Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Learning Task 7: Directions: Prepare adjusting entries of the following transactions, 1. A tenant occupying a space of the building, agreed beginning on November 1

image text in transcribed

Learning Task 7: Directions: Prepare adjusting entries of the following transactions, 1. A tenant occupying a space of the building, agreed beginning on November 1 to pay P15,000 per month and on that he paid six-months rent in advance. The amount paid was credited to the a) Uneamed Rent Account; and b) another entry was made crediting Rent Income 2. Four employees eam a total of P1,000 per day for 5 day week that begins on Monday and ends on Friday. They are paid for the week ended Friday, December 28. 3. Accrued driver's wages at the end of the year is P3,000. 4. One month interest on a P10,000 10. 60 day note was not yet collected 5. The business has received electric bill for P25,000 for the month but not yet paid till the end of the month

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

The Basics Of IT Audit Purposes Processes And Practical Information

Authors: Stephen D. Gantz

1st Edition

0124171591, 978-0124171596

More Books

Students also viewed these Accounting questions