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Prepare the necessary adjusting entries as of December

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Question - In analyzing the accounts of MNO Company, the information listed below are determined on December 31, 2009, the end of the first year of operations of the company:

a. On November 1, Unearned Rent was credited for P135,000 representing rental for nine-months beginning on that date.

b. The company acquired equipment on April 01, costing P150,000. The assets have estimated useful life of ten (10) years without any residual value.

c. Accounts Receivable balance on December 31 amounted to P1,500,000. Of this amount, P7,500 are estimated to be uncollectible.

d. The notes receivable account has a balance of P50,000 representing a 90-day , 12% note received on December 1. The interest on the note is collectible upon maturity.

e. Unpaid salaries as of December 31 amounted to P15,000.

Required - Prepare the necessary adjusting entries as of December 31, 2009.

Reference no: EM132979992

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