C Preparation ofAdusting Eres NESTOR MARTEL HOPPE Unaqusted Tial Balance December 31, 20CY ACCOUNT TITLE CERIT CBERIT Cash 78,400 Merchandse imventory 10,000 Accounts Recavable 8.900 Prepad Insurance 6.000 Office Suppies 2,500 Furniture and Equpmert 75,000 Accounts Payable Loan Payable Nestor Martel Capital Nestor Martel, Drawing 40,000 60,000 60,000 12,000 Sales 44,400 Salary Expense 5,500 Advertising Expense 3,800 UBibes Expense 1,500 Miscellaneous Expense 1,000 P. 104,400 104,400 Total Addtional information 1. The one-year P 6,000 insurance paid was etfective December 1 2. Office rental of P 4,000 for the month of December was still unpaid. 3. Interest of 18% per annum on P 60.000 bark loan granted on December 11 has accrued 4. Advertising placement of P 3,800 for threo months was eftective on Dec. 1 5. Fees of P 5,000 collected in advance on December 30 will be for services to to be rendered next year 6. Ofmce supplies unused at the end of the month amounted to P 1,600 7. Fumiture and equipment are estimated to have a useful ife of ten years It was decided to provide one-month depreciation for December Required a. Prepare the necessary adjusting entries b. Prepare a worksheet indicating the unadusted trial balance, adjustments and the aqusted trial badance 10
C Preparation ofAdusting Eres NESTOR MARTEL HOPPE Unaqusted Tial Balance December 31, 20CY ACCOUNT TITLE CERIT CBERIT Cash 78,400 Merchandse imventory 10,000 Accounts Recavable 8.900 Prepad Insurance 6.000 Office Suppies 2,500 Furniture and Equpmert 75,000 Accounts Payable Loan Payable Nestor Martel Capital Nestor Martel, Drawing 40,000 60,000 60,000 12,000 Sales 44,400 Salary Expense 5,500 Advertising Expense 3,800 UBibes Expense 1,500 Miscellaneous Expense 1,000 P. 104,400 104,400 Total Addtional information 1. The one-year P 6,000 insurance paid was etfective December 1 2. Office rental of P 4,000 for the month of December was still unpaid. 3. Interest of 18% per annum on P 60.000 bark loan granted on December 11 has accrued 4. Advertising placement of P 3,800 for threo months was eftective on Dec. 1 5. Fees of P 5,000 collected in advance on December 30 will be for services to to be rendered next year 6. Ofmce supplies unused at the end of the month amounted to P 1,600 7. Fumiture and equipment are estimated to have a useful ife of ten years It was decided to provide one-month depreciation for December Required a. Prepare the necessary adjusting entries b. Prepare a worksheet indicating the unadusted trial balance, adjustments and the aqusted trial badance 10
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new...
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