a. Bank note issued last October 1, 2019 maturing in 20 months with 3% interest...
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Accounting
| a. | Bank note issued last October 1, 2019 maturing in 20 months with 3% interest | ||||||||||||
| b. | The useful life of the building is 20 years with a salvage value of Php 50,000 | ||||||||||||
| c. | Paid employees salaries and commission for October 17 to October 31, 2019 | ||||||||||||
| d. | It is expected that 5% of the accounts from Ms. Silvanna is deemed uncollectible. | ||||||||||||
| e. | Records show that there are still remaining Php 3,480 worth of art and crafts supply. | ||||||||||||
| f. | Purchase of insurance last October 15, 2020 was not recorded. The insurance contract is worth 72,000 and is valid until October 15, 2023. | ||||||||||||
| Requirements: | |||||||||||||
| 1 | Prepare the necessary journal entries for the month ending October 31, 2019 | ||||||||||||
| 2 | Prepare the adjusted trial balance | ||||||||||||
| 3 | Prepare the (1) Income Statement; and (2) Statement of Financial Position for October 2019 | ||||||||||||
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