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    03 Activity 1 (Online)

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    Jerho
    This document provides information about four adjusting entries that need to be made for Bora Company at the end of the fiscal year: 1) Supplies expense needs to be adjusted for the change in the supplies inventory account. 2) Unearned revenue needs to be adjusted for services performed during the period that were previously received as advance payment. 3) Interest revenue needs to be adjusted for accrued interest on a note receivable. 4) Wages expense needs to be accrued for regular employee wages earned but not yet paid for work performed in the current period.

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    03 Activity 1 (Online)

    Uploaded by

    Jerho
    67 views1 page
    This document provides information about four adjusting entries that need to be made for Bora Company at the end of the fiscal year: 1) Supplies expense needs to be adjusted for the change in the supplies inventory account. 2) Unearned revenue needs to be adjusted for services performed during the period that were previously received as advance payment. 3) Interest revenue needs to be adjusted for accrued interest on a note receivable. 4) Wages expense needs to be accrued for regular employee wages earned but not yet paid for work performed in the current period.

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    This document provides information about four adjusting entries that need to be made for Bora Company at the end of the fiscal year: 1) Supplies expense needs to be adjusted for the change in the supplies inventory account. 2) Unearned revenue needs to be adjusted for services performed during the period that were previously received as advance payment. 3) Interest revenue needs to be adjusted for accrued interest on a note receivable. 4) Wages expense needs to be accrued for regular employee wages earned but not yet paid for work performed in the current period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    67 views1 page

    03 Activity 1 (Online)

    Uploaded by

    Jerho
    This document provides information about four adjusting entries that need to be made for Bora Company at the end of the fiscal year: 1) Supplies expense needs to be adjusted for the change in the supplies inventory account. 2) Unearned revenue needs to be adjusted for services performed during the period that were previously received as advance payment. 3) Interest revenue needs to be adjusted for accrued interest on a note receivable. 4) Wages expense needs to be accrued for regular employee wages earned but not yet paid for work performed in the current period.

    Copyright:

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

    BM1705

    NAME : ________________________________ DATE: SCORE:

    Adjusting Entries (4 items x 3 points)


    Identify the type of adjusting entry that will be used. Prepare adjusting entries for each item.

    On December 31, the end of the current fiscal year, the following information is available to assist Bora
    Company’s accountants in making adjusting entries:
    a. Bora’s Supplies account shows a beginning balance of P6,000. Purchases during the year were P10,300.
    The end-of-year inventory reveals supplies on hand of P3,000.
    b. On July 1, the company completed negotiations with a client and accepted an advance of P4,800 for the
    services to be performed monthly for a year. The P4,800 was credited to Unearned Services Revenue.
    c. Among the assets of the company is a note receivable in the amount of P100,000. On December 31, the
    accrued interest on this note amounted to P6,000.
    d. On Saturday, January 3, the company, which is on a six-day workweek, will pay its regular employees their
    weekly wages of P9,000.

    Rubric for scoring:


    PERFORMANCE INDICATORS POINTS
    Type of adjusting entry is identified 1
    Used correct amount and account in adjusting entries 2
    TOTAL 3

    03 Activity 1 *Property of STI


    Page 1 of 1

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