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18. Prepare the initial entries to record the given loan. 19. What are the accounts involved in the adjusting entries? 20. Prepare the adjusting entries.

18. Prepare the initial entries to record the given loan. 19. What are the accounts involved in the adjusting entries? 20. Prepare the adjusting entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 30, 2020, Rentank received P750,000 advance payment from clients. The contract covers 3 years rent for the oil tanks. 18. Prepare the initial entries to record the given loan. 19. What are the accounts involved in the adjusting entries? 20. Prepare the adjusting entries.
Transcribed Image Text:On June 30, 2020, Rentank received P750,000 advance payment from clients. The contract covers 3 years rent for the oil tanks. 18. Prepare the initial entries to record the given loan. 19. What are the accounts involved in the adjusting entries? 20. Prepare the adjusting entries.
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