Question
A: Accrued rent receivable of P10,000 was not recorded at the end of 2019. 1. What is the adjusting entry at the end of 2019?
A: Accrued rent receivable of P10,000 was not recorded at the end of 2019.
1. What is the adjusting entry at the end of 2019?
2. What is the adjusting entry for 2020 if not adjusted during 2019?
3. What are the accounts affected?
B: Sale of merchandise on account on December 29, 2019 amounting to P15,000 was not recorded until it was collected on January 2020. The merchandise was properly excluded in the ending inventory in 2019.
1. What is the adjusting entry at the end of 2019?
2. What is the adjusting entry for 2020 if not adjusted during 2019?
3. What are the accounts affected?
C: Purchase of merchandise on account on December 27, 2019 amounting to P50,000 was not recorded until it was paid on January 2020. The merchandise was properly included in the ending inventory in 2019.
1. What is the adjusting entry at the end of 2019?
2. What is the adjusting entry for 2020 if not adjusted during 2019?
3. What are the accounts affected?
D: On December 31, 2019, the ending inventory was overstated by P6,000.
1. What is the adjusting entry at the end of 2019?
2. What is the adjusting entry for 2020 if not adjusted during 2019?
3. What are the accounts affected?
Step by Step Solution
3.45 Rating (145 Votes )
There are 3 Steps involved in it
Step: 1
A 1 Adjusting entry at the end of 2019 for accrued rent receivable of P10000 Debit Rent Receivable P...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
1014 Practice Questions For The New GRE
Authors: The Princeton Review
2nd Edition
0375429689, 978-0375429682
