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Insurance Expense
Cash
24, 900
Prepaid Insurance
Insurance Expense
20, 750
24, 900
20, 750
Supplies expense
Supplies
33, 700
33, 700
c. Del Mundo received a P27, 000 payment from the City Government of Batangas for servicing
police vehicles for a nine month period commencing November 1, 2015. The payment is
reflected in the Unearned Revenues Account.
11/1/15
Cash
27, 000
Unearned Revenues
12/31/15
Unearned Revenues
Service revenues
27, 000
6, 000
6, 000
252, 000
252, 000
Depreciation Expense
21, 000
Accumulated Depreciation
21, 000
e. The last day of December 2015 fell on a Thursday and the del Mundos employees are paid
P25,000 every Friday (for a 5 day workweek).
25, 000/5 = 5, 000 x 4 = 20, 000
12/31/15
f.
Salaries Expense
Salaries Payable
20, 000
20, 000
Salaries Payable
Cash
9, 000
9, 000