ADJUSTING JOURNAL ENTRIES 1. On September 1, 200x, Z Company paid 1 one-year advance rent for P36,000. Give the adjusting journal entry on December 31, 200x. 2. On January 31, 2008, XYZ Company paid P84,000 insurance premium for 2 years. Give the adjusting journal entry on May 31, 2008. 3. Supplies account on January 1, 200x showed a balance of P7,000. On December 31, 200x supplies on hand amounted to P2,000. 4. On October 31, 2011, ABC Company received P36,000 advance rental for 6 months. Give the adjusting journal entry on December 31, 2011. 5. On May 1, Dr. Armstrong received P60,000 for medical fees to be rendered in the next 4 months. Give the adjusting journal entry at the end of June.

ADJUSTING JOURNAL ENTRIES 1. On September 1, 200x, Z Company paid 1 one-year advance rent for P36,000. Give the adjusting journal entry on December 31, 200x. 2. On January 31, 2008, XYZ Company paid P84,000 insurance premium for 2 years. Give the adjusting journal entry on May 31, 2008. 3. Supplies account on January 1, 200x showed a balance of P7,000. On December 31, 200x supplies on hand amounted to P2,000. 4. On October 31, 2011, ABC Company received P36,000 advance rental for 6 months. Give the adjusting journal entry on December 31, 2011. 5. On May 1, Dr. Armstrong received P60,000 for medical fees to be rendered in the next 4 months. Give the adjusting journal entry at the end of June.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 6EB: On September 1, a company received an advance rental payment of $12,000, to cover six months rent on...

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