What is the closing entries of the following;<\/p>
a. Supplies of P25,000 were purchased during the year and were debited to Supplies account. On December 31, supplies of P8,500 are on hand.<\/p>
<\/p>
b. The Prepaid Insurance account shows a balance of P24,000, representing the cost of a two-year insurance policy dated May 1, 2020.<\/p>
<\/p>
c. On November 1, 2020, the company subleased a portion of its space and received P27,000, representing three-months' rent beginning on that date. The amount was credited to Rent Revenue.<\/p>
<\/p>
d. The company purchased office equipment on March 1, 2020 costing P400,000. The assets have estimated useful life of 10 years and salvage value of P40,000.<\/p>
<\/p>
e. It is estimated that 2% of the accounts receivable at the end of the year is uncollectible. Accounts Receivable balance at December 31, 2020 is P450,000.<\/p>
f. On December 1, the company issued a 90-day, 12% note for P200,000. The interest on the note is payable on maturity (Use a 360-day year).<\/p>
<\/p>
g. Merchandise Inventory at December 31, 2020 amounted to P480,000. At the end of the year, selected account balances were as follows: Purchases - P900,000; Freight-in - P20,000; Purchase Returns and Allowances - P25,000.<\/p>", "transcribed_text": "", "related_book": { "title": "Income Tax Fundamentals 2013", "isbn": "1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516", "edition": "31st Edition", "authors": "Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1124.jpg", "uri": "\/textbooks\/income-tax-fundamentals-2013-31st-edition-9781285586618", "see_more_uri": "" }, "free_related_book": { "isbn": "0631215387", "uri": "\/textbooks\/the-blackwell-guide-to-the-philosophy-of-the-social-sciences-british-1st-edition-978-0631215387-261467", "name": "The Blackwell Guide To The Philosophy Of The Social Sciences", "edition": "British 1st Edition" }, "question_posted": "2024-06-28 04:32:07", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-changes-did-the-fed-implement-to-its-discount-window", "description": "What changes did the Fed implement to its discount window lending policy in the early 2000s? In the late 2000s?", "stars": 3 }, { "url": "\/study-help\/psychology\/what-approaches-to-psychotherapy-do-you-prefer-1983117", "description": "What approach(es) to psychotherapy do you prefer?", "stars": 3 }, { "url": "\/the-controller-of-hall-industries-has-collected-the-following-monthly-expense", "description": "The controller of Hall Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Instructions (a) Determine the fixed- and variable-cost...", "stars": 3 }, { "url": "\/study-help\/questions\/aaker-corporation-which-has-only-one-product-has-provided-the-9845279", "description": "Aaker Corporation, which has only one product, has provided the following data concerning its most recent month of operations $99 Selling price. Units in beginning inventory Units produced Units...", "stars": 3 }, { "url": "\/study-help\/questions\/please-help-complete-both-entries-ty-parco-sells-all-inventories-5644871", "description": "please help complete both entries, ty Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending inventory was $96,800 and gross purchases during...", "stars": 3 }, { "url": "\/study-help\/questions\/7-draw-the-phase-diagram-of-water-and-indicate-the-1026592", "description": "[7] Draw the phase diagram of water and indicate the supercritical fluid region. 5 points", "stars": 3 }, { "url": "\/study-help\/questions\/when-performing-an-integrated-audit-for-a-public-company-subject-5394175", "description": "When performing an integrated audit for a public company subject to PCAOB standards, the audit team identified the following situation: Control: All expenditures are reviewed by AP personnel to...", "stars": 3 }, { "url": "\/study-help\/questions\/mr-webbs-class-is-measuring-the-length-of-small-objects-1129878", "description": "Mr. Webb's class is measuring the length of small objects using a classroom set of rulers. One student's measurements are consistently 1 8 8 1 inch smaller than all of the other students'...", "stars": 3 }, { "url": "\/study-help\/questions\/while-staying-at-a-hotel-for-a-conference-paulo-s-1231569", "description": "While staying at a hotel for a conference, Paulo's supervisor invites him to her room for drinks. When Paulo turns her down, she says he won't be considered for a promotion unless he changes his...", "stars": 3 }, { "url": "\/study-help\/questions\/at-the-aquarium-visitors-are-asked-how-much-they-agree-1541755", "description": "At the aquarium, visitors are asked how much they agree with the statement, \"I like jellyfish\" from 1 (strongly disagree) to 7 (strongly agree). What scale of measurement is being used? O nominal...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/f-4237849", "next": "\/study-help\/questions\/if-you-wanted-to-allocate-the-costs-of-a-maintenance-4237851" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "What is the closing entries of the following; a. Supplies of P25,000", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/what-is-the-closing-entries-of-the-following-a-supplies-4237850" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }": "1" } }