Quiz #5 Upload solution/formula in written form.

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TURBO WASH Adjusting Entries with solutions:

UNADJUSTED TRIAL BALANCE complete & correct 18 pts
DECEMBER 31, 2020 some incorrect/ not written but all correct 15 pts
incorrect but submitted 9 pts
Debit Credit Compute the:
Cash 632,800 (1) Net Book Value of Laundry Machines (2 pts
Accounts Receivable 55,000 (2) Net Realizable Value of Accounts Receivab
Allowance for Doubtful Accounts 800 Submit here or in Messenger "Maam Braza" on
Prepaid Insurance 30,000
Supplies 25,000 Prepare adjusting entries for TURBO WASH
Laundry Machines 60,000 1) The expected Useful life of Laundry Mac
Accumulated Depreciation - LM 20,000 2) Laundry Supplies on hand, P8,200.
Accounts Payable 15,000 3) Paid insurnce premium on September 30,
Wages Payable - 4) Unbilled laundry services amounted to, P5
Interest Payable - 5) Estimated uncollectibles is 1% of Accoun
Loans Payable 120,000 6) Unpaid wages of employees, P6,200.
Jen, Capital 105,000 7) Interest rate for bank loans is 7%, the loan
Jen, Drawing 35,000
Service Fee 580,000
Wages Expense -
Insurance Expense -
Supplies Expense -
Transportation Expense 1,250
Doubtful Accounts Expense -
Depreciation Expense - LM
Taxes & Licenses 1,750
Interest Expense -
Total 840,800 840,800
 mula in written form. Preferred file: image/PDF (Not Excel)

ith solutions:

written but all correct 15 pts

of Laundry Machines (2 pts)

Value of Accounts Receivable (2 pts)
Messenger "Maam Braza" only for proper documentation.

entries for TURBO WASH ending December 31, 2020 with the following information:
seful life of Laundry Machines with salvage value of P10,000 is 5 years.
es on hand, P8,200.
remium on September 30, 2019 for a 1-year policy.
y services amounted to, P5,000.
llectibles is 1% of Accounts Receivable.
of employees, P6,200.
bank loans is 7%, the loan was made on December 1, 2019.
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