A. The company bought a 3-year insurance policy from Philamlife dated January 1, 2021amounting to P 45,000.I. Provide a.) Initial Entry at Jan 1, 2021 and b.)) Adjusting Entry at Dec 31, 2021 if the companyuses ASSET METHODII. Provide a.) Initial Entry at Jan 1, 2021 and b.) Adjusting Entry at Dec 31, 2021 if the companyuses EXPENSE METHODB. On August 1, 2021, Kim, a painter, engaged in painting services for 5 classrooms. He receivedP 20,000 as early payment. By the year end, 1/4 of the work worth P 5,000 is not yet finished.1. Provide a.) Initial Entry at Aug. 1, 2021 and b.) Adjusting Entry at Dec 31, 2021 if the companyuses INCOME METHODIL. Provide a.) Initial Entry at Aug. 1, 2021 and b.) Adjusting Entry at Dec 31, 2021 if the companyuses LIABILITY METHODC. Interest from Notes Receivable. On September 31, 2021, Mr. Dela Cerna, engaged in.warehouse spaces, received a P 250,000, 6%, 2-year note from a customer.L. By the year end Dec. 31, 2021, provide Adjusting Entry to record the acorued interest. (Roundoff your answers to whole numbers)

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A. The company bought a 3-year insurance policy from Philamlife dated January 1, 2021 amounting to P 45,000. I. Provide a.) Initial Entry at Jan 1, 2021 and b.) Adjusting Entry at Dec 31, 2021 if the company uses ASSET METHOD II. Provide a.) Initial Entry at Jan 1, 2021 and b.) Adjusting Entry at Dec 31, 2021 if the company uses EXPENSE METHOD

A. The company bought a 3-year insurance policy from Philamlife dated January 1, 2021 amounting to P 45,000. I. Provide a.) Initial Entry at Jan 1, 2021 and b.) Adjusting Entry at Dec 31, 2021 if the company uses ASSET METHOD II. Provide a.) Initial Entry at Jan 1, 2021 and b.) Adjusting Entry at Dec 31, 2021 if the company uses EXPENSE METHOD

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.10E

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