Reference no: EM133019753
Problem - The trial balance of XYZ company on December 31, 2019 included the following balances before adjustment
Office Supplies 8,500.00
Insurance Expense 12,000.00
Prepaid Rent 9,000.00
Store Supplies 35,000.00
Equipment 70,000.00
Unearned Service Revenue 65,000.00
Additional information:
1. Payment for a 3-months advance rental effective December 1, 2019.
2. One year insurance policy was obtained for p6,000 on November 1, 2019
3. Office supplies on hand at the end of December 31, 2019 amounted to P 5,000
3. Unused store supplies balance as of December 31, 2019 P27,0000
5. Equipment has an estimated useful life of 10 years with no salvage value
6. 30% of the Unearned service revenue account has already been earned by the earned by the end of 2019
REQUIRED - Prepare necessary adjusting entries on December 31, 2019. Show your computation and Explanation?
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