Instruction: For the following items, determine the date of the adjustments and make an appropriate adjusting entries on the perspective of the subject company. Flores Ticketing acquired supplies on account on October 1 for P50,000. He recorded the purchase of supplies using expense method. The company makes adjustments monthly. Physical count revealed supplies remaining amounted to P20,000. On May 15, Wedding "R" received P10,000 as an advance payment for referrals made. Assume that by the end of the month, one of the three couples referred has taken their mariage vows and as a result the amount of P4.000 pertaining to the referred event has been realized.

Instruction: For the following items, determine the date of the adjustments and make an appropriate adjusting entries on the perspective of the subject company. Flores Ticketing acquired supplies on account on October 1 for P50,000. He recorded the purchase of supplies using expense method. The company makes adjustments monthly. Physical count revealed supplies remaining amounted to P20,000. On May 15, Wedding "R" received P10,000 as an advance payment for referrals made. Assume that by the end of the month, one of the three couples referred has taken their mariage vows and as a result the amount of P4.000 pertaining to the referred event has been realized.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

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

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