1, 20x1 under each of the following methods: b. Provide the adjusting entries on December 31, 20x1 under a Provide the journal entry to record the collection on May Splitting of mixed accounts 2 On May 1, 20x1, Entity B received one-year advanced rent of P480,000 from one of its tenants. The advanced rent covers the months of May 1, 20x1 to April 30, 20x2. Requirements: 1, 20x1 under each of the following methods: i. Liability method All rights belongs to respective a Please consider buvina the origi Chapters 266 ii. Income method each of the methods listed above.
1, 20x1 under each of the following methods: b. Provide the adjusting entries on December 31, 20x1 under a Provide the journal entry to record the collection on May Splitting of mixed accounts 2 On May 1, 20x1, Entity B received one-year advanced rent of P480,000 from one of its tenants. The advanced rent covers the months of May 1, 20x1 to April 30, 20x2. Requirements: 1, 20x1 under each of the following methods: i. Liability method All rights belongs to respective a Please consider buvina the origi Chapters 266 ii. Income method each of the methods listed above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Accounting
Transcribed Image Text:a. Provide the journal entry to record the collection on May
6. On August 1, 20x1, Entity C paid one-year insurance of
b. Provide the adjusting entries on December 31, 20xl under
a. Provide the journal entry to record the prepayment on
August 1, 20xl under each of the following methods:
b. Provide the adjusting entries on December 31, 20x1 under
1, 20x1 under each of the following methods:
Splitting of mixed accounts
* On May 1, 20x1, Entity B received one-year advanced rent of
P480,000 from one of its tenants. The advanced rent covers the
months of May 1, 20x1 to April 30, 20x2.
Requirements:
1, 20x1 under each of the following methods:
i.
Liability method
All rights belongs to respective autho
Please consider buvina the oricinal
266
Chapters
ii.
Income method
each of the methods listed above.
P360,000.
Requirements:
i.
Asset method
ii. Expense method
each of the methods listed above.
Transcribed Image Text:December 31, 20x1. Of that amount, 5% is doubtful of
October 31, 20x1 under each of the following methods:
of 20 years. Your business records depreciation only at year-
collection and should be expensed. What is the adjusting entry
b. Provide the adjusting entries on December 31, 20xl under
a. Provide the journal entry to record the prepayment on
the note are due at maturity date. What is the adjusting entry
of P4,000. As of December 31, 20x1, the tenant has not yet paid
the rent for the months of November and December. What is
the adjusting entry on December 31, 20x1? v Ven ine "Ve
1. Your business received a 14%, P400,000, one-year, note from a
customer on June 1, 20x1. Both the principal and interest on
& Your business acquired a building on May 1, 20x1 for a total
i Your business has total accounts receivable of 9400,000 as of
Your business uses a calendar year accounting period. The
267
on December 31, 20x1?
10 of P15,000,000. The building has an estimated useful life
nd. What is the adjusting entry on December 31, 20x1? Hier
Duoreciation normally starts from the acquisition date of an asset)
- Your business collected royalty* income of 9720,000 in
advance on November 1, 20x1. As of December 31, 20x1,
P560,000 of the advanced collection is eamed.
UHGARHED IHCOME SE0,0o0
Requirements:
a. Provide the journal entry to record the collection on
November 1, 20x1 under each of the following methods:
Liability method
Income method (Hints: "Royalıy income, Uneamed income)
i.
ii.
b. Provide the adjusting entries on December 31, 20x1 under
each of the methods listed above.
"Royalty income is the income vou earn if you have invented something, wrote a
Aook, composed a song, made a YouTube video and have it copyrighted, or other
anisi or literary work, and you let another party use/publish/exploit your work
enchunge for money. It is like renting out your work to another party.
* Your business paid one-vear fire insurance of P360,000 on
October 31, 20x1.
Requirenents:
All rights belongs to respective author
Please consider buving the original c
5
268
Chapter
Asset method
i.
i.
Expense method
each of the methods listed above
PROBLEM 4: ADJUSTING ENTRIES
following were among your transactions during the vch
on December 31, 20x1? (Round-off amounts to two decimal placesa
2. Your employees earned P46,000 compensation during the las
week of December 20x1. The salaries were paid on the firs
week of anuamu 20un
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