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REALYN TRIA - Fundamentals of Accounting-Activity Sheet 07

This activity sheet provides adjusting journal entries for Flag Company as of December 31, 2019. The entries include prepaid insurance, accrued interest on notes, depreciation of equipment, unpaid taxes, unpaid salaries, unearned interest income, consumed office supplies, unearned rent income, and consumed office supplies.

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RICARDO JOSE VALENCIA
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105 views1 page

REALYN TRIA - Fundamentals of Accounting-Activity Sheet 07

This activity sheet provides adjusting journal entries for Flag Company as of December 31, 2019. The entries include prepaid insurance, accrued interest on notes, depreciation of equipment, unpaid taxes, unpaid salaries, unearned interest income, consumed office supplies, unearned rent income, and consumed office supplies.

Uploaded by

RICARDO JOSE VALENCIA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Activity Sheet 07

Name: TRIA, REALYN M. Rating: __________________

Course / Year / Section: BSIE 3A

Prepare the adjusting journal entries as of Dec 31, 2019 for the following information gathered from the
ledger of Flag Company:
a.) Unexpired of the Prepaid Insurance account balance of P 42,500 was P 24,500.
b.) Accrued Interest on Notes issued P 1,270.
c.) Equipment acquired on March 31, 2019 at P 120,000, has a scrap value of P 4,000 with estimated
life of 10 years.
d.) Unrecorded unpaid taxes P 18,500.
e.) Unpaid salaries P22,500.
f.) Interest received and credited to Unearned Interest Income account was P 14,000 of which only P
12,000 was earned.
g.) Office supplies has a balance of P 8,000. Consumed as of Dec 31, 2019 was P 6,800.
h.) Unearned Rent Income account has a balance of P 24,000 of which P 20,000 was rent earned.
i.) Office Supplies balance was P 5,600 of which P 1,600 was consumed.
Account Title Debit Credit

a.) Insurance Expense P 18,000


Prepaid Insurance P 18,000
b.) Interest Expense P 1,270
Interest Payable P 1,270
c.) Depreciation Expense P 8,700
Accumulated Depreciation-Equipment P 8,700
d.) Tax Expense P 18,500
Tax Payable P 18,500
e.) Salaries Expense P 22,500
Salaries Payable P 22,500
f.) Unearned Interest Income P 12,000
Interest Income P 12,000
g.) Office Supplies Expense P 6,800
Office Supplies P 6,800
h.) Unearned Rent Income P 20,000
Rent Income P 20,000
i.) Office Supplies Expense P 1,600
Office Supplies P 1,600

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