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  • Acctg1b Exam

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    Hassanhor Guro Bacolod
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    The document details various adjusting entries for prepaid, accrued, deferred, and unearned revenues and expenses on December 31. It records adjustments for salaries, interest, rent, utilities, retainer's fees, store supplies, and insurance expenses. Amounts are adjusted between asset, liability, income and expense accounts as needed to record revenues and expenses in the appropriate period.

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    Accounting

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    The document details various adjusting entries for prepaid, accrued, deferred, and unearned revenues and expenses on December 31. It records adjustments for salaries, interest, rent, utilities, retainer's fees, store supplies, and insurance expenses. Amounts are adjusted between asset, liability, income and expense accounts as needed to record revenues and expenses in the appropriate period.

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    © All Rights Reserved
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    54 views1 page

    Acctg1b Exam

    Uploaded by

    Hassanhor Guro Bacolod
    The document details various adjusting entries for prepaid, accrued, deferred, and unearned revenues and expenses on December 31. It records adjustments for salaries, interest, rent, utilities, retainer's fees, store supplies, and insurance expenses. Amounts are adjusted between asset, liability, income and expense accounts as needed to record revenues and expenses in the appropriate period.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Part 1 Part 3 Part 4

    Prepaid interest 600


    Salaries expense P 90,000 Rent Income
    Interest Interest expense
    Salaries payable P 90,000 Cash 150,000 125,000
    expense 600
    Interest expense 140, 000 Rent Income Unearned rent
    Interest payable 140, 000 900
    150,000 income 125,000 Cash 900 prepaid= 900 x 40/60
    350,000 x .12 x 20/6 = 140,
    000 unearned=150,000 = 600
    x 10/12
    Store sup. expense
    Utilities expense 6,000 = 125,000
    Prepaid 17,250
    Utilities payable 6,000
    store Prepaid store
    Part 2 Retainer’s fees supplies supplies 17,250
    Adjusting entry Cash 60,000 10,000 28, 750
    December 31 Retainer’s fees Unearned Cash 28, expense= 28,750-
    60,000 retainer’s fees 750 11,500
    Interest receivable P4,500 = 17,250
    10,000
    interest income P 4,500
    450, 000 x .12 x 30/360= P 4,500
    Unearned=30,000 Insuranc Prepaid insurance
    x 1/3=10,000 e 3,000
    expense Insurance
    12,000 expense 3,000
    cash 240,000 service fees 90, Cash
    service fees 000 12,000 Prepaid= 12,000-
    240,000 unearned service 9,000
    Rent receivable 50,000
    rent income 50,000 fees 90, 000 =3,000

    Interest receivable 2, 310 unearned=


    Interest income 2, 310 240,000 x 9/24=
    220,000 x .09 x 21/180= 2,310 90, 000

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