The following errors over thee(3) years were discovered only this year 2021 before year-end adjusting entries are done:

REQUIRED: 

Prepare individualized correcting entries in 2021 for the above errors. The amounts are not cumulative. 

Transcribed Image Text:

2019 2021 Adjustment for accrued rent income overlooked P4,000 P10,000 Adjustment for accrued interest expense overstated 2,000 Adjustment for prepaid supplies not done under the expense method 3,000 Adjustment for unearned repairs income not done under the income method 2022 P8,000 5,000 4,000 5,000 2,000 6,000 9,000 7,000 2019 2021 Adjustment for accrued rent income overlooked P4,000 P10,000 Adjustment for accrued interest expense overstated 2,000 Adjustment for prepaid supplies not done under the expense method 3,000 Adjustment for unearned repairs income not done under the income method 2022 P8,000 5,000 4,000 5,000 2,000 6,000 9,000 7,000

Answer rating: 100% (QA)

Adjustment for accrued rent income overlooked 2020 3000 x 12 2 P180... View the full answer