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please help me ASAP.. i'll be passing these Activities in the next 8 hours Activity 1. PERFORMANCE TASK - Make the necessary adjusting entries on
please help me ASAP.. i'll be passing these Activities in the next 8 hours
Activity 1. PERFORMANCE TASK - Make the necessary adjusting entries on each of the following independent cases. Show your solutions after each entry. (5 pts on each problem) 1. A law firm began November with office supplies of P16,000. During the month, the firm purchased supplies of P29,000. On November 30, supplies on hand totaled P21,000. 2. A business received cash of P300,000 in advance for revenue that will be earned later. The cash receipt entry debited cash and credited unearned revenues for P300,000/At the end of the period, P110,000 is still unearned. 3. An entity's weekly payroll of P50,000 is paid on Fridays. Assume that the last day of the month falls on Wednesday. 4. Equipment costing P508,000 has a useful life of five years with an P60,000 salvage value at the end of five years. Record the depreciation for the year. 1. Adjusting Entry: Supporting Computation: 2. Adjusting Entry: Supporting Computation: 3. Adjusting Entry: Supporting Computation: 4. Adjusting Entry: Supporting Computation: DAE!) A. Assimilation Score Activity 2 - ASSESSMENT Make the necessary adjusting entries on each of the following independent cases. Show your solutions after each entry. (5 pts on each problem) 1. Matapang Computers acquired office equipment on February 15, 2021 for his repair shop business. The cost of the equipment is PHP25,000. It was estimated to have a useful life of five years. It is estimated that after five years, the office equipment can be sold at a scrap value of PHP1,000. The company uses the straight line method of depreciation. 2. On February 15, 2021 Matapang entered into a contract with Makisig to maintain the computers of Makisig for two months starting on February 15, 2021 up to April 15, 2022. On the same date, Makisig paid the total contract amount of PHP40,000 in full. 3. On February 19, 2021 Matapang purchased PHP5,000 worth of office supplies on account By the end of the month, PHP2,000 worth of these supplies are still unused 1. Adjusting Entry: Supporting Computation: 2. Adjusting Entry: Supporting Computation: 3. Adjusting Entry: Supporting ComputationStep by Step Solution
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