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Give the adjusting entries Merchandise inventory at the end of the year,P84,400 Office Supplies used amounted to P3,450 Unused store supplies amounted to P6,000 25%
Give the adjusting entries
- Merchandise inventory at the end of the year,P84,400
- Office Supplies used amounted to P3,450 Unused store supplies amounted to P6,000
- 25% of the Prepaid Rent is used as of the end of the year Half of the Prepaid Insurance has expired
- Office Equipment were depreciated at 10% per year Store Equipment has a useful life of 5years
- Accrued Expenses
Utilities P4,320; Store Salaries, P3,500; Interest P16,250
- Allowance of Uncollectible accounts is to be 10% of Receivables
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