A? On September 1, 20A, Maria Theresa C. Apostol, owner of Cateel Fitness Centre paid an advance rental on a space of the building it occupies in the amount of P84,000. This covers the period from September 1, 20A to September 1, 20B and the accounting period ends on December 31, ince 20A at is Q-1 If Asset Method or Real Approach is used in recording the prepayment, what is your journal entry on September, 1, 20A? at is Q-2 If Expense Method or Nominal Approach is used in recording the prepayment, what is your journal entry on September 1, 20A? 0-3 How much of the P84,000 advanced rental payment will expire or will be expensed at the end of each month? to ting will - 31. to Q-4 How many months will cover the expense portion? From Q-5 How many months will cover the asset portion? From Q-6 How much of the P84,000 prepayment will be considered as Expense? As Asset? Q-7 If Asset Method or Real Approach is used in recording the prepayment, what is your adjusting journal entry on December 31, 20A? Q-8 If Expense Method or Nominal Approach is used in recording the prepayment, what is your adjusting journal entry on December 31, 20A? 0-9 Regardless of what method is used in recording the prepayment, ome a) How much amount of Prepaid Rent account that will be shown in the Balance Sheet as of December 31, 20A? b) How much amount of Rent Expense account that will be shown in the Income Statement for the period ended? med Valiant Security Services, owned and managed by Rembert Suico, bought office supplies costing P15,000. The purchase was recorded by a debit to an account "Unused Supplies". At the end of the accounting period, it was ascertained that P4,000 cost of supplies were on hand. Q-1 What method or approach was used in recording the purchase of supplies? Q-2 At the end of the accounting period - a) How much is the expense (used) portion? P b) How much is the asset (unused) portion? P Q-3 Q-4 What is your adjusting journal entry? In your adjusting entry, are you increasing or decreasing the original balance of the "Unused Supplies" account? Q-5 After your adjusting journal entry, a) What is the amount of "Unused Supplies" account to be shown in the Balance Sheet? b) What is the amount of "Supplies Used" account to be shown in the income Statement