Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Help me pretty please INAME? Preparation of Adjusting Journal Entries PART I : Psalm 16 Recruitment services has been operating for 2 years now. At
Help me pretty please
INAME? Preparation of Adjusting Journal Entries PART I : Psalm 16 Recruitment services has been operating for 2 years now. At the end of December 31,2016 , these are the adjusting entries to their books before closing for the year: 1. Office supplies at the end of the year was verified to be P7, 500. At the beginning of the year, the office supplies beginning was P24, 500 . 2. The company borrowed money from the bank for p500, 000 as additional working capital on october 1, 2016. At the end of December 31, 2016, the interest expense should be recorded to be charged by excluding the first day and including the last day. 3. The service vehicle was bought for P500,000 on July 1, 2016. At the end of the year, record the depreciation expense using the straightIine method with an estimated useful Iife of 5 years. 4. The company received a promissory note from their accredited foreign employer for P120,000 at an interest rate of 12 ; per annum. The note was dated September I, 2016. Use 365 days in a year. ExcIude the first day and include the last day in counting the number days. 5. The company entered into a one (1) year advertising contract for P12,000. The advertisement effected on October 1, 2016. Record the expense portion at the end of the year if company uses Asset Method of recording expenses. PART II: 1. Metro Dipolog Hotel borrowed money from Development bank of the Phils. with 2,000 interest per month payable every 5 th of the following month. The interest for the month of December 20A will be paid on January 05,20B. A. Metro Dipolog Hotel B. DBPStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started