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Hi can someone help me with the picture below the topic is about accounting. Thanks! Based on the problem in no. 4, WHAT IS THE
Hi can someone help me with the picture below the topic is about accounting. Thanks!
Based on the problem in no. 4, WHAT IS THE JOURNAL ENTRY TO ADJUST THE ACCOUNTS PAYABLE IN JARED'S BOOKS? O Debit Jared, Capital P 88,000, Credit Accounts Payable P 88,000 Debit Purchases P 88,000, Credit Jared, Capital P 88,000 Debit Jared, Capital P 88,000, Credit Purchases P 88,000 O Debit Accounts Payable P 88,000, Credit Jared, Capital P 88,000Based on the problem in no. 4, WHAT IS JOURNAL ENTRY TO ADJUST THE PREPAID EXPENSE IN DONOVAN'S BOOKS? Debit Prepaid Expense P96,000, Credit Donovan, Capital P96,000 C Debit Donovan, Capital P 96,000, Credit Expense, P 96,000 Debit Expense P96,000, Credit Donovan, Capital P 96,000 O Debit Donovan, Capital P 96,000, Credit Prepaid Expense P 96,000Darius, Donovan, Jared and Evan are practicing lawyers. They decided to combine their operations and form a partnership. Following are their contributions and agreed terms: Darius' allowance for doubtful account is overstated by P75,000. Donovan's prepaid expenses is overstated by P96,000. Jared's accounts payable is overstated by P88,000 Evan will invest Accounts receivable valued at P150,000 and with allowance for bad debts of P4,000. WHAT IS THE JOURNAL ENTRY TO ADJUST THE ALLOWANCE FOR DOUBTFUL ACCOUNT IN DARIUS BOOKS? Debit Darius, Capital P75,000, Credit Accounts Receivable P75,000 Debit Allowance for doubtful accounts P 75,000, Credit Darius, Capital P75,000 Debit Darius, Capital P 75,000, Credit Allowance for doubtful accounts P 75,000 O Debit Accounts Receivable P75,000, Credit Darius, Capital P75,000Step by Step Solution
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