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• The estimated bad debt is 3% of the Accounts Receivable.
Bad debts Expense 1575
Allowance for Bad Debts 1575
52,000 x 0.03= 1575
• Prepaid Rent represents 6 months starting March 06, 2020.
Rent Expense 133,333.33
Prepaid Rent 80,000
Rent Payable 53,333.33
80,000/6= 13,333.33 x 10= 133,333.33
• 9% of the supplies still on hand.
Supplies Expense 273
Supplies 273
• Building has an annual depreciation of 7%, purchased March 02, 2020.
Depreciation Expense- Building 17,500
Accumulated Depreciation- Building 17,500
300,000 x 0.07= 21,000/12= 1750 x 10= 17,500
• Furniture & Fixtures has an annual depreciation of 30%, purchased March 04, 2020.
Depreciation Expense- Furniture & Fixtures 75,000
Accumulated Depreciation- Furniture % Fixtures 75,000
300,000 x 0.30= 90,000/12= 7,500 x 10= 75,000
• Equipment has an estimated useful life of 7 years, with a scrap value of P70,000, purchased March 10, 2020.
Depreciation Expense- Equipment 52,857.14
Accumulated Depreciation- Equipment 52,857.14
440,000 - 70,000 = 370,000/7= 52,857.14
• Transportation Vehicle has an estimated useful life of 15 years, with a scrap value of P750,000, purchased March 02, 2020.
Depreciation Expense- Transportation Vehicle 50,000
Accumulated Depreciation- Transportation Vehicle 50,000
1,500,000 - 750,000= 750,000/15= 50,000
• 13% of the Car Rental income still unearned
Rent Income 159,250
Unearned Income 159,250
1,225,000 x 0.13 = 159,250
• The following expenses are still unpaid: Salaries P3,500 and Utilities P500.
Salaries Expense 3,500
Utilities Expense 500
Salaries Payable 3,500
Utilities Payable 500
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