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The following information were gathered on December 31, 2020. Give the necessary adjusting journal entries as of December 31, 2020. 1. Unrecorded salaries, P100,000 2.
The following information were gathered on December 31, 2020. Give the necessary adjusting journal entries as of December 31, 2020. 1. Unrecorded salaries, P100,000 2. Accrued interest on notes from customers, P15,000. 3. Accrued interest on notes to suppliers, P30,000. 4. Building was acquired on July 1, 2020 for 500,000. The useful life of the equipment is 5 years, at the end of which it is expected to be sold for 100,000. 5. A room of the building is being leased to a tenant for P7,500 a month. On December 31, 2020, the tenant is 2 months in arrears in the payment of rent. 6. Depreciation of delivery truck is 5% per annum. The ledger shows a balance of the delivery van account is P650,000. The van was acquired on April 1, 2020. 7. On December 31, 2020, a customer issued a 60-day, 18% note for P60,000. The principal and the interest will be collected on the maturity date. 8. On December 31, 2020, an accountant noted the incorrect booking of sales. The amount should have been P120,000 but was recorded as P1,200,000. 9. The repair expense was overbooked by 10,000 on December 31. 10. The Salaries were understated to P100,000 instead of P 1,000,000
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