Directions:  Prepare adjusting entries of each of the following.   1. A tenant occupying a space of the building located at San Isidro, Angono, Rizal, agreed beginning on November 1 to pay P5,500 per month, and on that he paid six-months rent in advance. The amount paid was credited to the a) Unearned Rent Account; and b) another entry was made crediting Rent Income   2. Office employees of MCValle Company are paid every 15th of the month. On December 31, five days’ salaries of an office employee for P1,000 per day was accrued.   3. A tenant who occupies the right side of the shop space, is two months in arrears as of the balance sheet date.  His monthly rental is P5,000 per month

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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Directions:  Prepare adjusting entries of each of the following.

 

1. A tenant occupying a space of the building located at San Isidro, Angono, Rizal, agreed beginning on November 1 to pay P5,500 per month, and on that he paid six-months rent in advance. The amount paid was credited to the a) Unearned Rent Account; and b) another entry was made crediting Rent Income

 

2. Office employees of MCValle Company are paid every 15th of the month. On December 31, five days’ salaries of an office employee for P1,000 per day was accrued.

 

3. A tenant who occupies the right side of the shop space, is two months in arrears as of the balance sheet date.  His monthly rental is P5,000 per month

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