Help With Study Guide Questions

[123456tacos]

I need help with my study guide for my exam tomorrow, I know I need to use adjusting entries but these problems are killing me, so please help and thanks in advance

 

[123456tacos]

i59.tinypic. com/rjhcn9.jpg

 

[123456tacos]

Image file of the problems ^

 

[Counterofbeans]

Link isn't working

 

[123456tacos]

Just copy and paste and erase the space between the tinypic and the ".com" the website wouldnt let me post links so sorry

 

[Counterofbeans]

I've read the study questions.

Why don't you tell me where you are stuck and I'll help you through it

 

[Triest123]

I need help with my study guide for my exam tomorrow, I know I need to use adjusting entries but these problems are killing me, so please help and thanks in advance

=> Your question is talking about "post balance sheet events' of which item 1 & 3 are adjusting events, item 2 is a non-adjusting event.

Item 1 : Dr Bad debts P800,000
Cr Allowances for doubtful debts P800,000

Item 2 No need for making adjusted entry (it should be disclosed as a "note to account')

Item 3 Dr Loss on disposal of Equipment P400,000
Cr Receivable from Insurance entity P400,000