Reference no: EM133170262
Question - A partial trial balance of Josh Alejandro Corporation is as follows on December 31, 2019:
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Debit
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Credit
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Supplies on hand
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13,500
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Accrued salaries
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7,500
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Interest receivable
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25,500
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Prepaid insurance
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450,000
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Unearned rent
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-
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Accrued interest payable
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75,000
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Additional adjusting data:
1. A physical count of supplies on hand on December 31, 2019, totaled P5,500.
2. Through oversight, the Accrued Salaries account was not changed during 2019. Accrued salaries on 12/31/19 amounted to P22,000.
3. The interest receivable on investments account was also left unchanged during 2019. Accrued interest on investments amounts to P21,750 on 12/31/19.
4. The unexpired portions of the insurance policies totaled P325,000 as of December 31, 2019.
5. P140,000 was received on January 1, 2018, for the rent of a building for both 2018 and 2019. The entire amount was credited to rental income.
6. Depreciation for the year was erroneously recorded as P25,000 rather than the correct figure of P250,000.
7. A further review of depreciation calculations of prior year revealed that depreciation of P36,000 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.
Prepaid insurance at year-end is ______________
Supplies on hand at year-end is ______________
How much is the adjusted salaries at year-end assuming that the balance of this account in the book is P350,000?