Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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

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

Montgomerys Auditing Classic Reprint Series

Authors: Robert Hiester Montgomery

1st Edition

1390439356, 978-1390439359

More Books

Students also viewed these Accounting questions

Question

What attracts you about this role?

Answered: 1 week ago

Question

How many states in India?

Answered: 1 week ago

Question

HOW IS MARKETING CHANGING WITH ARTIFITIAL INTELIGENCE

Answered: 1 week ago

Question

2. What efforts are countries making to reverse the brain drain?

Answered: 1 week ago