Adjusting Entries for Accruals - Accrued Revenue and Accrued Expense (Tagalog Explained)

ACCRUED REVENUE - any revenue that has been earned but not yet recorded
1. RDS Events agreed to arrange a rush but simple wedding for madly in-love couple in the afternoon of May 31. The entity is to charge fees P5,300 for the services, which is earned but unbilled.
2. Invested P90,000 cash in certificate of deposit that paid 4% annual interest. The certificate was acquired on May 1 and carried a 1-year term to maturity. Prepare the adjusting entry for the month ended.
3. Invested P90,000 cash in certificate of deposit that paid 4% annual interest. The certificate was acquired on May 1 and carried a 1-year term to maturity. Prepare the adjusting entry for the year ended December 31, 2017.
Effects of Omission: A nd Income Understateed
ACCRUED EXPENSES may mgga pagkakataon na ang isang business ay gumagastos pero hindi pa nababayaran halimbawa, salaries, utilities, interest etc.
1. Accrued salaries for the year ended December 31, 2016 amounted to P34,500.00.
2. Assume that on, July 2, a Friday, the entity, which is on a five day workweek and pays employees weekly, paid its regular salaried employees p192,000. Prepare the adjustments for the month ended June 30, 2019.
3. Accrued utilities for the month ended March 31, 2020 is P50,000.
4. On September 1 Patricia issued a promissory note amounting to P100,000, 10% interest on an annual basis. Assuming that every month Patricia records all interest on the note, prepare the adjustment for the month of September 2017.
5. On September 1 Patricia issued a promissory note amounting to P100,000, 10% interest on an annual basis. Assuming that every month Patricia records all interest on the note, prepare the adjustment for the year ended Dec 31
6. Borrowed P500,000 by issuing a 1-year note with 10% annual interest to Rural Bank of Limay on October 1, 2016. Prepare the adjusting entry for the month of October.
7. Borrowed P500,000 by issuing a 1-year note with 10% annual interest to Rural Bank of Limay on October 1, 2016. Prepare the adjusting entry for the year ended Dec. 31, 2020.
Effects of Omission: L and E understated
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