Question: Hi I need help on what is the answer for the 3 sets of adjusting entries. Below is the problem and in the comment section
Hi I need help on what is the answer for the 3 sets of adjusting entries. Below is the problem and in the comment section I will put the reference and other concerns. I hope that you can help me and surely I will give you a positive feedback
The unadjusted trial balance of The Good Spa showed, among simons, Medical Suppj and total Medical Supplies used up for the past months. Ledger Postings showed its following Medical Supplies Expense Medical Supplies Debit Credit Debit Credit Jan. 1 11,500 June 4 35.000 Dec. 1 25,500 On December 31, end of the accounting period, P15,500 are still on hand. a. Make the adjusting entry on December 31 for the medical supplies used 0. Post the adjusting entry and determine the adjusted balances to be presented in income statement and the statement of financial position. 10. Global Advertising Company handles the advertising and promotion of various client offering a credit term of 90 days. Its unadjusted trial balance on December 31, 2017. am of its first year of operation, showed among others: Accounts Receivable, P 250,000 and Professional Fees, P 550,000 Among its transactions for the year 2018 are the following: a) Professional services rendered on account, P 600,000 b) Total collection of previous and current accounts, P500,000. C) An account of one of its customers who became insolvent was written off amounting to P25,000. Instructions: Make entries to record the transactions for the year 2018. Record the adjustment for bad debts, C . Open two ledger accounts for Accounts Receivable, and Bad Debts Expense. Post the entries made in a) starting with the opening balance and in b). d. Present the accounts in the statement of financial position and in the income statement