On May 1, Dr. Yan received P81,000 for medicale fees to be rendered in the next 9 months. Give the adjusting entry at the end of July. 2. ON June 15, Mr. bryle received P78,000 for one yearlease for his vacant lot. Give the adjusting journal entry on December 31

On May 1, Dr. Yan received P81,000 for medicale fees to be rendered in the next 9 months. Give the adjusting entry at the end of July. 2. ON June 15, Mr. bryle received P78,000 for one yearlease for his vacant lot. Give the adjusting journal entry on December 31

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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Question

1.. On May 1, Dr. Yan received P81,000 for medicale fees to be rendered in the next 9 months. Give the adjusting entry at the end of July.

2. ON June 15, Mr. bryle received P78,000 for one yearlease for his vacant lot. Give the adjusting journal entry on December 31.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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