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ASSIGNMENT 04: Adjusting Entries Mr. Rocinante Cervantes, a CPA practitioner, submitted to you the following account balances appearing in his Trial Balance as of January 31, 2014, the end of his second fiscal year of practice: DEBIT CREDIT Cash P 8,150 Accounts Receivable 41,600 Allowance for Bad Debts 1,600 Prepaid Insurance 25,000 Furniture & Fixtures 50,000 Accumulated Depreciation - F&F 750 Equipment 80,000 Vehicle 100,000 Accounts Payable 7,200 R. Cervantes, Capital 160,650 R. Cervantes, Drawing 8,000 Consultancy Fees 131,400 Processing Fees 51,000 Salaries Expense 12,800 Rent Expense 15,000 Office Supplies Expense 1,200 Advertising Expense 10,000 Miscelleneous Expense 850 352,600 352,600 Additional year-end information are as follows: 1. Processing fees earned and collected in September was recorded in error at P3,140 instead of P31,400 2. Rental payments of P2,500 was erroneously charged to salaries expense 3. Payment to suppliers amounting to P2,500 was erroneously recorded as cash withdrawal of owner. 4. Fixed assets acquisitions: Acquisition Date Cost Salvage Value Est. Life Furniture & Fixtures January 1, 2013 50,000 5,000 5 yrs Equipment April 1, 2013 80,000 8,000 Vehicle October 31, 2013 100,000 10,000 10 yrs 5. 5% of the accounts receivable are estimated to be uncollectible. 6. The balance of prepaid insurance account represents a six-months policy contracted last November 1, 2013 for P10,000 and a one-year policy contracted last July 31, 2013 for P15,000. 7. P800 of the office supplies remained unused. 8 yrs Required: Prepare fiscal year-end adjusting entries