Activity Sheet 06

Name: Ricardo Jose D. Valencia Rating:__________________

Course / Year / Section: BSIE 3A

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.

Account Title Debit Credit

a.) Interest Expense P 5,000

Interest Payable P 5,000
b.) Interest Receivable P 2,000
Interest Revenue P 2,000
c.) Unearned Interest Revenue P 2,500
Interest Revenue P 2,500
d.) Depreciation Expense P 6,000
Accumulated Depreciation-Equipment P 6,000
e.) Salary Expense P 46,000
Salary Payable P 46,000
f.) Office Supplies Expense P 2,500
Office Supplies P 2,500
g.) Insurance Expense P 28,000
Prepaid Insurance P 28,000
h.) Rent Expense P 20,000
Prepaid Rent P 20,000
i.) Interest Receivable P 500
Interest Revenue P 500