premium for one year beginning March 1, 201x2. 4. The Office Supplies in the unadjusted trial balance of P12,000, only P9,500 was used during the year. 5. The vehicle was acquired for P1,500,000 on July 16, 20x2. The estimated useful life is ten years with estimated resale value of P300,000. 6. The Expense-Rent for P90,000 is advance payment for six months beginning September 16, 20x2. 7. The Interest Income of P24,000 was received on August 1, 20x2 from an issuer for a one year note of P240,000 at 10% per annum. 8. The Note Payable for P1,000,000 is a loan proceeds from a Bank on October 16, 20x2 with interest rate of 6% per annum. The interest for one year was deducted in advance by the bank and was debited to Prepaid Interest. 9. Unpaid bills for Light, Communication and Water for P15,000 were not yet recorded. 10. The Unearned Rent Income of P48,000 was received from a tenant on September 30, 20x2 as advance rental for four months.
premium for one year beginning March 1, 201x2. 4. The Office Supplies in the unadjusted trial balance of P12,000, only P9,500 was used during the year. 5. The vehicle was acquired for P1,500,000 on July 16, 20x2. The estimated useful life is ten years with estimated resale value of P300,000. 6. The Expense-Rent for P90,000 is advance payment for six months beginning September 16, 20x2. 7. The Interest Income of P24,000 was received on August 1, 20x2 from an issuer for a one year note of P240,000 at 10% per annum. 8. The Note Payable for P1,000,000 is a loan proceeds from a Bank on October 16, 20x2 with interest rate of 6% per annum. The interest for one year was deducted in advance by the bank and was debited to Prepaid Interest. 9. Unpaid bills for Light, Communication and Water for P15,000 were not yet recorded. 10. The Unearned Rent Income of P48,000 was received from a tenant on September 30, 20x2 as advance rental for four months.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 1AP
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