Make the adjusting entries for 3 entities. At the start of the year, V. Espiritu, D. Mallari, and D. Ramos Service Firms, each hadP75,000 of supplies on hand. The three companies use different accounting proceduresfor recording supplies.V. Espiritu and D. Ramos show the beginning balance in the Supplies on Hand account,but D. Mallari reflects the beginning balance in the Supplies Expense account. V.Espiritu debits the account Supplies on Hand when supplies are acquired, while D.Mallari and D. Ramos follow the policy of debiting Supplies Expense upon acquisition.Each of the three companies acquired P452,000 of supplies at various times throughoutthe year, and each has P96,000 of supplies on hand at year-end.

solution: adjusting entries for V espiritu Beginning inventory =75000 Purchases…

Answered: Make the adjusting entries for 3…

Business

Accounting

Make the adjusting entries for 3 entities.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1PB: In July of this year, M. Wallace established a business called Wallace Realty. The account headings...

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