Answer as soon as possible
Posted: Thu Apr 28, 2022 11:06 am
Answer as soon as possible
Exercise 3 Let us go deeper. This activity requires you to recall your knowledge in preparing trial balance with carefully adding the adjusting entries for the adjusted trial balance. Directions: Prepare adjusting entries and adjusted trial balance of Praca General Services {Adjusting entries : 3 points each 2
Credit Praca General Services Unadjusted Trial Balance As of January 31,2020 Account Title Debit Cash 1984.500 Accounts Receivable 12,300 Supplies 9,500 Prepaid Insurance 6,000 Office Equipment 24,000 Accounts Payable Praca, Capital Praca, Drawings 10,000 Service Revenue Salaries Expense 14,000 Rent Expense 1,500 Utilities Expense 1,600 Total P163,400 Additional information for adjustment: 12.200 P106,000 45.200 P163,400 a. Depreciation of Office Equipment, P 2000 b. Bad Debt expense is estimated at 2 % of the Accounts receivable balance. c. The unused supplies balance is P 5,300 d. Unearned service revenue, 3000 e. The unexpired Insurance premium during the month, P5,500, Guide Questions: 1. What are the correct entries and how much will be the correct amount of each adjusting entries for the adjustment? 2. How much is the amount of the totals of debit and credit of the adjusted trial balance?
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Credit Praca General Services Unadjusted Trial Balance As of January 31,2020 Account Title Debit Cash 1984.500 Accounts Receivable 12,300 Supplies 9,500 Prepaid Insurance 6,000 Office Equipment 24,000 Accounts Payable Praca, Capital Praca, Drawings 10,000 Service Revenue Salaries Expense 14,000 Rent Expense 1,500 Utilities Expense 1,600 Total P163,400 Additional information for adjustment: 12.200 P106,000 45.200 P163,400 a. Depreciation of Office Equipment, P 2000 b. Bad Debt expense is estimated at 2 % of the Accounts receivable balance. c. The unused supplies balance is P 5,300 d. Unearned service revenue, 3000 e. The unexpired Insurance premium during the month, P5,500, Guide Questions: 1. What are the correct entries and how much will be the correct amount of each adjusting entries for the adjustment? 2. How much is the amount of the totals of debit and credit of the adjusted trial balance?