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  • Problem 15

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    Alyssa Jane G. Alvarez
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    The company sells magazines by subscription for P15 per copy. During the year, 47,200 two-year subscriptions were sold. As at June 1, 2019, the Unearned Magazine Revenues account had a balance of P315,000. At yearend, it is determined that the liability to provide subscriber’s future magazines amounted to P613,000.

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    The company sells magazines by subscription for P15 per copy. During the year, 47,200 two-year subscriptions were sold. As at June 1, 2019, the Unearned Magazine Revenues account had a balance of P315,000. At yearend, it is determined that the liability to provide subscriber’s future magazines amounted to P613,000.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    237 views1 page

    Problem 15

    Uploaded by

    Alyssa Jane G. Alvarez
    The company sells magazines by subscription for P15 per copy. During the year, 47,200 two-year subscriptions were sold. As at June 1, 2019, the Unearned Magazine Revenues account had a balance of P315,000. At yearend, it is determined that the liability to provide subscriber’s future magazines amounted to P613,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Problem 15

    Preparing a Trial Balance


    The ledger of Daria Tolentino Advertising and Publicity contained the following account balances as at Oct. 31,
    2010:

    Cash 160,000
    Accounts Receivable 426,000
    Prepaid Insurance 36,000
    Equipment 524,000
    Accounts Payable 245,000
    Tolentino, Capital 765,000
    Tolentino, Withdrawals 562,000
    Advertising Revenues 964,000
    Public Relation Revenues 425,000
    Salaries Expense 520,000
    Rent Expense 90,000
    Supplies Expense 40,000
    Utilities Expense 24,000
    Miscellaneous Expense 17,000

    ANSWER:
    ACCOUNT TITLES DEBIT CREDIT
    Cash 160,000.00
    Accounts Receivable 426,000.00
    Prepaid Insurance 36,000.00
    Equipment 524,000.00
    Accounts Payable 245,000.00
    Tolentino, Capital 765,000.00
    Tolentino, Withdrawals 562,000.00
    Advertising Revenues 964,000.00
    Public Relation Revenues 425,000.00
    Salaries Expense 520,000.00
    Rent Expense 90,000.00
    Supplies Expense 40,000.00
    Utilities Expense 24,000.00
    Miscellaneous Expense 17,000.00
    TOTAL: ₱ 2,399,000.00 ₱ 2,399,000.00

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