ADJUSTING ENTRIES Your business uses a calendar yeal accounting period. The following were among your transactions during the year: Require (a): Your business is renting a space for a monthly rental of $22,000. As of December 31, 20x1, your business has not yet paid the December rent. What is the adjusting entry on December 31, 20x1? Require (b): Your business has total accounts receivable of P400,000 as of 31. 20x1. Of that amount, 5% is doubtful of collection and should be expensed.
ADJUSTING ENTRIES Your business uses a calendar yeal accounting period. The following were among your transactions during the year: Require (a): Your business is renting a space for a monthly rental of $22,000. As of December 31, 20x1, your business has not yet paid the December rent. What is the adjusting entry on December 31, 20x1? Require (b): Your business has total accounts receivable of P400,000 as of 31. 20x1. Of that amount, 5% is doubtful of collection and should be expensed.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Your business uses a calendar yeal accounting period. The following were among your transactions during the year:
Require (a): Your business is renting a space for a monthly rental of $22,000. As of December 31, 20x1, your business has not yet paid the December rent. What is the adjusting entry on December 31, 20x1?
Require (b): Your business has total accounts receivable of P400,000 as of 31. 20x1. Of that amount, 5% is doubtful of collection and should be expensed.
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