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How do prepare the adjusting entries on december

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Reference no: EM132693765

Problem 1: Given the following cases, prepare the adjusting entries on December 31, 2019

  1. Electric bill received from Cagayan Electric Cooperative on December 29 in the amount of P4,500 will be paid in the first week of January the following year.
  2. On December 01, Ana Kendrick received P1,000,000 60-day 12% note from ABC Company (Record the accrual in Ana Kendrick's books)
  3. DEF Company sold books amounting to P180,000 for the Pandayan Bookshop. As of December 31, Pandayan Bookshop did not yet issue DEF Company the check for the 10% commission on the books sold. (Record the accrual on the books of Pandayan Bookshop)
  4. Workers' wages for the six-day week is P12,000 payable every Saturday. December 31 is a Tuesday.

Reference no: EM132693765

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