Instruction: Using the asset method, prepare the original entry of the transaction and the necessary adjusting entry at the end of the accounting period. Dec. 31, 2019

Extracted text: Instruction: Using the asset method, prepare the original entry of the transaction and the necessary adjusting entry at the end of the accounting period. Dec. 31, 2019


Extracted text: 4. Advertisement in the Manila Bulletin was paid in the amount of P9,000 which covers 3-month contract starting December 1, 2019 Original entry Adjusting entry 5. The company discounted its P10,000, 90 day, 6% note on November 15, 2019. Original entry Adjusting entry