Adjusting Entries Transcribed Image Text: lessons focused on English, Math, and Sciences. Presented below are the Mr. Stephen Fury, an experienced academic professor, aims to level the of academic programs

Adjusting Entries Transcribed Image Text: lessons focused on English, Math, and Sciences. Presented below are the
Mr. Stephen Fury, an experienced academic professor, aims to level the
of academic programs in schools. SuperBrains Tutorial offers after class
level of knowledge of students and cope up with the standardized delivery
unadjusted account balances of the company from January 1 to December
31, 2020.
Debit
Credit
Cash
P285,000
Accounts Receivable
Allowance for Doubtful Accounts
67,000
P5,360
Prepaid rent
Furniture and Fixtures
27,000
38,800
Accounts Payable
20,000
Unearned Service Revenue
23,000
Fury, Withdrawals
Fury, Capital
78,000
507,440
250,000
Service Revenue
190,000
Salaries Expense
Utilities Expense
20,000
70,000
Supplies Expense
Commissions and Bonuses
30,000
Additional information:
1. Based on past collection data, about 3% of credit service revenue is
uncollectible. 70% of service revenue came from cash services.
2. Unexpired portion of prepaid rent at the end of the year amounts to
P8,000.
3. Furniture and fixtures was purchased on August 31, 2020. It is expected
to benefit the company for three years with a disposable value of
P10,000.
4. Unrecorded payment of accounts payable, P15,000.
5. Unearned service revenue should be P15,000.
6. P20,000 of supplies expense are still unused.

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