Questions - A detailed analysis of the cash account shows the following debits and credits:
(Equipment disposed of has an original cost of P60,000 and corresponding accumulated depreciation of P10,000 as of that time.)
Required:
1. Reversing entries as of January 1, 2016.
2. Journal entries to record the transactions completed during the year.
3. Adjusting entries as of December 31, 2016.