4. Advertisement in the Manila Bulletin was paid in the amount of P9,000 which covers 3-month contract starting December 1, 2019 Original entry Adjusting entry 5. The company discounted its P10,000, 90 day, 6% note on November 15, 2019. Original entry Adjusting entry

4. Advertisement in the Manila Bulletin was paid in the amount of P9,000 which covers 3-month contract starting December 1, 2019 Original entry Adjusting entry 5. The company discounted its P10,000, 90 day, 6% note on November 15, 2019. Original entry Adjusting entry

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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Question

Instruction: Using the asset method, prepare the original entry of the transaction and the necessary adjusting
entry at the end of the accounting period. Dec. 31, 2019

4. Advertisement in the Manila Bulletin was paid in the amount of P9,000 which covers 3-month
contract starting December 1, 2019
Original entry
Adjusting entry
5. The company discounted its P10,000, 90 day, 6% note on November 15, 2019.
Original entry
Adjusting entry

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