a. Provide the journal entry to record the prepayment on 6. On August 1, 20x1, Entity C paid one-year insurance of b. Provide the adjusting entries on December 31, 20x1 under August 1, 20x1 under each of the following methods: P360,000. Requirements: i. Asset method ii. Expense method each of the methods listed above.
a. Provide the journal entry to record the prepayment on 6. On August 1, 20x1, Entity C paid one-year insurance of b. Provide the adjusting entries on December 31, 20x1 under August 1, 20x1 under each of the following methods: P360,000. Requirements: i. Asset method ii. Expense method each of the methods listed above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Can you please help me thank you god bless
Transcribed Image Text:August 1, 20x1 under each of the following methods:
a. Provide the journal entry to record the prepayment on
6. On August 1, 20x1, Entity C paid one-year insurance of
b. Provide the adjusting entries on December 31, 20xl under
apter
b. Provide the adjusting entries on December 31, 20x1 under
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:Lise the following information for the next four questions:
Provide the year-end adjusting entries for the following:
Entity A is preparing its December 31, 20x1 financial statements.
1 Entity A entered into a 1-year contract for a billboard
advertising on August 1, 20x1. The monthly rent for the
billboard is P200,000, payable at the start of each month. Entity
A has paid the rentals for the months of August to November
1, 20x1 under each of the following methods:
a. Provide the journal entry to record the collection on May
20x1.
2 Entity A received a 10%, P180,000, one-year, note receivable
from a customer on October 31, 20x1. Both the principal and
interest on the note are due on November 1, 20x2.
I Entity A acquired a machine on November 30, 20x1 for
P420,000. The machine has an estimated useful life of 8 years.
4 Entity A has total accounts receivable of P890,000 as of
December 31, 20x1. Of that amount, P45,000 were estimated to
be doubtful of collection.
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
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