1. Strawberry Company leased out a parking space for P3,500 a month. ent for the last !

!uarter has not

been collected.
". Strawberry Company#s $nused Supplies account had a balance of P%,000. &n in'entory at year(end
re'ealed supplied on hand amounted to P",050.
3. )eekly wages of employees of Strawberry Company for a fi'e(day work week total P"0,000 payable
on *ridays. +ecember 31, "011 fell on a ,hursday.
%. & 150(day 1-. note for P3%,000 was recei'ed from a customer for ser'ices rendered. /t will mature on
0arch 1- of the following year.
5. *ebruary 1, "01" ( Purchased a two(year policy amounting to P310,000. $pon payment, the company
debited 2Prepaid /nsurance.3
1. 4n &ugust 1, Strawberry Company recei'ed P151,000 in ad'ance subscriptions for si5 months.
$nearned Subscriptions e'enue was credited upon receipt.
-. &ccounts recei'able and &llowance for doubtful accounts at +ecember 31, "011 amounted to
P100,000 and P10,000, respecti'ely, before ad6ustments. /t is the company policy to increase allowance
by 3. of accounts recei'able e'ery year.
7. &n e!uipment was purchased on 8anuary 1, "007 for P300,000 cash. 9ased on the company#s
estimations, scrap 'alue is "0. of cost and useful life is 5 years.
1. )hat is the carrying 'alue of the e!uipment at +ecember 31, "011:
". )hat is the net reali;able 'alue of accounts recei'able at +ecember 31, "011: