(solution) Journalize, prepare adjusting entry, adjusted trial balance,

(solution) Journalize, prepare adjusting entry, adjusted trial balance,

Journalize, prepare adjusting entry, adjusted trial balance, income statement, statement of owners equity, balance sheet and complete the work sheet.

On June 30,2015, the end of fiscal year, the following information is available to Noel Hungria’s accountants for making adjusting entries:

a. Among the liabilities of the entity is a 2,400,000 mortgage payable. On June 30, the accrued interest on this mortgage amounted to P120,000.

b. Assume that on,  JULY 2, a Friday, the entity, which is on a five-day workweek and pays  employees weekly, paid its regular salaried employees P192,000.

c. On June 29, the entity completed negotiations and signed a contract to provide services to a new client at an annual rate of 36,000.

d. The Supplies account showed a beginning balance of P16,150 and purchases during the year of 37,660. The year-end inventory revealed supplies on hand of P 11,860.

e. The Prepaid Insurance account showed the following entries on June 30:

Beginning Balance        P15,300

January 1                         29,000

May 1                               33,660

The beginning balance represents the unexpired portion of a one-year policy purchased in April of the previous year. The January 1 entry represented a new one year policy, and the May 1 entry is the additional coverage of a three-year policy.

  f. The following table of contains the cost and annual depreciation for buildings and equipment , all of which were purchased before the current year: 

Account             Cost            Annual Depreciation

Buildings       P1, 850,000       P 73,000

Equipment       2,180,000          218,000

g. On June 1, the entity completed negotiations with another client and accepted an advance of P210,000 for services to be performed in the next year. The P 210,000 was credited to Unearned Service Revenues.

h. The entity calculated that as at June 30 it had earned P35,000 on a P75,000 contract that will be completed and billed in August.

This is my first time to ask help on my assignment. ITs because i dont have time to answer my assignment anymore. I am a working student. I work on computer shop at the same time im taking up accountancy. So i tried to join course hero hoping that someone will help me to pass  my COURSE.

Please, can anyone help me??