1.On October 1, 200A, X Co. received a 5-month note from a customer amounting to P500,000, 10% interest. Record the adjusting entry as of December 31, 200A.

2.On September 1, 200A, X Co. issued. a 6-month note to asupplier amounting to P300,000, 12% interest. Also, there was an unpaid and unrecorded salaries at the end of the year dated December 31, 200A amounting to P25,000. Give the adjusting entries.

3.X Co. purchased a two-year insurance policy on August 1, 200A for P28,800. Give the adjusting entries as of December 31, 200A assuming the company uses:

a.Asset method

b.Expense method

4.X Co. is engaged in constructing and renting office space to various businesses. On September 1, 200A one tenant gave P240,000 cash for six month's rent. Give the adjusting entries as of December 31, 200A assumingthe company uses: .

a.Liability method

b.Revenue method

5.X Co. acquire a building on January 1,200 A at a cost of P 5,500,000 . The building h a s an estimated useful life of 40 years and an estimatedsalvage value of P500,000. Record the provision for depreciation for year 200A.