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Prepare the adjusting entry for each for year

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Question 1: Prepare the adjusting entry for each of the following for year ended December 31, 2015.

  1. Received P63, 000 cash advance from a customer for one-year services to be rendered starting June 1, 2015. The amount was credited to Unearned Service Income.
  2. Paid one- year rent in the amount of P180, 000 to commence August 31, 2015. The amount of premium was debited to Prepaid Rent.
  3. Purchased P5, 900 supplies at the beginning of the year. Supplies used for the year amount to P1, 750. Use the asset method.
  4. Received an 18% P120, 000 note on May 1, 2015. Interest will be paid together with the principal on maturity date.
  5. Bought P42, 000 equipment with five-year estimated life and a salvage value of P3, 000. Depreciation is computed on straight line basis.
  6. Accounts receivable has a balance of P50, 000. It is estimated that 5% of this is uncollectible. Allowance for Bad Debt has a balance of P1, 500.

Reference no: EM132506026

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