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Accounting

1. The following are selected balances before adjustments and adjustments data for Prometheus Inc at end of annual accounting periods, December 31, 2010:

Adjustment Data:

a) Allowance for bad debts was estimated at Rs.3,000
b) Insurance policy was acquired on May 1,2010 for one year
c) Rent for prepaid to the extent of Rs.12,000
d) Rent payable amounted to Rs.12,000
e) Salaries were prepaid to the extent of Rs.6,000
f) Actual salaries expense for the year amounted to Rs.78,000
g) Advertising payable amounted to Rs.14,000
h) Actual advertising expense for the year amounted to Rs.21,000
i) Prepaid taxed were Rs.24,000
j) Actual taxes for the year amounted to Rs.27,000

Required: Prepare adjusting entries in general journal

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91769174

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