FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Gloria dimen company paid 18,000 for 6 months insurance premium

 

Preparing Adjusting Entries at Year-End Problem #9 zhe Gloria Dimen Company presented the following information pertaining to accounts hat will need adjustments for its Nov. 30, 2014 year-end financial statements: , On-Oct. 1, 2014, Gloria Dimen Company paid P10,800 for 6-months' insurance premiums. h. The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2014 totaled P12,800. c. Gloria Dimen Company received P22,800 on Nov. 1, 2014 from a customer for services to be rendered during the months of November, December, January, and February. d. Gloria Dimen acquired Office Equipment costing P352,800 on Apr. 1, 2014. The equipment is expected to last 5 years after which it will be worthless. e. Assume that Nov. 30, 2014 is a Friday and that Gloria Dimen pays its employees a total of P87,500 on Saturday. Required:
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Transcribed Image Text:Preparing Adjusting Entries at Year-End Problem #9 zhe Gloria Dimen Company presented the following information pertaining to accounts hat will need adjustments for its Nov. 30, 2014 year-end financial statements: , On-Oct. 1, 2014, Gloria Dimen Company paid P10,800 for 6-months' insurance premiums. h. The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2014 totaled P12,800. c. Gloria Dimen Company received P22,800 on Nov. 1, 2014 from a customer for services to be rendered during the months of November, December, January, and February. d. Gloria Dimen acquired Office Equipment costing P352,800 on Apr. 1, 2014. The equipment is expected to last 5 years after which it will be worthless. e. Assume that Nov. 30, 2014 is a Friday and that Gloria Dimen pays its employees a total of P87,500 on Saturday. Required:
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