ADJUSTING JOURNAL ENTRIES 1. On September 1, 200x, Z Company paid 1 one-year advance rent for P36,000. Give the adjusting journal entry on December 31, 200x. 2. On January 31, 2008, XYZ Company paid P84,000 insurance premium for 2 years. Give the adjusting journal entry on May 31, 2008. 3. Supplies account on January 1, 200x showed a balance of P7,000. On December 31, 200x supplies on hand amounted to P2,000. 4. On October 31, 2011, ABC Company received P36,000 advance rental for 6 months. Give the adjusting journal entry on December 31, 2011. 5. On May 1, Dr. Armstrong received P60,000 for medical fees to be rendered in the next 4 months. Give the adjusting journal entry at the end of June.
ADJUSTING JOURNAL ENTRIES 1. On September 1, 200x, Z Company paid 1 one-year advance rent for P36,000. Give the adjusting journal entry on December 31, 200x. 2. On January 31, 2008, XYZ Company paid P84,000 insurance premium for 2 years. Give the adjusting journal entry on May 31, 2008. 3. Supplies account on January 1, 200x showed a balance of P7,000. On December 31, 200x supplies on hand amounted to P2,000. 4. On October 31, 2011, ABC Company received P36,000 advance rental for 6 months. Give the adjusting journal entry on December 31, 2011. 5. On May 1, Dr. Armstrong received P60,000 for medical fees to be rendered in the next 4 months. Give the adjusting journal entry at the end of June.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:ADJUSTING JOURNAL ENTRIES
1. On September 1, 200x, Z Company paid 1 one-year advance rent for P36,000.
Give the adjusting journal entry on December 31, 200x.
2. On January 31, 2008, XYZ Company paid P84,000 insurance premium for 2
years. Give the adjusting journal entry on May 31, 2008.
3. Supplies account on January 1, 200x showed a balance of P7,000. On
December 31, 200x supplies on hand amounted to P2,000.
4. On October 31, 2011, ABC Company received P36,000 advance rental for 6
months. Give the adjusting journal entry on December 31, 2011.
5. On May 1, Dr. Armstrong received P60,000 for medical fees to be rendered in
the next 4 months. Give the adjusting journal entry at the end of June.
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