[adelain]

Hindi ko kasi masagot yung last na adjusting entry eh (yung no.4 po), hindi ko alam ang tamang sagot, sana kung sino may alam, hindi po ako accountancy major, ito yung problem:

The books of Gabriel as of October 1, 20x9 show the following account balances:



In order to generate more funds for the expansion, Gabriel accepted Judiel as his partner. Judiel offers to invest cash to give him a capital credit equal to half of Gabriel's capital after giving affect to the following adjustments:

1. Merchandise inventory is to be valued at P79,000.
2. The allowance for doubtful accounts should be increased to 10% of the accounts receivable balance.
3. Furniture and fixtures are to be valued at P50,500.
4. Office supplies on hand, which have been have charged to expense in the past, amounted to P5,200. These supplies are to be used by the partnership.

Ito po pala sagot ko sa 1-3 paki-check po kung tama:



Pakisagot naman po yung last and then paki explain po thanks po na marami

[adelain]

up ko lang..help naman

[benzs13]

sa wakas may accounting major na rin ako nakita sa symb (bibihira kasi eh hehe)

advanced accounting yang para sa partnerships and corporations yan noh?

sa tingin ko mag crecredit ka sa capital at debit sa supplies on hand, dapat kasi debit to supplies on hand at credit sa supplies expense, kaso baka naiclose na sa income summary ung supplies expense kaya sa capital na lang idadagdag

accounting major din ako kaso baka nakalimutan ko na ung advanced accounting pero try ko lang ha, di ako cgurado kung tama sagot ko suggested answer ko lang yan its at your own risk

[adelain]

Originally Posted by benzs13

sa wakas may accounting major na rin ako nakita sa symb (bibihira kasi eh hehe)

advanced accounting yang para sa partnerships and corporations yan noh?

sa tingin ko mag crecredit ka sa capital at debit sa supplies on hand, dapat kasi debit to supplies on hand at credit sa supplies expense, kaso baka naiclose na sa income summary ung supplies expense kaya sa capital na lang idadagdag

accounting major din ako kaso baka nakalimutan ko na ung advanced accounting pero try ko lang ha, di ako cgurado kung tama sagot ko suggested answer ko lang yan its at your own risk

hindi ako accounting major, entrepreneurship major ko pre, hehe, di ko kaya mag major nyan..hehehe,,mamamatay ako..oo pre sa partnership formation ..
ganyan din sana sagot ko kasi parang na-close narin kasi ata ito eh kaya debit Gabriel, Capital P5,200, credit Office Supplies On hand, kaso di rin ako sure..bahala na..sino pa may alam ..help!!!!

[adelain]

up ko lang!!!!

[adelain]

up lang!! help!!!!

[adelain]

up ko lang..bukas na kasi ipapasa tong assignment ko..ehehe..salamat sa makakatulong sakin..

[Gangsda]

(Dr) Prepaid Office Supplies or simply office supplies 5200
(Cr) Gabriel Capital 5200

the concept is last year naging expense siya that why ang entry is Dr. Office Expense then Cr. Cash so ngayon na prior period mag aadjust ka kaya magdadagdag ka ng capital na at the same time mag rerecognized ka ng office supplies so BALANCE ang balance sheet at income statement for the year that the error was corrected