From the following selected balances and additional information, prepare the adjusting entries at the end of...
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From the following selected balances and additional information, prepare the adjusting entries at the end of the fiscal year May 31: Debit Credit Accounts Receivable 18% Notes Receivable Supplies Furniture & Fixtures Service Fee Revenues Jtilities Expense P120,000 100,000 4,500 72,500 16,000 a. Bad accounts are estimated to be doubtful at 5% of the accounts receivable. b. The customer's note is for 60 days, dated May 16. 1,750,000 c. Used supplies amounted to P500. d. Estimated residual value of furniture and fixtures is P8,500 with a useful life of 10 Date years. Acquisition date was March 1. e. Bills for May received from PLDT P2,500 and from Meralco P6,000 on June S. Particulars Credit Debit From the following selected balances and additional information, prepare the adjusting entries at the end of the fiscal year May 31: Debit Credit Accounts Receivable 18% Notes Receivable Supplies Furniture & Fixtures Service Fee Revenues Jtilities Expense P120,000 100,000 4,500 72,500 16,000 a. Bad accounts are estimated to be doubtful at 5% of the accounts receivable. b. The customer's note is for 60 days, dated May 16. 1,750,000 c. Used supplies amounted to P500. d. Estimated residual value of furniture and fixtures is P8,500 with a useful life of 10 Date years. Acquisition date was March 1. e. Bills for May received from PLDT P2,500 and from Meralco P6,000 on June S. Particulars Credit Debit
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Based on the given information here are the adjusting entries at May 31 1 Bad Debt Ex... View the full answer
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
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