Help me in the adjusting entries. Thank you JAY CESAR SYSTEM DEVELOPERTRIAL BALANCEDECEMBER 31, 2019DEBITCREDITCASHNOTES RECEIVABLE45,000360,000ACCOUNTS RECEIVABLE156,000OFFICE SUPPLIES63,000LAND300,000BUILDING1,590,000ACCUM. DEPRECIATION-BLDG254,000EQUIPMENT2,150,000ACCUM. DEPRECIATION-EQUIPMENT612,000213,000450,0002,655,000ACCOUNTS PAYABLEUNEARNED REVENUEJAY CAPITALJAY WITHDRAWAL600,000SERVICE REVENUES2,108,000SALARIES EXPENE875,000REPAIRS EXPENSE116,000MISCELLANEOUS EXPENSE37,000TOTAL6,292,0006,292,000ADDITIONAL INFORMATION FOR ADJUSTMENTS1. Office Supplies on hand as of Dec. 31, 2019 is P21,000.2. Three-fourth of the unearned revenues is applicable to the next accounting period.3. Depreciation for the year as follows:Building P38,000Equipment P123,0004. Salaries in the amount of P14,000 have accrued at year-end.5. The notes receivable were accepted from several customers. The notes wereissued on Sept. 1, 2019 and will be settled together with the a 20% interest onMay 31, 2020.6. 5% of the accounts receivable is doubtful of collection.

Working Notes: 1. Office Supplies Expense = [P63,000 - P21,000] = P42,000 2. Unearned consulting…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 62E

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