hi,..!! i hope u can answer it,..

the following data are gathered prior to the preparation of the year end adjusting journal entries of IEMELIF enterprises:

nature: last payment date:
TAXES december 15, 20-7
ELECTRICITY december 22, 20-7
WATER december 10, 20-7
WAGES december 27, 20-7

period covered
by the payment: amount paid:
MONTH OF NOVEMBER P 8,345
NOVEMBER 16 TO DECEMBER 15 P7,530
OCTOBER 26 TO NOV.25 P1,890
6 DAYS, UNTIL DEC27 P76,590

accrued wages is for three days, dec.28,29 and 31

required:
a.)based on the given information, estimate the accrued expenses as of december 31 20-7
b.)prepare the needed adjusting journal entries as of dec. 31, 20-7

a.) To estimate the accrued expenses as of December 31, 20-7, we need to calculate the amount of expenses incurred but not yet paid.

1. Accrued Taxes: The last payment date is December 15, 20-7. Therefore, there are no accrued taxes as of December 31, 20-7.

2. Accrued Electricity: The last payment date is December 22, 20-7. Therefore, there are no accrued electricity expenses as of December 31, 20-7.

3. Accrued Water: The last payment date is December 10, 20-7. Therefore, there are no accrued water expenses as of December 31, 20-7.

4. Accrued Wages: The wages payment covers until December 27, 20-7, and accrued wages is for three days (December 28, 29, and 31).
Calculation:
Wages paid until December 27: P76,590
Accrued wages for 3 days: 3/27 * P76,590 = P8,510

Therefore, the estimated accrued wages as of December 31, 20-7 is P8,510.

b.) Now, let's prepare the adjusting journal entries as of December 31, 20-7:

1. Accrued Wages:
Debit: Wages Expense
Credit: Accrued Wages

Wages Expense will increase by P8,510, and Accrued Wages will increase by the same amount.

2. No other adjustments are needed based on the given information.

Please note that this is a simplified estimation and more detailed information may be required for a complete and accurate adjustment. It is recommended to consult a professional accountant or refer to the relevant accounting guidelines for your jurisdiction.

To estimate the accrued expenses as of December 31, 20-7, we need to calculate the expenses incurred but not yet paid for each type.

To estimate the accrued expenses, follow these steps:

1. Calculate the number of days between the last payment date and December 31, 20-7 for each expense:

- TAXES: December 31, 20-7 minus December 15, 20-7 = 16 days
- ELECTRICITY: December 31, 20-7 minus December 22, 20-7 = 9 days
- WATER: December 31, 20-7 minus December 10, 20-7 = 21 days
- WAGES: December 31, 20-7 minus December 27, 20-7 = 4 days (excluding the accrued wages)

2. Calculate the daily expense for each type:

- TAXES: Amount paid for the period covered / Number of days in the period covered.
Daily taxes expense = P7,530 / 30 (November 16 to December 15) = P251

- ELECTRICITY: Amount paid for the period covered / Number of days in the period covered.
Daily electricity expense = P8,345 / 30 (Month of November) = P278.17

- WATER: Amount paid for the period covered / Number of days in the period covered.
Daily water expense = P1,890 / 31 (October 26 to November 25) = P61.29

- WAGES: Amount paid for the period covered / Number of days in the period covered.
Daily wages expense = P76,590 / 6 (until December 27) = P12,765

3. Calculate the accrued expenses for each type:

- TAXES: Daily taxes expense x Number of days between last payment date and December 31.
Accrued taxes expense = P251 x 16 = P4,016

- ELECTRICITY: Daily electricity expense x Number of days between last payment date and December 31.
Accrued electricity expense = P278.17 x 9 = P2,503.53

- WATER: Daily water expense x Number of days between last payment date and December 31.
Accrued water expense = P61.29 x 21 = P1,286.09

- WAGES: Daily wages expense x Number of days between last payment date and December 31 (excluding the accrued wages).
Accrued wages expense = P12,765 x 3 = P38,295

Now let's move on to preparing the adjusting journal entries as of December 31, 20-7.

Adjusted Journal Entries:

1. To record the accrued expenses:
- Debit: Expenses (e.g., Taxes Expense, Electricity Expense, Water Expense, Wages Expense)
- Credit: Accrued Expenses (e.g., Accrued Taxes, Accrued Electricity, Accrued Water, Accrued Wages)

2. To record the wages expense:
- Debit: Wages Expense
- Credit: Accrued Wages

Make sure to include the appropriate account titles, amounts, and date in the adjusting journal entries.