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The books of Laredo Placement Agency showed among others the following accounts heir balances as at December 31, 2009, its second year of operation: Cash 80,000 30,000 1,500 6,500 3,750 365,000 22,500 25,000 15,000 334,050 Accounts Receivable Allowance for bad Debts Notes Receivable Prepaid Insurance Car Accumulated Depreciation Accounts Payable Notes Payable Laredo, Capital Laredo, Personal Placement Income Rent Expense Salaries Expense Interest Income Interest Expense Gas & Oil Expense Supplies Expense 35,000 380,000 76,500 168,000 2,500 1,800 11,500 2,500 The following information were given for you to be able to prepare the adjusting entries as of December 31. a. P1,000 worth of supplies are still unused at the end of the year. b. The car was purchased on March 31 of the previous year with an estimated salvage value of P65,000.Hint: Determine annual depreciation based on the accumulated depreciation provided in the year 2008. . Prepaid insurance represents a balance of a one year premium expiring Feb. 28, 2010. 4. The note was received from the customer on November 16, 2009 for 60 days at 24% interest. * Salaries of 4 workers and clerks amounted to P800 per day from Monday to Saturday and payable every Monday. The next payroll date is January 4 covering the previous week payroll from December 28 to January 2. Aln advance payment for placement fee of P30,000 was included in the income account. * The company makes it a policy of providing bad debts based on 1% of the yearly revenue. Required: Journalize the adjusting entries.

The books of Laredo Placement Agency showed among others the following accounts heir balances as at December 31, 2009, its second year of operation: Cash 80,000 30,000 1,500 6,500 3,750 365,000 22,500 25,000 15,000 334,050 Accounts Receivable Allowance for bad Debts Notes Receivable Prepaid Insurance Car Accumulated Depreciation Accounts Payable Notes Payable Laredo, Capital Laredo, Personal Placement Income Rent Expense Salaries Expense Interest Income Interest Expense Gas & Oil Expense Supplies Expense 35,000 380,000 76,500 168,000 2,500 1,800 11,500 2,500 The following information were given for you to be able to prepare the adjusting entries as of December 31. a. P1,000 worth of supplies are still unused at the end of the year. b. The car was purchased on March 31 of the previous year with an estimated salvage value of P65,000.Hint: Determine annual depreciation based on the accumulated depreciation provided in the year 2008. . Prepaid insurance represents a balance of a one year premium expiring Feb. 28, 2010. 4. The note was received from the customer on November 16, 2009 for 60 days at 24% interest. * Salaries of 4 workers and clerks amounted to P800 per day from Monday to Saturday and payable every Monday. The next payroll date is January 4 covering the previous week payroll from December 28 to January 2. Aln advance payment for placement fee of P30,000 was included in the income account. * The company makes it a policy of providing bad debts based on 1% of the yearly revenue. Required: Journalize the adjusting entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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he books of Laredo Placement Agency showed among others the following accounts their balances as at December 31, 2009, its second year of operation: Cash Accounts Receivable Allowance for bad Debts Notes Receivable 80,000 30,000 Prepaid Insurance Car Accumulated Depreciation Accounts Payable Notes Payable Laredo, Capital Laredo, Personal Placement Income 1,500 6,500 3,750 365,000 22,500 25,000 15,000 334,050 35,000 380,000 76,500 168,000 2,500 Rent Expense Salaries Expense Interest Income Interest Expense Gas & Oil Expense Supplies Expense 1,800 11,500 2,500 The following information were given for you to be able to prepare the adjusting entries as of December 31. a. P1,000 worth of supplies are still unused at the end of the year. b. The car was purchased on March 31 of the previous year with an estimated salvage value of P65,000.Hint: Determine annual depreciation based on the accumulated depreciation provided in the year 2008. C. Prepaid insurance represents a balance of a one year premium expiring Feb. 28, 2010. . The note was received from the customer on November 16, 2009 for 60 days at 24% interest. E. Salaries of 4 workers and clerks amounted to P800 per day from Monday to Saturday and payable every Monday. The next payroll date is January 4 covering the previous week payroll from December 28 to January 2. An advance payment for placement fee of P30,000 was included in the income account. *The company makes it a policy of providing bad debts based on 1% of the yearly revenue. Required: Journalize the adjusting entries.
Transcribed Image Text:he books of Laredo Placement Agency showed among others the following accounts their balances as at December 31, 2009, its second year of operation: Cash Accounts Receivable Allowance for bad Debts Notes Receivable 80,000 30,000 Prepaid Insurance Car Accumulated Depreciation Accounts Payable Notes Payable Laredo, Capital Laredo, Personal Placement Income 1,500 6,500 3,750 365,000 22,500 25,000 15,000 334,050 35,000 380,000 76,500 168,000 2,500 Rent Expense Salaries Expense Interest Income Interest Expense Gas & Oil Expense Supplies Expense 1,800 11,500 2,500 The following information were given for you to be able to prepare the adjusting entries as of December 31. a. P1,000 worth of supplies are still unused at the end of the year. b. The car was purchased on March 31 of the previous year with an estimated salvage value of P65,000.Hint: Determine annual depreciation based on the accumulated depreciation provided in the year 2008. C. Prepaid insurance represents a balance of a one year premium expiring Feb. 28, 2010. . The note was received from the customer on November 16, 2009 for 60 days at 24% interest. E. Salaries of 4 workers and clerks amounted to P800 per day from Monday to Saturday and payable every Monday. The next payroll date is January 4 covering the previous week payroll from December 28 to January 2. An advance payment for placement fee of P30,000 was included in the income account. *The company makes it a policy of providing bad debts based on 1% of the yearly revenue. Required: Journalize the adjusting entries.
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