Exercises on Adjusting Journal Entries

P5-4 REQUIRED:From the following information, prepare adjusting journal entries on December 31, 2015, the end of the accounting period: c. a. Unrecorded salaries, P145,000. b. Accrued interest on notes from customers, P15,000. Accrued interest on notes to suppliers, P50,000. d. Equipment was acquired on July 1, 2015, for P80,000. The useful life of equipment is five years, at the end of which it is expected to be sold for P20,000. BODOA - 20.07 x % - Good A room of the building is being leased to a tenant at P7,500 a month. On December 31, 2015, the record shows that the tenant is three months in arrears in the payment of rent. 7.500th 250 f. Depreciation of delivery equipment is 10% per annum. The ledger balance of the account is P250,000, acquired on April 1, 2015. 280.00 g. On December 1, a customer issued a 60-day, 18% note for P60,000. The principal and the interest will be collected on the maturity date. e