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What is the adjusting entry on December

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Question - Lease agreement between lessor and lessee states that lessee will pay Php 240,000 for a two-year Occupancy of a store space starting April 1, 2019. Lessee is a corporation who uses fiscal period which starts on September 1 will transfer to this new site on April 1, 2019. What is the adjusting entry for this particular transaction at the end of the accounting period of the corporation?

Mr. A bought an equipment worth P100,000 on April 30, 2020 which has a useful life of 10 years. Mr. A uses half year to record depreciation as its policy. What is the adjusting entry on December 31, 2020?

Reference no: EM132882501

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