ADJUSTING ENTRIES
P9-5 The following information is taken from the ledger of ACE Trading Co. as of December 31, 2010, after its first year of operations:
Cash 520,100
Accounts receivable 690,000
Notes receivable 170,500
Prepaid insurance 80,000
Store supplies 100,750
Office supplies 150,210
Furniture and Fixtures 830,500
Accounts payable 450,000
Notes payable 500,000
J. King, capital ?
J. King, drawing (debit) 380,000
Sales 3,800,000
Sales returns & allowances 130,050
Purchases 2,840,500
Purchase discount 230,000 Transportation-in 180,600 Store salaries 360,400 Advertising 140,500 Transportation -out 80,700 Office salaries 240,800 Rent expense 360,000 Other office expenses 50,540 Interest income 1,800 Adjusting information on December 31, 2010 is given below: 1. Merchandise on hand per physical count, P565,000 2. Accrued interest on notes receivable, P2,900 3. Unexpired insurance, P35,000 4. Rent expense includes P55,000 paid in advance 5. Accrued office salaries, P12,500 6. Unpaid telephone bill for the month, P4,500. 7. Inventory of office supplies, P34,500 8. Depreciation of furniture and fixtures is 10% per annum 9. Estimated uncollectible accounts is 5% of outstanding accounts receivable. 10. Accrued interest in notes payable, P4,500.
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