ANSWER THE FOLLOWING. THERE ARE 3 DIFFERENT TRANSACTION AND DIRECTIONS FOR EACH ACCOUNTING PROBLEMS.
DIRECTION: Prepare the adjusting entry for each of the following for the year ended December 31, 2020. Write your adjusting entries in a 2-column journal sheets. The following information relates to Jerome Tuazon Electronics on December 31, 2020. The entity uses the calendar year as its annual reporting period. The entity records deferrals in balance sheet accounts. a. Weekly payroll is P84,000, paid every Friday for a five-day work week. Assume that December 31, 2020 falls on a Wednesday so the employees will not be paid until Friday, January 2, 2021. b. On December 29, 2020, upon comparison of service reports and billings, services rendered which remains unbilled totaled P50,000 c. On October 1, 2020, the entity agreed to work on a new housing development project. The contract is for the installation of home alarm system for 24 new homes. The entity was paid P1,440,000 in advanced on October 1, 2020. By the end of the current year, works on 18 homes have been completed. d. On September 1, 2020, the entity purchased a one-year insurance policy for P12,000.DIRECTION: Prepare the adjusting entries and write it on a 2-column Journal Sheets. Prepare an adjusted trial balance in a 10-column working paper. The trial balance for Reynaldo Gulane Cleaners appers as follows: Reynaldo Gulane Cleaners Trial Balance September 30, 2020 Accounts Debit Credit Cash 117,880 Accounts Receivable 264,940 Prepaid Insurance 34,000 Cleaning Supplies 73,740 Land 180,000 Building 1,850,000 Accumulated Depreciation - Building 456,000 Accounts Payable 204,000 Unearned Cleaning Revenues 16,000 Mortgage Payable 1, 100,000 Gulane, Capital 565,600 Gulane, Drawings 100,000 Cleaning Revenues 1,576,340 Salaries Expense 1,013,300Interest Payable 77,000 Mortgage Payable 470,000 470,000 Tejero, Capital 310,000 310,000 Tejero, Drawings 250,000 250,000 CAD Service Revenues 1,470,000 1,470,000 Salaries Expense 813,000 847,000 Insurance Expense 12,000 Supplies Expense 53,000 Depreciation Expense - Building 15,000 Depreciation Expense - Computer 18,000 Eqpt. Interest Expense 77,000 Total 3,279,000 3,279,000 3,423,000 3,423,000DIRECTION: Reconstruct the adjusting entries posted in the working paper. Write your answers in a 2-column Journal Sheet. The unadjusted and adjusted December 31, 2020 trial balances for the A.T. Design are presented below. A.T. Design Trial Balances December 31, 2020 Unadjusted Adjusted Accounts Debit Credit Debit Credit Cash 72,000 72,000 Accounts Receivable 331,000 331,000 Prepaid Insurance 48,000 36,000 Supplies 125,000 72,000 Land 170,000 170,000 Building 850,000 850,000 Accumulated Depreciation - Building 230,000 245,000 Computer Equipment 620,000 620,000 Accumulated Depreciation - 106,000 124,000 Computer Eqpt. Notes payable 550,000 550,000 Accounts Payable 143,000 143,000 Salaries Payable 34,000Cleaning Equipment Rental Expense Delivery Truck Expense - _- The following information is also available: a. A review of insurance policies showed that P6300 is unexpired at the year-end. b. An inventory of cleaning supplies showed P12.440 on hand. e. On September 1 , the entity signed a contract. effective immediately, with Davao City Hospital to dry clean, for a xed monthly charge of P4,000, the uniforms used by doctors in surgery. The hospital paid for four month's service in advanced. f. Salaries are paid on Saturdays. The weekly payroll is P25,200. Assume that September 30 falls on a Thursday and the entity has a 6~day pay week
