Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HXH Agency offers a land-based tour around Baguio and Ilocos Region. The company own automobiles and rent its office. Individuals must purchase their slot at

image text in transcribed
HXH Agency offers a land-based tour around Baguio and Ilocos Region. The company own automobiles and rent its office. Individuals must purchase their slot at least one month in advance. The company adjusts its accounts only once each month. Selected balances appearing in the company's Nov 30 adjusted trial balance appear as follows: Account Title Debit Credit Unexpired rent 540.000 Prepaid insurance 168.000 Automobile 5.040.000 Accumulated depreciation 1.102.500 Unearned travel revenue 85.000 Accrued wages payable 34.500 Other information: 1. Office rent for ten months was prepaid on July 31 2. The prepaid insurance is what remains of a 24-year policy purchased on February 1 this year. 3. The automobiles are being depreciated over an 8-year useful life with no residual value at the end of its useful life. 4. The unearned travel revenue represents slot sold for future travel in Baguio and Ilocos Region for P 3.400 per slot on November 1. During November. 140 of the slots were used. 5. The company's policy is to pay its employees every Saturday since they observed a six days workweek. November 30 fell on a Friday

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Accounting

Authors: Jill Collis, Andrew Holt, Roger Hussey

3rd Edition

113752149X, 9781137521491

More Books

Students also viewed these Accounting questions

Question

Describe an example of the reasoning of a rule utilitarian

Answered: 1 week ago