l8:16 ..*A 58%[Template] E.DEFERRALSExercise 2 - 2The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as of December31, 20A showed in part the Accounts Receivable and its related Estimates UncollectibleAccounts:DebitCreditP 300,000Accounts ReceivableEstimated Uncollectible AccountP 4,0001. If at the end of the year, the Estimated Uncollectible Account is to be provided at 3% of itsoutstanding receivable, what would the amount of adjustment be?2. What is the required adjusting entry on December 31, 20A?3. What is the Estimated Realizable Value of the Accounts Receivable as of December 31, 20A?4. If the Estimated Uncollectible Account should be 'increased by" 2% of the outstandingreceivable account, what should be the adjusting entry needed?5. If the Estimated Uncollectible Account should be "increased to" 2% - of the outstandingreceivable account, what should be the adjusting entry needed?Exercise 3. Preparation of Adjusting Journal EntriesFrom the following given data, prepare adjusting journal entries for the year ended December 31,20A:1) Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actuallyused. Expense method was used in payment of supplies,2) A P48,000 6%, 120-day note was received from a client dated Nov. 1, 20A. The interest wasnot yet collected at the end of the accounting period.3) Before adjustments, the balance of laundry supplies inventory was P35,000 Physical count ofsupplies inventory was P15,0004) An office equipment was acquired on May 31, 20A for P150,000. The office equipment hasan estimated life of 5 years without scrap value.5) A copying machine was rented on November 30, 20A at P1.00/copy of production. It reportedto have produced 300 copies as of December 31, 20A. No payment was made as of this date.6) Signed an advertising contract on December 1, 20A with a radio station for P3,500. Thecontract will commence upon payment on December 15, 20A and will terminate on January 15,208. Expense method is used in recording prepayment.7) Supplies Inventory showed a balance of P40,000 as of December 31, 20A. During the year,P25,000 cost of supplies was purchased and at the end of December 31, 208, P20,000 werefound to be on hand.()II *... 8:16 ןוה ווהA 58%[Template] E.DEFERRALSExercise 1-3On July 15, 20A, Hilnora Gregorio collected in advance cash of P48,000 from a tenant of herbuilding. This represents rental which cover from the period August 1, 20A to Augur 1, 20C (twoyear contract)1. How much is the earned portion of the rental collected in advance for the year ended,Dec. 31, 20A.2. How much is the unearned portion of the rental collected in advance as of Aug. 1, year200.3. Assuming that 'Income Method" or Rent Income was used in recording the pre-collection,what would be the necessary adjusting entry on Dec. 31, 20A?4. Assuming the "Liability Method" or Unearned Rent Income was credited upon receipt ofcash, what is the adjusting entry needed on December 31, 20A?Exercise 2Exercise 2 -1On September 1, 20A, Maria Theresa C Apostol, owner of Cateel Fitness Centre paid an advancerental on a space of the building it occupies in the amount of P84,000. This covers the periodfrom September 1, 20A to September 1, 20B and the accounting period ends on December 31,20A.Q-1If Asset Method or Real Approach is used in recording the prepayment, what is yourjournal entry on September 1, 20A?If Expense Method or Nominal Approach is used in recording the prepayment, what isyour journal entry on September 1, 20A?Q-2.Q-3. How much of the P84,000 advanced rental payment will expire or will be expensed at theend of each month?Q4. How many months will cover the expense portion?fromtoQ5.How many months will cover the asset portion?fromtoQ6.How much of the P84,000 prepayment will be considered as Expense?as Asset?Q7.If Asset Method or Real Approach is used in recording the prepayment, what is youradjusting journal entry on December 31, 20A?Q7.Q8 If Expense Method or Nominal Approach is used in recording the prepayment, what is youradjusting journal entry on December 31, 20A?Q-9 Regardless of what method is used in recording the prepayment,a) How much amount of Prepaid Rent account that will be shown in the Balance Sheet asof December 31, 20A?b) How much amount of Rent Expense account that will be shown in the Income Statementfor the period ended?Exercise 2 - 2The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as of December31, 20A showed in part the Accounts Receivable and its related Estimates UncollectibleAccounts:

