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Prepare necessary year-end adjusting entries for salaries

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Reference no: EM132820260

Problem - Reversing Entries - Identify the type of adjusting entry that will be used. Prepare adjusting entries for each listed item.

Civilizations is an upscale university housing complex providing all the amenities of private townhouse living and a full service 24-hour cafeteria for busy students. Prior to recording any adjusting entries for 20X4, Civilizations has incurred and recorded a total salary expense of P875,000 and a total rental revenue of P4,800,000.

As of December 31, 20X4, the company owes P15,000 of additional salaries to employees, and accrued rent due from residents amounts to P100,000.

On January 10, 20X5, Civilizations received rental payments for P250,0000 covering the rents due as of December 31, 20X4, and additional amounts relating to the first half of January, 20X5.

On January 15, 20X5, Civilizations paid salaries of P40,000 covering the amount due as of December 31, as well as additional amounts relating to 20X5.

Required - Prepare the necessary year-end adjusting entries for salaries and rent.

Reference no: EM132820260

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