Don't answer this if you already answered or you'll get a downvote.If you do this correctly and completely. I'll upvote you Adjusting Entries Additional ExercisesCaceres Realty end its fiscal year on June 30, 2019.Required:Using the following information, make the necessary adjusting entries on June 30, 2019.1. Rent of office premises of P18,000 for the 3-month period ending July 31 is due to be paid inJuly.2. The telephone expense of P1,500 is unpaid and unrecorded at June 30.3. The supplies account had a P2,900 debit balance on July 1 of the preceding year. Suppliescosting P8,450 were purchased during the year, and P1,780 of supplies are in inventory as atJune 30.4. Caceres Realty borrowed P50,000 from BDC Bank on May 1 at 18% interest per annum. Theprincipal, plus interest, is payable on November 1.5. Annual depreciation is to be taken for the equipment which costs P130,000 and has a useful lifeof 5 years with salvage value of P10,000.6. The office assistant earns P280 a day. She will be paid in July for the 5-day period ending July 3.7. On June 1, Caceres received 2 months' rent in advance, totaling P9,000. This was recorded by acredit to Unearned Rental Revenue.8. Caceres Realty purchased a 6-month insurance policy for P18,000 on November 1. A 24-monthpolicy was purchased on April 30 for P43,200. Both purchases were recorded by debitingPrepaid Insurance.

In accounting we follow Accrual Basis of Accounting. As per this basis we need…

Answered: aceres Realty end its fiscal vear on…

Business

Accounting

aceres Realty end its fiscal vear on June 30, 2019.

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 4.8AP

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Swaps

A swap is a derivative contract in which two parties are agreed to exchange their cash flows from two different financial instruments for a defined period. In swap contracts, cash flows from one financial instrument are fixed and cash flow from other financial instruments is variable based on the interest rate, exchange rate, and commodity price. Swap contracts are transacted in an over-the-counter system. Swap contracts are utilized to hedge risk and mitigate loss.

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Don't answer this if you already answered or you'll get a downvote. If you do this correctly and completely. I'll upvote you

Adjusting Entries Additional Exercises
Caceres Realty end its fiscal year on June 30, 2019.
Required:
Using the following information, make the necessary adjusting entries on June 30, 2019.
1. Rent of office premises of P18,000 for the 3-month period ending July 31 is due to be paid in
July.
2. The telephone expense of P1,500 is unpaid and unrecorded at June 30.
3. The supplies account had a P2,900 debit balance on July 1 of the preceding year. Supplies
costing P8,450 were purchased during the year, and P1,780 of supplies are in inventory as at
June 30.
4. Caceres Realty borrowed P50,000 from BDC Bank on May 1 at 18% interest per annum. The
principal, plus interest, is payable on November 1.
5. Annual depreciation is to be taken for the equipment which costs P130,000 and has a useful life
of 5 years with salvage value of P10,000.
6. The office assistant earns P280 a day. She will be paid in July for the 5-day period ending July 3.
7. On June 1, Caceres received 2 months' rent in advance, totaling P9,000. This was recorded by a
credit to Unearned Rental Revenue.
8. Caceres Realty purchased a 6-month insurance policy for P18,000 on November 1. A 24-month
policy was purchased on April 30 for P43,200. Both purchases were recorded by debiting
Prepaid Insurance.

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