I need the adjusting entries with amounts for letters A-D. The capital is 301,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
I need the adjusting entries with amounts for letters A-D. The capital is 301,000
Bf the partnership.
Alla
Merchandise
16 -5
Accounts Payabl
P. Sanico, Capit
John Mark Cadua who has been in business for a quite long time has decided to venture
in partnership business with Michael Auditor. The Statement of Financial Position of
Cadua prior to the inception of the partnership revealed the following balances:
Jay Raymond Delfin of
(fair market value of p
Cash
Accounts Receivable
P 85,000
a. The Accounts
form part of h
Allowance for Doubtful Accounts
Merchandise
Equipment
Acc. Depreciation-Equipment
Accounts Payable
J. Cadua, Capital
60,000
4,000
120,000
b. The Account
be treated a
150,000
30,000
80,000
c. Sanico ma
three four
As agreed, Auditor will contribute cash equal to one-half (1/2) of the capital balance of
Cadua after taking into account the following adjustments:
How m
the rec
Q-1
a. The allowance for doubtful accounts is over set-up by P3,000.
b. Merchandise
be valued
P105,000 due to obsolescence.
a. P2
C. The equipment is under depreciated by P15,000.
d. Accounts Payable was overstated by P4,000 due to recording of an expense.
Q-2
How
cond
Transcribed Image Text:Bf the partnership. Alla Merchandise 16 -5 Accounts Payabl P. Sanico, Capit John Mark Cadua who has been in business for a quite long time has decided to venture in partnership business with Michael Auditor. The Statement of Financial Position of Cadua prior to the inception of the partnership revealed the following balances: Jay Raymond Delfin of (fair market value of p Cash Accounts Receivable P 85,000 a. The Accounts form part of h Allowance for Doubtful Accounts Merchandise Equipment Acc. Depreciation-Equipment Accounts Payable J. Cadua, Capital 60,000 4,000 120,000 b. The Account be treated a 150,000 30,000 80,000 c. Sanico ma three four As agreed, Auditor will contribute cash equal to one-half (1/2) of the capital balance of Cadua after taking into account the following adjustments: How m the rec Q-1 a. The allowance for doubtful accounts is over set-up by P3,000. b. Merchandise be valued P105,000 due to obsolescence. a. P2 C. The equipment is under depreciated by P15,000. d. Accounts Payable was overstated by P4,000 due to recording of an expense. Q-2 How cond
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education