Cash The following are the financial data extracted from the unadjusted trial balance for the year...
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Cash The following are the financial data extracted from the unadjusted trial balance for the year ended October 31, 2023 of Ismael Casilla Law Offices: Service revenue office equipment Accounts payable P300,000.00 Ismael Casilla, personal 35,000.00 400,000.00 Allowance for bad debts 85,000.00 Accumulated depreciation - 60,000.00 Accumulated depreciation- furniture 60,000.00 150,000.00 Furniture 250,000.00 200,000.00 Supplies expense 75,000,001 200,000.00 Salaries payable 25,000.00 120,000.00 Ismael Casilla, capital Office Equipment 120,000.00 Accounts Receivable 150,000.00 Notes receivable Notes payable Rent expense Additional Information: On July 1, rent was renewed and paid for another 12 months. The 150,000 furniture has a useful life of 10 years with a scrap value of P10,000 purchased last November 1, 2018. The remaining 100,000 with a scrap value of 20,000 and a useful life of 20 years was purchased last October 31, 2021 On July 17, Atty Ismael received a 120 day 12% note from his client. On Sept 15, Atty Ismael issued a 60 day 12% note. 95% of his service revenues has been earned. Accrued salaries for the year amounted to P15,000. It is the firm's bad debts policy to increase its allowance by 5% of its account receivables. Required: Journalize all adjusting entries. Prepare a 10 column worksheet. Cash The following are the financial data extracted from the unadjusted trial balance for the year ended October 31, 2023 of Ismael Casilla Law Offices: Service revenue office equipment Accounts payable P300,000.00 Ismael Casilla, personal 35,000.00 400,000.00 Allowance for bad debts 85,000.00 Accumulated depreciation - 60,000.00 Accumulated depreciation- furniture 60,000.00 150,000.00 Furniture 250,000.00 200,000.00 Supplies expense 75,000,001 200,000.00 Salaries payable 25,000.00 120,000.00 Ismael Casilla, capital Office Equipment 120,000.00 Accounts Receivable 150,000.00 Notes receivable Notes payable Rent expense Additional Information: On July 1, rent was renewed and paid for another 12 months. The 150,000 furniture has a useful life of 10 years with a scrap value of P10,000 purchased last November 1, 2018. The remaining 100,000 with a scrap value of 20,000 and a useful life of 20 years was purchased last October 31, 2021 On July 17, Atty Ismael received a 120 day 12% note from his client. On Sept 15, Atty Ismael issued a 60 day 12% note. 95% of his service revenues has been earned. Accrued salaries for the year amounted to P15,000. It is the firm's bad debts policy to increase its allowance by 5% of its account receivables. Required: Journalize all adjusting entries. Prepare a 10 column worksheet.
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