Académique Documents
Professionnel Documents
Culture Documents
Additional info
1. Merchandise inventory at the end of the year is 400,000
2.The insurance premium is paid on May 1,2013
3.Accrued salaries and wages at the end of the year is 15,000
ADJUSTING ENTRIES
debit credit
Merchandise Inventory 400,000.00
Income and Expense Summary 400,000.00
Insurance Expense 24,000.00
Prepaid Insurance 24,000.00
50,000.00
24,000.00
15,000.00
Php 1,329,000.00 Php 1,562,000.00 Php 1,222,000.00 Php 989,000.00
Php 233,000.00 Php 233,000.00
Php 1,562,000.00 Php 1,562,000.00 Php 1,222,000.00 Php 1,222,000.00
SILVER RED ENTERPRISE
CLOSING ENTRIES
December 31, 2013