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Acenso Comoany is a magazine publisher that publishes articles about people who were successful in their businesses. The monthly magazines are released at the last day of each month, but by 12 noon of the same day, all stocks are sold out. Due to this, Mr. Tibs , an aspiring entrepreneur, subscribed to all the monthly magazines issues for a period of three years beginning September 31,2013 , paying the amount of Php 7,200.
Problem 1: What is the initial entry to record the receipt of the Php 7, 200 form Mr. Tibs and the adjusting entry on December 31,2013?
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