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Extracted text: August 1, 20x1 under each of the following methods: a. Provide the journal entry to record the prepayment on 6. On August 1, 20x1, Entity C paid one-year insurance of b. Provide the adjusting entries on December 31, 20xl under apter b. Provide the adjusting entries on December 31, 20x1 under 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: Lise the following information for the next four questions: Provide the year-end adjusting entries for the following: Entity A is preparing its December 31, 20x1 financial statements. 1 Entity A entered into a 1-year contract for a billboard advertising on August 1, 20x1. The monthly rent for the billboard is P200,000, payable at the start of each month. Entity A has paid the rentals for the months of August to November 1, 20x1 under each of the following methods: a. Provide the journal entry to record the collection on May 20x1. 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. I Entity A acquired a machine on November 30, 20x1 for P420,000. The machine has an estimated useful life of 8 years. 4 Entity A has total accounts receivable of P890,000 as of December 31, 20x1. Of that amount, P45,000 were estimated to be doubtful of collection. 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 authors Please consider buvina the oricinal copy:)