Instruction: For the following transactions, determine the date gfthe adjustments and make an appropriate adjusting entries on the perspective of the subject company. Flores Ticketing acquired supplies on account on October 1 for P50,000. He recorded the purchase of supplies using expense method. The company makes adjustments monthly. Physical count revealed supplies remaining amounted to P20,0Q0. On Jan 1, Martinez Eatery paid P12,000 for 4 months' rent in advance. This expenditure resulted to an asset consisting of the right to occupy the building space for 4 months. The business opts to use expense method in recording this transaction and decided to make ABC company acquired service vehicle on May 31, 2018 for P100,000. The vehicle is expected adjustments quarterly. What will be our adjusting entry at the end of the quarter? to last for 5 years. At the end of its useful life, service vehicle can be sold for P20,000. At December end, the company will record for the first time depreciation of the asset. On May 1, Martinez Eatery paid P8.000 for five months' rent in advance. This expenditure was initially treated on the books as an outright expense. Every month the company decided to ABC company acquired service vehicle on March 31, 2018 for P100,000. The vehicle is make sppropriate adjustments. expected to last for 5 years. At the end of its useful life, service vehicle can be sold for P20,000. At December end, the company will record for the first time depreciation of the asset. Catalan Tours acquired a two-year comprehensive insurance coverage on the service vehicle and paid P20,100 premiums on July 1. The company recorded the transaction as debit to Prepaid Insurance and credit to cash. Catalan prepares financial statements at the end of ABC company acquired service vehicle on March 31, 2018 for P100,000. The vehicle is expected to last for 5 years. At the end of its useful life, service vehicle has no residual value. At calendar year December end, the company will record for the first time depreciation of the asset. Catalan Tours acquired a one-year comprehensive insurance coverage on the service vehicle On May 15, Wedding "R" received P10,000, as an advance payment for referrals made. Assume that by the end of the month, one of the three couples referred has taken their marriage vows and paid P14,400 premiums on April 1. The company recorded the transaction as debit to Insurance Expense.and credit to cash. Catalan prepares financial statements on a monthly and as a result the amount of P4,000 pertaining to the referred event has been realized. basis. On January 1, Lopez Consulting agency purchased supplies, P18,000. The transaction was initially recorded as debit to Unused Supplies and Credit to Cash. During the month, the entity used supplies in the process of performing services for clients. The company uses calendar year. At the end of the accounting period, Lopez conducted a careful physical inventory of the supplies. The inventory count showed that supplies costing P15.000 are still on hand On January 1, Lopez Consulting agency purchased supplies, P18,000. The transaction was initially recorded as debit to Supplies used and Credit to Cash. During the month, the entity used supplies in the process of performing services for clients. The company uses calendar year. At the end of the accounting period, Lopez conducted a careful physical inventory of the supplies. Using the dats gathered, they have determined that actual supplies used amounts only to 5,000.