Answer to Question #136924 in Accounting for Kim Yujin

Question

The following information is also available:

a. A review of insurance policies showed that P6,800 is unexpired at the year-end.
b. An inventory of cleaning supplies showed P12,440 on hand.
c. Estimated depreciation on the building for the year is P128,000.
d. Accrued interest on the mortgage payable is P10,000.
e. On Sept. 1, 2020, the entity signed a contract, effective immediately to Asian Hospital to dry clean, for a fixed monthly charge pf P4,000, the uniforms used by some doctors in surgery The hospital paid for four months' service in advance.
f. Salaries are paid on Saturdays. The weekly payroll is P25,200. Assume that Sept. 30, 2020 falls on a Thursday and the entity has a six-day pay week.


Required:
Prepare adjusting entries

Answer 1

Dear Kim Yujin, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order