Reference no: EM132677589
Problem a: What are the entries of:
1. Interest at 12% per annum on the Php60,000 Notes Receivable dated October 1, was due but not yet paid.
2. The four-month Php12,000.00 prepaid insurance was paid on Nov. 2 of the current year
3. Supplies Inventory at the end of December 31 amounted to Php4,850.00
4. Delivery and Store Equipment has an estimated useful life of twenty years.
5. Office Equipment has an estimated useful life of five years.
6. Accrued Sundry Payables as of December 31 were as follows: Unpaid Sales Salaries 10,000.00 Accrued Store Rental 10,000.00 Unpaid Office Salaries 5,000.00 Accrued advertising Expense 3,000.00
7. It is estimated that 1% of Accounts Receivable will be uncollectible
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