01 Activity 2 everybody will want this PDF

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01 Activity 2 everybody will want this no no no no yes it could be nice...

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BM2015

NAME: Myca Angeles BSA601

DATE: 13/03/22

SCORE:

ACTIVITY Answer the following items on a separate sheet of paper. Prepare audit adjustments for the following situations you find in the records of Jasmine, Inc., which closes its accounts December 31, 20x1: (10 items x 2 points) a. December 31 ,20x1 Advertising Expense Cash

12,000 12,000

b. Balance of Office Supplies Expense at Dec. 31, 20x1 Balance of Office Supplies on Hand at Dec. 31, 20x1 Inventory value of Office Supplies at Dec. 31, 20x1 c.

P5,000 500 750

June 1, 20x1 Prepaid Insurance 1,800 Cash 1,800 Records payment of 36-month policy for fire loss on inventory

d. Balance of Factory Supplies Expense account at Dec. 31, 20x1 Physical inventory of Factory Supplies at Dec. 31, 20x1

P3,300 P1,100

e. On May 1, 20x1, a three-year subscription to the Professional Journal in the amount of P1,800 was mailed in but not paid for. Subscriptions Expense was charged for the entire amount. f.

On September 1, 20x1, paid 36 months premium of P3,600 on fire and extended coverage on the building. No amortization of this premium has been recorded to date, and the full amount remains in the Prepaid Insurance account.

g. Signed a 10-year lease for a new warehouse; the closing costs of P12,000 paid on July 1, 20x1, effective date of lease, was charged to Rent Expense. h. Paid annual dues of P1,200 on September 1, 20x21, to the Chamber of Commerce and charged Dues and Subscription Expense. i.

Subscribed to Building Reports on April 1, 20x1, agreeing to pay equal semi-annual installments of P720 each. The first payment was charged to Prepaid Dues and Subscriptions, and the second was charged to Dues and Subscriptions Expense.

j.

Vacation advances were made in the amount of P6,000 on December 15, 20x1, and charged to Vacation Expense. Of this amount, P3,000 applies to vacations starting January 1, 20x2.

01 Activity 2

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Adjusting Journal Entries: a. Prepaid advertising

P12,000

Advertising expense b. Office supplies on hand

P12,000 250

Office supplies expense c. Insurance expense

250 350

Prepaid insurance d. Factory supplies on hand

350 1,100

Factory supplies expense e. Unexpired subscriptions

1,100 1,400

Subscription expense (28/36 x P1,800) f. Insurance expense

1,400 400

Prepaid insurance (4/36 x P3,600) g. Prepaid closing costs

400 11,400

Rent expense (9.5/10 x P12,000) h. Unexpired dues and subscriptions

11,400 800

Dues and subscriptions expense (8/12 x P1,200) i. Dues and subscriptions expense

800 360

Prepaid dues and subscriptions j. Prepaid vacation expense Vacation expense

360 3,000 3,000...