DATE LIABILITY METHOD DEBIT CREDIT INCOME METHOD DEBIT CREDIT

DEC.31 Unearned rent Php. Rent income Php.28,000

2X12 income 20,000 Php.20,000 Unearned rent income Php.28,000
Rent income
DEC. 31 Cash Php.2,500 Cash Php.6,800
2X12 Commission in Php.2,500 Sales Php.6,800
advance
DEC. 31 Interest receivable Php.1,800 Interest income Php.1,800
2X12 Interest income Php.1,800 Interest receivable Php.1,800

CARL JAKE LASTIMOSA GRADE 12 ABM

IX. Adjusting journal entries- Deferrals/unearned income

X. Adjusting journal entries- Accruals (accrued

Expense and Accrued Income)
ACCOUNT TITLES AND EXPLANATION
DATE DEBIT CREDIT
Dec.31 2X12 Utilities Expense Php.4,500
Allowance for Doubtful Accounts Php.4,500
-to record the utilities expense
DEC.31 2x12 Interest Expense Php.6,200
Interest Payable Php.6,200
-to record the interest expense
DEC.31 2x12 Commission Expense Php.18,00
Commission Payable Php.18,00
-to record the Commission Expense
DEC.31 2x12 Salaries Expense Php.3,000
Salaries Payable Php.3,000
-to record the Salary Expense

XII. Adjusting Journal Entries- Bad debts/Doubtful

Accounts
 ACCOUNT TITLES AND EXPLANATION
DATE DEBIT CREDIT
DEC.31 2X12 Bad Debt expense Php.12,000
Allowance for Doubtful Accounts Php.12,000
-to record the Bad Debt Expense
DEC.31 2X12 Bad Debt Expense Php.13,300
Allowance for Bad Debt Php.13,300
-to record the Bad Debt Expense

XIV. Adjusting Journal Entries- Depreciation

DATE ACCOUNT TITLES DEBIT CREDIT
DEC.31 2X12 Depreciation Expense-bldg. Php.55,000
Accumulated Depreciation-bldg. Php.55,000
DEC.31 2X12 Depreciation Expense Php.4,066.67
Accumulated Depreciation- Furniture and Php.4,066.67
Fixture
DEC.31 2X12 Depreciation Expense Php.2,500
Accumulated Depreciation- Office Equipment Php.2,500

VII. Adjusting Journal Entries- Prepayments/Prepaid

Expense
DATE ASSET DEBIT CREDIT EXPENSE DEBIT CREDIT
DEC.31 2X12 Rent Expense Php.27,500 Prepaid Rent Php.27,50
Prepaid Rent Php.27,500 Rent Expense 0 Php.27,500
DEC. 31 2X12 Service Supplies Php.12,000 Service Supplier Php.6,000
Expense Php.12,000 Service Supplier Php.6,000
Supplies Expense
DEC.31 2X12 Interest Expense Php.1,600 Prepaid Interest Php.800
Prepaid Php.1,600 Expense Php.800
Insurance Interest Expense
DEC.31 2X12 Insurance Php.3,125 Prepaid Insurance Php.26,87
Expense Expense 5
Prepaid Php.3,125 Insurance Expense Php.26,875
Expense