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.

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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.

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