Accounting
Extracted text: a. Provide the journal entry to record the collection on May 6. On August 1, 20x1, Entity C paid one-year insurance of b. Provide the adjusting entries on December 31, 20xl under a. Provide the journal entry to record the prepayment on August 1, 20xl under each of the following methods: b. Provide the adjusting entries on December 31, 20x1 under 1, 20x1 under each of the following methods: Splitting of mixed accounts * On May 1, 20x1, Entity B received one-year advanced rent of P480,000 from one of its tenants. The advanced rent covers the months of May 1, 20x1 to April 30, 20x2. Requirements: 1, 20x1 under each of the following methods: i. Liability method All rights belongs to respective autho Please consider buvina the oricinal 266 Chapters ii. Income method each of the methods listed above. P360,000. Requirements: i. Asset method ii. Expense method each of the methods listed above.
Extracted text: December 31, 20x1. Of that amount, 5% is doubtful of October 31, 20x1 under each of the following methods: of 20 years. Your business records depreciation only at year- collection and should be expensed. What is the adjusting entry b. Provide the adjusting entries on December 31, 20xl under a. Provide the journal entry to record the prepayment on the note are due at maturity date. What is the adjusting entry of P4,000. As of December 31, 20x1, the tenant has not yet paid the rent for the months of November and December. What is the adjusting entry on December 31, 20x1? v Ven ine "Ve 1. Your business received a 14%, P400,000, one-year, note from a customer on June 1, 20x1. Both the principal and interest on & Your business acquired a building on May 1, 20x1 for a total i Your business has total accounts receivable of 9400,000 as of Your business uses a calendar year accounting period. The 267 on December 31, 20x1? 10 of P15,000,000. The building has an estimated useful life nd. What is the adjusting entry on December 31, 20x1? Hier Duoreciation normally starts from the acquisition date of an asset) - Your business collected royalty* income of 9720,000 in advance on November 1, 20x1. As of December 31, 20x1, P560,000 of the advanced collection is eamed. UHGARHED IHCOME SE0,0o0 Requirements: a. Provide the journal entry to record the collection on November 1, 20x1 under each of the following methods: Liability method Income method (Hints: "Royalıy income, Uneamed income) i. ii. b. Provide the adjusting entries on December 31, 20x1 under each of the methods listed above. "Royalty income is the income vou earn if you have invented something, wrote a Aook, composed a song, made a YouTube video and have it copyrighted, or other anisi or literary work, and you let another party use/publish/exploit your work enchunge for money. It is like renting out your work to another party. * Your business paid one-vear fire insurance of P360,000 on October 31, 20x1. Requirenents: All rights belongs to respective author Please consider buving the original c 5 268 Chapter Asset method i. i. Expense method each of the methods listed above PROBLEM 4: ADJUSTING ENTRIES following were among your transactions during the vch on December 31, 20x1? (Round-off amounts to two decimal placesa 2. Your employees earned P46,000 compensation during the las week of December 20x1. The salaries were paid on the firs week of anuamu 20un