II. Based on the following data, prepare the necessary adjusting entries at the end of the accounting period, December 31. Office Equipment costing P 55,000 was acquired on March 1 of the current year. It has an estimated salvage value of P 1,000 and А. useful life of 10 years. Rent for nine months from May 1 was paid and charged to Prepaid Rent account, P 45,000. Of the balance in advertising expense account of P 60,000; P В. С. 10,000 is applicable for next year. Interest Accrued on Notes Receivable, P 760. Interest Accrued on Notes Payable , P 900. D. E.
II. Based on the following data, prepare the necessary adjusting entries at the end of the accounting period, December 31. Office Equipment costing P 55,000 was acquired on March 1 of the current year. It has an estimated salvage value of P 1,000 and А. useful life of 10 years. Rent for nine months from May 1 was paid and charged to Prepaid Rent account, P 45,000. Of the balance in advertising expense account of P 60,000; P В. С. 10,000 is applicable for next year. Interest Accrued on Notes Receivable, P 760. Interest Accrued on Notes Payable , P 900. D. E.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 2PB: The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal...
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