Reference no: EM132893323
Problem 1: Write the journal entry first (if one is needed) to record the transactions; and then the adjusting entry, if any is required, for the end of the accounting period of Car Jack Company on December 31, 2018.
1. On Nov 1, Jack borrowed P 300,000 cash from China Bank by issuing a promissory note with an interest of 12% per annum. Both the principal and the interest is payable after one year, that is October 31, 2019.
2. On Dec 28, Jack received the MERALCO bill for the month of December amounting to P2,000. Jack will pay this bill on its due date - January 7 2019.
3. Car Jack Company has 10 employees that are paid on biweekly basis (every two weeks). The total payroll amount every month is P 180,000. The two-week pay period ended on January 3, 2019.
4. On Dec 29, Jack received the Maynilad bill and SKY internet bill for the month of December amounting to P 4,000. Jack will pay this bill on its due date - January 10, 2019.
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