Data for adjustments: |1. Inventory, December 31 2. Increase the allowance for bad debts to 5% of accounts receivable. 3. Depreciation of furniture and fixtures, 10% a year. |4. Store supplies used, P400. 5. The Notes Receivable represents a 60-day, 12% note dated December 11, 2006 for P 60,000 which no interest has been collected. 6. Accrued salaries, P 10,000. 7. 1/3 of the Interest Income is earned at the end of the period.
1. MERCHANDISE INVENTORY ENDING 60000
INCOME SUMMARY 60000
2.
ALLOWANCE FOR BAD DEBTS 100
3.
4. STORE SUPPLIES EXPENSE 400
STORE SUPPLIES INVENTORY 400
5. INTEREST RECEIVABLE 252
INTEREST INCOME 252
6. SALARIES EXPENSES 10000
SALARIES PAYABLE 10000
7. CASH 84
INTEREST RECEIVABLE 84
PLEASE CHECK IF MY
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