Question

l8:16 ..*A 58%[Template] E.DEFERRALSExercise 2 - 2The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as of December31, 20A showed in part the Accounts Receivable and its related Estimates UncollectibleAccounts:DebitCreditP 300,000Accounts ReceivableEstimated Uncollectible AccountP 4,0001. If at the end of the year, the Estimated Uncollectible Account is to be provided at 3% of itsoutstanding receivable, what would the amount of adjustment be?2. What is the required adjusting entry on December 31, 20A?3. What is the Estimated Realizable Value of the Accounts Receivable as of December 31, 20A?4. If the Estimated Uncollectible Account should be 'increased by&#34; 2% of the outstandingreceivable account, what should be the adjusting entry needed?5. If the Estimated Uncollectible Account should be &#34;increased to&#34; 2% - of the outstandingreceivable account, what should be the adjusting entry needed?Exercise 3. Preparation of Adjusting Journal EntriesFrom the following given data, prepare adjusting journal entries for the year ended December 31,20A:1) Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actuallyused. Expense method was used in payment of supplies,2) A P48,000 6%, 120-day note was received from a client dated Nov. 1, 20A. The interest wasnot yet collected at the end of the accounting period.3) Before adjustments, the balance of laundry supplies inventory was P35,000 Physical count ofsupplies inventory was P15,0004) An office equipment was acquired on May 31, 20A for P150,000. The office equipment hasan estimated life of 5 years without scrap value.5) A copying machine was rented on November 30, 20A at P1.00/copy of production. It reportedto have produced 300 copies as of December 31, 20A. No payment was made as of this date.6) Signed an advertising contract on December 1, 20A with a radio station for P3,500. Thecontract will commence upon payment on December 15, 20A and will terminate on January 15,208. Expense method is used in recording prepayment.7) Supplies Inventory showed a balance of P40,000 as of December 31, 20A. During the year,P25,000 cost of supplies was purchased and at the end of December 31, 208, P20,000 werefound to be on hand.()II *... 8:16 ןוה ווהA 58%[Template] E.DEFERRALSExercise 1-3On July 15, 20A, Hilnora Gregorio collected in advance cash of P48,000 from a tenant of herbuilding. This represents rental which cover from the period August 1, 20A to Augur 1, 20C (twoyear contract)1. How much is the earned portion of the rental collected in advance for the year ended,Dec. 31, 20A.2. How much is the unearned portion of the rental collected in advance as of Aug. 1, year200.3. Assuming that 'Income Method&#34; or Rent Income was used in recording the pre-collection,what would be the necessary adjusting entry on Dec. 31, 20A?4. Assuming the &#34;Liability Method&#34; or Unearned Rent Income was credited upon receipt ofcash, what is the adjusting entry needed on December 31, 20A?Exercise 2Exercise 2 -1On September 1, 20A, Maria Theresa C Apostol, owner of Cateel Fitness Centre paid an advancerental on a space of the building it occupies in the amount of P84,000. This covers the periodfrom September 1, 20A to September 1, 20B and the accounting period ends on December 31,20A.Q-1If Asset Method or Real Approach is used in recording the prepayment, what is yourjournal entry on September 1, 20A?If Expense Method or Nominal Approach is used in recording the prepayment, what isyour journal entry on September 1, 20A?Q-2.Q-3. How much of the P84,000 advanced rental payment will expire or will be expensed at theend of each month?Q4. How many months will cover the expense portion?fromtoQ5.How many months will cover the asset portion?fromtoQ6.How much of the P84,000 prepayment will be considered as Expense?as Asset?Q7.If Asset Method or Real Approach is used in recording the prepayment, what is youradjusting journal entry on December 31, 20A?Q7.Q8 If Expense Method or Nominal Approach is used in recording the prepayment, what is youradjusting journal entry on December 31, 20A?Q-9 Regardless of what method is used in recording the prepayment,a) How much amount of Prepaid Rent account that will be shown in the Balance Sheet asof December 31, 20A?b) How much amount of Rent Expense account that will be shown in the Income Statementfor the period ended?Exercise 2 - 2The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as of December31, 20A showed in part the Accounts Receivable and its related Estimates UncollectibleAccounts:

Accepted Answer

“Since you have posted a many question with multiple sub-parts, we will solve first question with…