entity a issued a 12%, 200,000, one-year, note payable on april 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on April 1, 20x2. What is the adjusting entry on December 31, 20x1? ACTIVITY 1: ADJUSTING ENTRIES1.20x1. Entity A useson the note are due on April 1, 20x2.December 31, 20x1?Entity A issued a 12%, P200,000, one-year, note payable on April 1,a calendar year period. The principal and interestWhat is the adjusting entry onOn January 1, 20x1, Entity A acquired a machine for P100,000. Themachine is expectedadjusting entry on December 31, 20x1 toexpense?2.to be used over the next 5 years. What is thetake up depreciation3.A business renting out properties receives one-year advanced rent ofP480,000 from one of its tenants on May 1, 20x1. The advance rentcovers the months of May 1, 20x1 to April 30, 20x2.Requirements:a. Provide the journal entry to record the collection on May 1, 20x1under each of the following methods:i. Liability methodii. Income methodb. Provide the adjusting entries on December 31, 20x1 under each ofthe method listed above.4.A business pays one-year insurance of P360,000 on August 1, 20x1.Requirements:

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entity a issued a 12%, 200,000, one-year, note payable on april 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on April 1, 20x2. What is the adjusting entry on December 31, 20x1?

entity a issued a 12%, 200,000, one-year, note payable on april 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on April 1, 20x2. What is the adjusting entry on December 31, 20x1?

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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21 )
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