General Instructions: Prepare the adjusting journal entries for the following transactions of Company AA. Use Excel in presenting your journal entries.

1. Paid one year fire insurance amounting to P12,000 on August 15, 2019. Record the adjusting entries for the year ended December 31, 2019:

a. If the company is using Asset method

b. If the company is using Expense method

2. Purchased office supplies on September 01, 2019 amounting to P30,000. On December 31, 2019, the Supplies Custodian reported that per physical count, the office supplies on hand is P8,000. Prepare adjusting entries:

a. If the company is using Expense method

b. If the company is using Asset method

3. The customer made an advance payment for the ordered goods amounting to P480,000 on November 07. As of December 31, the company has shipped 70% of the ordered goods. Prepare the adjusting entry on December 31:

a. If the company is using Liability method

b. If the company is using Revenue method

4.

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3. The unadjusted trial balance showed on December 31, 2018 Subscription Revenue P390,000. A magazine subscription costs P100 monthly and is payable in advance eith quarterly or semi-annually. Deliveries are made on or before the 15th of the month. review of the subscription contracts revealed the following: No. of Quarterly No. of Semi-Annual Subscription Date Subscriptions Subscription September 1 100 100 October 1 200 100 November 1 300 150 Required: Give the adjusting entry on December 31, 2018. b. Set up T accounts for Subscription Income (start with the balance of P390,000) a Unearned Subscription Income (start with zero balance). Post the adjusting entry a determine the adjusted balances that should be presented in the financial statements