Adjusting Entries:

1)Unexpired Insurance amounted to 450

2)Interest accrued on notes payable amounted to 250 3)Rent collected in advance worth 500 will not be earned until the following year

4) Interest accrued on notes receivable amounted to 150

5) The truck worth 75,000 has a scrap value of 5000 with a useful life of 20 years

6) 3% of the accounts receivable worth 35,000 is expected to be uncollectible

After making adjusting entry, Make an adjusted trial balance

ALPHA TRUCKING SERVICES The following are the transactions of ALPHA TRUCKING SERVICES. 1. Mr. Allan invested P150,000 cash in the business. 2. Purchased a truck for cash, P75,000 3. Paid rent for the office, P5.000 4. Purchased another truck from Bacil on account, P100.000. 5. Paid business licenses and taxes. P1,500 6. Received cash for trucking services, P75,000 7. Paid driver's & employees' salaries, P10.000 8. Sent a check to Bacil to pay for the truck previously purchased on account P100.000 9. Paid water and electricity bill, P2,500 10. Paid gasoline and oil used for the truck, P3,000 11. Purchased supplies from Chris at P20.000. 50% downpayment and the balance on account 12. Rendered trucking services to customers on account, P35,000 13. Mr. Allan withdrewcash for personal use, P8.000 14, Paid 50% account with Chris. 15. Collected from customers for trucking services previously rendered on account, P25.000 16.70% of supplies purchased has been used