Entity A is preparing its oparing its December 31, 20x1 financial statements, Provide the year-end adjusting entries for the following: Required 1. Entity A entered into a 1-year contract for a billboard advertising on August 1, 20x1. The monthly rent for the billboard is 200,000, payable at the start of each month. Entity A has paid the rentals for the months of August to november 20x1   Required 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
100%

Entity A is preparing its oparing its December 31, 20x1 financial statements, Provide the year-end adjusting entries for the following:

Required 1.

Entity A entered into a 1-year contract for a billboard advertising on August 1, 20x1. The monthly rent for the billboard is 200,000, payable at the start of each month. Entity A has paid the rentals for the months of August to november 20x1

 

Required 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.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education