Instruction: For the following items, determine the date of the adjustments and make an appropriate adjusting entries on the perspective of the subject company. Flores Ticketing acquired supplies on account on October 1 for P50,000. He recorded the purchase of supplies using expense method. The company makes adjustments monthly. Physical count revealed supplies remaining amounted to P20,000. On May 15, Wedding "R" received P10,000 as an advance payment for referrals made. Assume that by the end of the month, one of the three couples referred has taken their mariage vows and as a result the amount of P4.000 pertaining to the referred event has been realized.

Instruction: For the following items, determine the date of the adjustments and make an appropriate adjusting entries on the perspective of the subject company. Flores Ticketing acquired supplies on account on October 1 for P50,000. He recorded the purchase of supplies using expense method. The company makes adjustments monthly. Physical count revealed supplies remaining amounted to P20,000. On May 15, Wedding "R" received P10,000 as an advance payment for referrals made. Assume that by the end of the month, one of the three couples referred has taken their mariage vows and as a result the amount of P4.000 pertaining to the referred event has been realized.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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