Name:
Course and Year:
Subject and Schedule:
On June 30, 2020, the end of fiscal year, the following information is available to Noel
Hungria's accountants for making adjusting entries:
Account Title
Debit
Mortgage Expense
a.
P120,000
Mortgage Payable
P120,000
Salaries Expense
115,200
b. Salaries Payable
115,000
c.
No Entry
Supplies Expense
d.
41,950
Supplies
Insurance Expense
e.
f.
31,670
31,670
Depreciation Expense - Building
73,000
Depreciation Expense - Equipment
218,000
Accumulated Expense - Building
73,000
Accumulated Expense - Equipment
218,000
122,500
Service Revenue
Accounts Receivable
h.
41,950
Prepaid Insurance
Unearned Service Revenue
g.
Credit
Service Revenue
b. P192,000/ 5 days * 3 days = 153,600
122,500
35,000
35,000
It is not recognized because no services have been provided and there is no
c. obligation to pay for them
d. 16,150 + 37,660 - 11,860 = 41,950
Begginning Balance - 15,300
Jan 1 - 29,000/12*6 = 14,500
e. May 1 - 33,660/36*2 = 1,870
g. P210,000/12 months*7 months = 122,500