P500 per- The note payable is dated April 1. It is a 6-month, 12%
- Seven (7) customers paid for the company’s 6-month lawn service package of P600 beginning in The company performed services for these customers in April.
- Lawn services performed for other customers but not recorded on April 30, totaled P1,500.
Requirement: Prepare the
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