From the following given data, prepare adjusting journal entries for the year ended Preparation of Adjusting Journal Entries December 31, 20A: 11 Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actually used. Expense method was used in payment of supplies. 2) A P48,000 6%, 120-day note was received from a client dated Nov. 1, 20A. The interest was not yet collected at the end of the accounting period. 3) Before adjustments, the balance of laundry supplies inventory was P35,000. Physical count of supplies inventory was P15,000. 4) An office equipment was acquired on May 31, 20A for P150,000. The office equipment has an estimated life of 5 years without scrap value. 5) A copying machine was rented on November 30, 20A at P1.00/copy of production. It reported to have produced 300 copies as of December 31, 20A. No pavment was made as of this date

From the following given data, prepare adjusting journal entries for the year ended Preparation of Adjusting Journal Entries December 31, 20A: 11 Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actually used. Expense method was used in payment of supplies. 2) A P48,000 6%, 120-day note was received from a client dated Nov. 1, 20A. The interest was not yet collected at the end of the accounting period. 3) Before adjustments, the balance of laundry supplies inventory was P35,000. Physical count of supplies inventory was P15,000. 4) An office equipment was acquired on May 31, 20A for P150,000. The office equipment has an estimated life of 5 years without scrap value. 5) A copying machine was rented on November 30, 20A at P1.00/copy of production. It reported to have produced 300 copies as of December 31, 20A. No pavment was made as of this date

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 13PB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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