Reference no: EM132814389
Question -
Case 1: Real Estate Agency Oct. 1 Ms. Lea begins business as a real estate agent with a cash investment of P1,500,000.
2 Paid rent, P35,000, on office space.
3 Purchased office equipment for P140,000 on account.
6 Sold a house and lot for Mr. Smith; billed Mr. Smith P220,000 for realty services performed.
27 Paid P55,000 on the balance related to the transaction of October 3.
30 Received bill for October utilities, P6,500 (not paid at this time).
Requirement: Journalize the transactions. Explanations can be omitted.
Case 2: GTC Company
The GTC Company began operations on April 1. On April 30, the trial balance shows the following balances for selected accounts.
Prepaid Insurance P3,600
Equipment 28,000
Notes Payable 20,000
Unearned Service Revenue 4,200
Service Revenue 1,800
Analysis reveals the following additional data.
1. Prepaid insurance is the cost of a 2-year insurance policy, effective April 1.
2. Depreciation on the equipment is P500 per month.
3. The note payable is dated April 1. It is a 6-month, 12% note.
4. Seven (7) customers paid for the company's 6-month lawn service package of P600 beginning in April. The company performed services for these customers in April.
5. Lawn services performed for other customers but not recorded on April 30, totaled P1,500.
Requirement - Prepare the adjusting entries for the month of April. Show computations.
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