During your examination of the 20×3 financial statements of Goyo Company, the following data were discovered. Give any correcting and adjusting entries called for by the information given. Disregard any

During your examination of the 20×3 financial statements of Goyo Company, the following data were discovered. Give any correcting and adjusting entries called for by the information given. Disregard any effects on income tax. 7. Accrued sales commissions due to the salesmen had been overlooked in adjusting the accounts at the end of 20×1 and 20×2. Accrued amounts were: 20×1 – P1,350; 20×2 – P1,460. Accrued commissions at the end of 20×3 are P1,940. 8. Checks totaling P1,300 issued to former employees in 20×2 are still outstanding. The present whereabouts of such employees are unknown, and it is doubtful whether the checks will be presented for payments. 9. Merchandise costing P1,600, received on December 31, 20×3, had been included in the physical inventory taken on that date; however, the purchase was recorded when the invoice was received on January 4, 20×4.

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