Prepare the adjusting journal entries as of Dec 31, 2019 for the following information gathered from theledger of Flag Company :a.) Unexpired of the Prepaid Insurance account balance of P 42,500 was P 24,500.b.) Accrued Interest on Notes issued P 1,270.c.) Equipment acquired on March 31, 2019 at P 120,000, has a scrap value of P4,000 with estimatedlife of 10 years.d) Unrecorded unpaid taxes P 18,500.e.) Unpaid salaries P22,500.£.) Interest received and credited to Unearned Interest Income account was P 14,000 of which only P12,000 was eamed.g.) Office supplies has a balance of P 8,000, Consumed as of Dec 31, 2019 was P 6,800.h.) Unearned Rent Income account has a balance of P 24,000 of which P 20,000 was rent earned.i.) Office Supplies balance was P5,600 of which P1,600 was consumed.Account TitleDebitCredita.)b.)e.)(P)e.)f.)g.)h.)i)

The journal entries are prepared to record day to day transactions of the business. The adjustment…

Prepare the adjusting jourmal entries as of Dec 31, 2019 for the following information gathered from the ledger of Flag Company: a) Unexpired of the Prepaid Insurance account balance of P42,500 was P 24,500. b.) Accrued Interest on Notes issued P1,270. c) Equipment acquired on March 31, 2019 at P 120,000, has a scrap value of P4,000 with estimated life of 10 years. d) Unrecorded unpaid taves P 18,500. e) Unpaid salaries P22,500. £.) Interest received and credited to Unearned Interest Income account was P 14,000 of which only P 12,000 was eamed g) Office supplies has a balance of P 8,000. Consumed as of Dec 31, 2019 was P6,800. h) Uneamed Rent Income account has a balance of P 24,000 of which P 20,000 was rent earned. i.) Office Supplies balance was P5,600 of which P1,600 was consumed. Account Title Debit Credit

Prepare the adjusting jourmal entries as of Dec 31, 2019 for the following information gathered from the ledger of Flag Company: a) Unexpired of the Prepaid Insurance account balance of P42,500 was P 24,500. b.) Accrued Interest on Notes issued P1,270. c) Equipment acquired on March 31, 2019 at P 120,000, has a scrap value of P4,000 with estimated life of 10 years. d) Unrecorded unpaid taves P 18,500. e) Unpaid salaries P22,500. £.) Interest received and credited to Unearned Interest Income account was P 14,000 of which only P 12,000 was eamed g) Office supplies has a balance of P 8,000. Consumed as of Dec 31, 2019 was P6,800. h) Uneamed Rent Income account has a balance of P 24,000 of which P 20,000 was rent earned. i.) Office Supplies balance was P5,600 of which P1,600 was consumed. Account Title Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

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

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