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ANTHONY MOSCOSA - Financial Accounting-Activity Sheet 06
ANTHONY MOSCOSA - Financial Accounting-Activity Sheet 06
From the following information, prepare adjusting entries on December 31, 2019, the end of the
accounting period :
a.) Accrued interest on notes to suppliers, P 5,000.
b.) Accrued interest on notes from customers, P 2,000.
c.) Interest received and credited to Unearned Interest Revenue account is P 6,000 of which only P
2,500 was earned.
d.) Equipment acquired on July 1, 2019 for P 60,000 is expected to last for five years.
e.) Unrecorded or accrued salary, P 46,000.
f.) Use of the office supplies account of P 5,600 was P 2,500.
g.) Unexpired of the Prepaid Insurance account of P 40,000 was P 12,000.
h.) The Prepaid Rent of P 50,000 was for a period of 10 months starting Sept 1, 2019.
i.) The Notes Receivable of P 50,000 in a 12%, 90-day note dated November 1, 2019.