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    Problems 1-8 Bfar

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    Ma Ginalyn Parreño Pelaez
    The document provides information about transactions made by Jessica Selisana Consulting in 2021 and instructions to record adjusting entries for those transactions. It lists receipts for professional services, payment for advertising, and accrued salaries. The adjusting entries record the portion of revenue and expenses applicable to 2021, along with reversing entries and payment of accrued salaries on January 4, 2022.

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    Problems 1-8 Bfar

    Uploaded by

    Ma Ginalyn Parreño Pelaez
    398 views3 pages
    The document provides information about transactions made by Jessica Selisana Consulting in 2021 and instructions to record adjusting entries for those transactions. It lists receipts for professional services, payment for advertising, and accrued salaries. The adjusting entries record the portion of revenue and expenses applicable to 2021, along with reversing entries and payment of accrued salaries on January 4, 2022.

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    BFAR PROBLEMS

    Original Title

    PROBLEMS 1-8 BFAR

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    The document provides information about transactions made by Jessica Selisana Consulting in 2021 and instructions to record adjusting entries for those transactions. It lists receipts for professional services, payment for advertising, and accrued salaries. The adjusting entries record the portion of revenue and expenses applicable to 2021, along with reversing entries and payment of accrued salaries on January 4, 2022.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    398 views3 pages

    Problems 1-8 Bfar

    Uploaded by

    Ma Ginalyn Parreño Pelaez
    The document provides information about transactions made by Jessica Selisana Consulting in 2021 and instructions to record adjusting entries for those transactions. It lists receipts for professional services, payment for advertising, and accrued salaries. The adjusting entries record the portion of revenue and expenses applicable to 2021, along with reversing entries and payment of accrued salaries on January 4, 2022.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    Chapter 6: Problems 1-8

    Problem 1: Adjusting Entries

    Listed below are transactions made by the Jessica Selisana Consulting during 2021:
    Required#1: Assume that these transactions were initially recorded in the balance sheet accounts, record the adusting entries
    Required#2: Now, assume that these trnsactions were initially recorded in income statement accounts, record the adjusting e

    July 1. Received a check from Cebu ferries in the amount of 270,000 for professional services to be rendered over the next 18
    Oct 1. Paid P135,000 for advertising to be provided for the next 9 months
    Dec 31. As at Dec. 31, 2021, P230,000 of salaries have accrued. Assuming that payday is on Jan. 4, 2022 and P620,000 in salari

    Journal entries
    Date Particulars Debit Credit Date
    1-Jul Accounts Recievable 270,000 1-Jul
    Professional Fee 270,000
    to record professional fees on account

    1-Oct Prepaid Advertising 135,000 1-Oct


    Cash 135,000
    to record advance payment

    31-Dec Salaries Payable 230,000 31-Dec


    Salaries Expense 230,000
    to record liability on account

    4-Jan
    ts, record the adusting entries. Also record the Jan. 4, 2022 payment of salaries.
    counts, record the adjusting entries. Also, record the Jan 1,2022 reversing entries and the Jan 4,2022 payment of salaries.

    be rendered over the next 18 months

    4, 2022 and P620,000 in salaries were paid on that date.

    Adjusting entries Reversing entries


    Particulars Debit Credit Date Particulars
    Professional Fee 270,000 1-Jan
    Unearned Revenue 270,000
    to record service on account

    Prepaid Advertising 135,000 4-Jan


    Prepaid Expense 135,000
    to record advertising expense

    Salaries Expense 230,000


    Salaries Payable 230,000
    to record payment salaries on account

    Salaries Expense 390,000


    Salaries Payable 230,000
    Cash 620,000
    ent of salaries.

    Debit Credit

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