PAMANTASAN NG LUNGSOD NG VALENZUELA

College of Accountancy
FINANCIAL ACCOUNTING AND REPORTING (FAR1)
Assignment 03: Adjusting Entries - Accruals

Name: Course Year-Section:

Based on the following data, prepare the necessary adjusting entries, in general journal form, at the end of the
calendar year 2017. Each entry must have a date and a brief explanation.
a. Salaries already earned by the employees but not yet paid as of December 31, P12,750.
b. Commission already earned but not yet collected as of December 31, P11,400.
c. Rent due and uncollected from the tenants for the month of December, P15,000.
d. Interest on notes payable, accrued and not yet paid, P1,500.
e. Interest on notes receivable, accrued and not yet collected, P2,200.
f. A 60-day, 12% note payable for P150,000, dated November 21, is outstanding as of December 31.
Interest on note is payable upon maturity.
g. A 30-day, 15% note receivable for P120,000, dated December 11, is outstanding as of December 31.
Interest is collectible upon maturity of the note.
h. Service income that is significantly earned as of December 31, but not yet billed to the clients, P45,500.
i. Fee for the services of a private consultant, not yet paid and recorded in the books, P10,000.
j. Utilities already incurred but not yet billed and paid, estimated at P4,520.

FAR1: Assignment 03 – Adjusting Entries - Accruals (2018-2019 - 1st Semester) jvacpa Page 1 of 1