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    11 Adjusting

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    Christany Shene
    This document is an accounting assignment that provides 15 situations requiring adjusting journal entries. Students are instructed to prepare the necessary entries for each situation on a sheet of paper and submit a photo of their work. The situations involve unpaid salaries, prepaid insurance, supplies, depreciation of equipment and vehicles, notes payable and interest, prepaid rent and services, omitted transactions and depreciation expense. Students are to provide three-line journal entries for each adjustment.

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    11 Adjusting

    Uploaded by

    Christany Shene
    15 views3 pages
    This document is an accounting assignment that provides 15 situations requiring adjusting journal entries. Students are instructed to prepare the necessary entries for each situation on a sheet of paper and submit a photo of their work. The situations involve unpaid salaries, prepaid insurance, supplies, depreciation of equipment and vehicles, notes payable and interest, prepaid rent and services, omitted transactions and depreciation expense. Students are to provide three-line journal entries for each adjustment.

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    This document is an accounting assignment that provides 15 situations requiring adjusting journal entries. Students are instructed to prepare the necessary entries for each situation on a sheet of paper and submit a photo of their work. The situations involve unpaid salaries, prepaid insurance, supplies, depreciation of equipment and vehicles, notes payable and interest, prepaid rent and services, omitted transactions and depreciation expense. Students are to provide three-line journal entries for each adjustment.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    15 views3 pages

    11 Adjusting

    Uploaded by

    Christany Shene
    This document is an accounting assignment that provides 15 situations requiring adjusting journal entries. Students are instructed to prepare the necessary entries for each situation on a sheet of paper and submit a photo of their work. The situations involve unpaid salaries, prepaid insurance, supplies, depreciation of equipment and vehicles, notes payable and interest, prepaid rent and services, omitted transactions and depreciation expense. Students are to provide three-line journal entries for each adjustment.

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    © All Rights Reserved
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    Download as doc, pdf, or txt
    of 3

    Ramon Magsaysay Memorial Colleges

    General Santos City

    College of Business Education


    Accounting 101 – Financial Reporting
    Adjusting Journal Entries

    Name: ______________________________________ Date: _______________ Score: ______


    Prepared by: Norma Salise Second Semester – School Year 2022 – 2023

    Instruction: In a clean 1 whole sheet of yellow paper, write your name then prepare the
    necessary adjusting entries based on the situations as listed below. Take a picture of your
    answer then submit it in the LMS. Bring also your hard copy of your answer on Monday, March
    20, 2023

    Major assumption: The last day of the accounting period is December 31.

    1. Three days salaries are unpaid as at December 31. Salaries are P75,000 for a five day
    work week.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    2. On August 1, a P18,000 premium was paid on a one – year insurance policy. The
    amount of the premium was debited to Prepaid insurance.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    3. Before adjustments, the Supplies account has a balance of P35,400. The count of
    supplies on hand amounted to 22,300.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    4. Office equipment was purchased on March 1 for P270,000. The expected life of the
    equipment is 8 years.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    5. Borrowed P100,000 by issuing a one – year note with 7% annual interest to Century
    Savings Bank on October 1.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________
    6. Paid P160,000 cash to purchase a delivery van (surplus) on January 1. The van was
    expected to have a three year life and a P10,000 salvage value. Depreciation is
    computed on a straight line basis.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    7. Paid a 24,000 for a 1-year fire insurance policy to commence on September 1. The
    amount of premium was debited to prepaid insurance.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    8. Received an P18,000 cash advance for a contract to provide services in the future. The
    contract required a one year commitment, starting April 1.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    9. Purchased P6,400 of supplies on account. At year’s end, P750 of supplies remained on


    hand.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    10. Paid P78,000 cash in advance on September 1 for a one year lease on office space.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    11. Payment for repairs was erroneously debited to building account, P20,000.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    12. Rendered service for cash amounting to P102,300, but made no record of the
    transaction.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    13. Depreciation for the month was omitted, P12,500.


    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________
    14. Recorded collection of an account receivable by debiting cash and crediting revenue
    account, P25,000.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    15. A P900,000 note payable was issued on October 1, 2007. It will be repaid in 12 months
    together with interest at an annual rate of 24%.
    ______________________________________________________________________
    ______________________________________________________________________
    ______________________________________________________________________

    Good Luck!!!

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