Question
Give the year-end adjusting entry required by each of the following: 1.the office supplies account had a P2,850 balance on january 1;supplies worth P3,500 were
Give the year-end adjusting entry required by each of the following:
1.the office supplies account had a P2,850 balance on january 1;supplies worth P3,500 were bought during a year;the year-end inventory showed P1,450 of supplies unused.
2.depreciation on delivery equipment was estimated at P5,500 per year.
3.two months' property taxes,estimated at P1,500 have accrued at the end of the accounting period.
4.three employees earn P450 each a day for a five-day a week that begins on monday and ends on friday.they were paid weekly every friday. December 31 falls on a wednesday.
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