FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Based on the given data, prepare the adjusting entries assuming errors were discovered in the following years:

a. 2020

b. 2021

c. 2022

PROBLEM 6-1 Income Statement and SFP Errors
financial statements of Jessica Corporation:
1) Interest expense of P20,000 in 2020 was erroneously debited to rent
CHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL
2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes
You discovered the following errors in connection with your examination of the
Enancial statements of Jessica Corporation:
еxpense.
receivable.
aa fellowing data were extracted from the financial statements of Jessica
Corporation:
2020
2021
Net income
Working capital
RE, end of the year
100,000
300,000
100,000
150,000
400,000
250,000
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Transcribed Image Text:PROBLEM 6-1 Income Statement and SFP Errors financial statements of Jessica Corporation: 1) Interest expense of P20,000 in 2020 was erroneously debited to rent CHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes You discovered the following errors in connection with your examination of the Enancial statements of Jessica Corporation: еxpense. receivable. aa fellowing data were extracted from the financial statements of Jessica Corporation: 2020 2021 Net income Working capital RE, end of the year 100,000 300,000 100,000 150,000 400,000 250,000
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