Analyzing Accounts
Adjusting the Accounts problem $\# 12$ Analyzing Accounts The income statement for Vivian Asacta Events Management included the following expenses for 2020 : Rent Expense Interest Expense Salaries Expense \[ \begin{array}{r} P 780,000 \\ 117,000 \\ 1,245,000 \end{array} \] Listed below are the related balance sheet account balances at year end for last year and this year. \begin{tabular}{lrrr} & Last Year & & \multicolumn{1}{c}{ This Year } \\ Prepaid Rent & - & P 13,500 \\ Interest Payable & P18,000 & - \\ Salaries Payable & 75,000 & 114,000 \end{tabular} Required: 1. Compute the cash paid for rent during the year. 2. Compute the cash paid for interest during the year. 3. Compute the cash paid for salaries during the year.