Question: Hi I need help on what is the answer for this adjusting entries. Answers with explanation is highly recommended. I hope that you can help

Hi I need help on what is the answer for this adjusting entries. Answers with explanation is highly recommended. I hope that you can help me and surely I will give you a positive feedback

Hi I need help on what is the answer for this
Prepare the ADJUSTING ENTRIES of the following for year ended Dec 31, 2014 Show the necessary computations. 1. Purchased P7100 supplies at the beginning of the year, supplies on hand at the end of the year amounted to P2900. (use asset method). 2. Paid one year rent in the amount of P180000, to start August 31, 2015, it was debited Prepaid rent the 180000. 3. On December 31, received utility bill for the month in the amount of P5600, to be paid on January 2015. 4. The unearned rent account at December 31 is P10500 representing the receipt of December 1 of five month's rent from tenants. 5. Prepaid interest of P15000 is recorded of which P10000 is already earned as of December 31,2010 6. Note receivables has a balance of P150000 received by the company from a customer on November 1 2010. The term is 90 days with the interest of 12% 7. Salaries accrued but not yet paid at December 31 amounted to P5000 8. Unpaid taxes as of December 31, 2010 amounted to P70000 9. Fees accrued but unbilled at December 31 amounted to P20000 10. The company has three employees earning P350 per day, P400 per day and P450 per day respectively. Payday is every Saturday for a six- day work week that begins on Monday, Assuming December 31, is Thursday

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!