Reference no: EM132906542
Question - Preparing Adjusting Entries at Year-End - Prepare the adjusting entry for Christine Gamba Cargo under each of the following for the year ending Dec. 31, 2018:
1. Paid P24,000 for a 1-year fire insurance policy to commence on Sept. 1. The amount of premium was debited to Prepaid Insurance.
2. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on Oct. 1, 2018.
3. Paid P160,000 cash to purchase a delivery van (surplus) on Jan. 1. The van was expected to have a 3-year life and a P10,000 salvage value. Depreciation is computed on a straight-line basis.
4. Received an P18,000 cash advance for a contract to provide services in the future. The contract required a 1-year commitment, starting April 1.
5. Purchased P6,400 of supplies on account. At year's end, P750 of supplies remained on hand.
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