A: Accrued rent receivable of P10,000 was not recorded at the end of 2019. 

1. What is the adjusting entry at the end of 2019? 

2. What is the adjusting entry for 2020 if not adjusted during 2019? 

3. What are the accounts affected? 

B: Sale of merchandise on account on December 29, 2019 amounting to P15,000 was not recorded until it was collected on January 2020. The merchandise was properly excluded  in the ending inventory in 2019. 

1. What is the adjusting entry at the end of 2019? 

2. What is the adjusting entry for 2020 if not adjusted during 2019? 

3. What are the accounts affected?

C: Purchase of merchandise on account on December 27, 2019 amounting to P50,000 was  not recorded until it was paid on January 2020. The merchandise was properly included in the ending inventory in 2019. 

1. What is the adjusting entry at the end of 2019? 

2. What is the adjusting entry for 2020 if not adjusted during 2019? 

3. What are the accounts affected? 

D: On December 31, 2019, the ending inventory was overstated by P6,000. 

1. What is the adjusting entry at the end of 2019? 

2. What is the adjusting entry for 2020 if not adjusted during 2019? 

3. What are the accounts affected?

Answer rating: 100% (QA)

A 1 Adjusting entry at the end of 2019 for accrued rent receivable of P10000 Debit Rent Receivable P... View the full answer