Hi! I need help in providing the entries for the below independent transactions. I'm a little confused with the asset and expense method; and liability and revenue method. I hope you can shed light on this. Thank you in advance. 
1. Office supplies were purchased for cash on December 2, 2018 for P12,390. The supplies were to be used over the next several months. A physical inventory showed that P3,585 of the supplies were on hand on December 31, 2018. Show the entries for the purchase using the asset method and the expense method. What adjusting entries would be necessary at December 31 if financial statements are prepared at that time? ASSET METHOD EXPENSE METHOD 2. Assume that rent of P57,600 was paid on September 1, 2018, to cover a one-year period from that date. Prepare the journal entries needed to record (a) the payment and (b) the adjustment as of December 31, 2018, using both the asset method and the expense method. ASSET METHOD EXPENSE METHOD 3. Assume that a company acquires a building on January 1, 2018, at a cost of P1,410,000. The building has an estimated useful life of 20 years and an estimated residual value of P150,000. What is the adjusting entry needed on December 31, 2018 to record the depreciation for the entire year? 4. Amiable Company incurs salaries at a rate of P4,200 per day. The last payday in January is Friday, January 27 and no work for Saturday and Sunday. Give the adjusting entry on January 31. 5. On June 1, 2018, ABC Company received a total P14,400 as payment in advance of a one-year subscriptions to a monthly magazine, beginning June 1, 2018. Give the entry to record (a) receipt of subscription fees and (b) to adjust the accounts on December 31, 2018 using the liability and revenue method. LIABILITY METHOD REVENUE METHOD 6. Liza and Enrique, a law firm, performed legal service in late December 2018 for clients. The P42, 000 will be billed in 2017. Give the necessary adjusting entry on December 31, 2018 if financial statements are prepared at the end of the month. 7. Assume that on December 31, 2018, the end of the company's accounting period, the company has outstanding Accounts Receivable of P400,000. The company estimates that 5% of these receivables might not be collected. a. Assume that there is no beginning balance for Allowance for Uncollectible Accounts, what is the adjusting entry? b. Assume that there is P12,000 (credit) balance for Allowance for Uncollectible Accounts, what is the adjusting entry? c. Assume that there is P12,000 (debit) balance for Allowance for Uncollectible Accounts, what is the adjusting entry
