Reference no: EM132699271
The following information pertains to Luz Un Machine Shop:
a. Note receivable has a face amount of 100,000 with 12% interest and received one month before reporting date.
b. A one-year insurance policy was purchased for P20,000. Three months have passed since the purchase.
c. Cost of the buildings is at P550,000 with P50,000 salvage value and useful life of 10 years.
d. The company received a P36,000 advance payment during the year on services still to be performed. By the end of the year, one-fourth of the services had been performed.
e. The company's Supplies account showed a debit balance of P2,000 and supplies purchased of P8,000; P3,000 of supplies on hand at year-end.
Question 1) What is the adjusting entry for Supplies?
Question 2) what is the adjusting entry for depreciation on buildings?
Question 3) What is the adjusting entry for insurance policy?
Question 4) What is the adjusting entry to record the accrued interest on the note?
Question 5) What is the adjusting entry to record the amount of service revenues earned during the period?
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