Reference no: EM133028974
Question - You were the external auditor of Vivianne Manufacturing Co. for the year 2020. During the examination of the financial statements, you discovered the following items that need adjusting journal entries as of December 31, 2020:
1. No sufficient fund (NSF) check reflected in the December 2020 bank statement in the amount of P30,000 was not yet taken up in the books.
2. Collection of accounts receivable in the amount of P120,000 on December 15, 2020 was recorded as P12,000 in error.
3. The note receivable collected by the bank on December 23, 2020 was not yet recorded in the books as of December 31, 2020 in the amount of P150,000, the principal amount is P145,000 and the interest income is P5,000.
4. The Petty Cash Fund of P10,000 was under the Cash in Bank account.
5. The check no. 2004 in payment of accounts payable was not yet pick up by the supplier as of December 31, 2021 in the amount of P75,000. This was already reflected in the Cash Disbursements Journal.
6. Bank service charges of P1,500 was not yet taken up in the books as of December 31, 2020.
7. Payment of accounts payable for P25,000 was recorded in the books as P2,500 in error.
8. Cash in the amount of P1,000,000 was earmarked for the acquisition of equipment the following year was under the Cash in Bank account.
9. Payment of notes payable- loan for P235,000 on December 20, 2020 was not yet recorded in the books, with principal amount of P230,000 and P5,000 interest.
10. The following PCVs were not replenished as of December 31, 2020: PCV No. 1001 for Office Supplies, P1,500; PCV No. 1002 for Advances to Employees, P2,500; PCV No. 1003 for Transportation Expense , P450.
Required - Provide the adjusting journal entries as of December 31, 2020?
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