The Trial Balance of PEDRO JOSE Advertising Agency before adjustments are shown below: ACCOUNT TITLES Cash...

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The Trial Balance of PEDRO JOSE Advertising Agency before adjustments are shown below: ACCOUNT TITLES Cash Accounts receivable Prepaid rent Prepaid insurance Office supplies Office equipment Accumulated depreciation Notes payable Accounts payable Salaries payable Interest payable PJ Capital PJ Drawing Commission revenue Total INSTRUCTIONS: PEDRO JOSE ADVERTISING AGENCY Trial Balance October 31, 2020 DEBIT P 260,000 28,800 70,000 50,000 19,200 96,000 32,000 P 556.000 1. Prepare a worksheet. 2. Adjustment data on October 31, 2020, the end of the month: (a) the uncollectible account is 5% of accounts receivable (b) Prepaid rent is for six months beginning September 1. (c) Expired insurance, P 36,000. (d) Uneared commission, P 8,000. (e) Unpaid salaries, P 24,000. 3. Prepare an Income Statement, Capital Statement and balance sheet. 4. Prepare closing entries, Post Closing Trial Balance and Reversing Entries. CREDIT P 14,000 30,000 120,000 30,000 2,000 200,000 160.000 P 556.000 The Trial Balance of PEDRO JOSE Advertising Agency before adjustments are shown below: ACCOUNT TITLES Cash Accounts receivable Prepaid rent Prepaid insurance Office supplies Office equipment Accumulated depreciation Notes payable Accounts payable Salaries payable Interest payable PJ Capital PJ Drawing Commission revenue Total INSTRUCTIONS: PEDRO JOSE ADVERTISING AGENCY Trial Balance October 31, 2020 DEBIT P 260,000 28,800 70,000 50,000 19,200 96,000 32,000 P 556.000 1. Prepare a worksheet. 2. Adjustment data on October 31, 2020, the end of the month: (a) the uncollectible account is 5% of accounts receivable (b) Prepaid rent is for six months beginning September 1. (c) Expired insurance, P 36,000. (d) Uneared commission, P 8,000. (e) Unpaid salaries, P 24,000. 3. Prepare an Income Statement, Capital Statement and balance sheet. 4. Prepare closing entries, Post Closing Trial Balance and Reversing Entries. CREDIT P 14,000 30,000 120,000 30,000 2,000 200,000 160.000 P 556.000

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1 Adjustment Entries Bad Debt Expense Account Debit Credit Bad Debt Expense 1440 Allowance for Doubt... View the full answer