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The PILAPIL, ANGCON & Co. presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2018 year-end financial statements (Use
The PILAPIL, ANGCON & Co. presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2018 year-end financial statements (Use Expense and Income Method): 1. On Oct. 1, 2018, PILAPIL, ANGCON & Co. paid P21,600 for 6-months' insurance premiums. 2. The balance in the ledger account Office Supplies Expense amounted to P31,500. A count of the office supplies on Nov. 30, 2018 amounted to P13,365. 3. PILAPIL, ANGCON & Co. received P27,800 on Nov. 1, 2018 from a customer for services to be rendered during the months of November to February 4. PILAPIL, ANGCON & Co. acquired Office Equipment costing P352,800 on April 1, 2018. The equipment is expected to last 5 years after which it will be worthless. 5. Assume that Nov. 30, 2018 is a Thursday and that PILAPIL, ANG & Co pays its employees a total of P87,500 on Fridays. Record the adjusting entries for November 30, 2018. After Item (e), prepare the Dec. 1, 2018 entry to record the payment of salaries
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