Need in adjusting entries: Transcribed Image Text: Trial Balance December 31, 2020 Cash 20,000 Accounts Receivable Notes Receivable 310,000 50,000 Inventory, beg Prepaid Insurance Prepaid Rent Supplies on hand Delivery

Need in adjusting entries: Transcribed Image Text: Trial Balance
December 31, 2020
Cash
20,000
Accounts Receivable
Notes Receivable
310,000
50,000
Inventory, beg
Prepaid Insurance
Prepaid Rent
Supplies on hand
Delivery Equipment
Accounts Payable
Notes Payable
Allowance for Doubtful Accounts
190,000
6,400
48,000
8,900
300,000
270,000
56,000
14,600
381,440
986,000
Jovita, Capital
Sales
Sales Returns
1,000
510,000
Purchases
Interest Income
2,120
Selling Expenses
232,000
Sales Discounts
1,300
29,800
General Expenses
Interest Expense
2,760
ТОTAL
P1,710,160 P 1,710,160 Transcribed Image Text: Data for adjustments on June 30 2020:
1. Inventory, December 31, P250,000
2. Losses from doubtful accounts are estimated at one-half of one percent of
net sales.
3. Only P2,900 of supplies remained unused.
4. The delivery equipment, P300,000, which was bought on January 1, 2020,
is expected to last 10 years from the date of purchase.
5. Insurance premiums of P3,400 have expired.
6. Accrued interest on notes payable is P200.
7. Prepaid interest on notes receivable is P800.
8. The prepaid rent represents rent paid on April 1, 2020 for one year’s rent
time.
9. Accrued interest on notes receivable is P1,220

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