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how to determine the adjusting entries for the following items? 5. On February 28, 202B, Gibran Industries paid its annual insurance premium of P42,000. Assuming

how to determine the adjusting entries for the following items?

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5. On February 28, 202B, Gibran Industries paid its annual insurance premium of P42,000. Assuming Gibran's accounting period ends on October 31 202B, give the entry to adjust its books on such date using the Asset and Expense Methods. 6. The following appears on the trial balance of Patrick Company on March 1, 202B: Prepaid Advertising P20,000 Prepare the adjusting entry on March 1, the end of the accounting period, assuming that the balance of P20,000 in the Prepaid Advertising account represents a five-month contract effective January 1 of the same year. 7. Laser Company issued a 120-day, 12% note of P25,000 on July 17, 202B. The total amount of interest on the note was paid when the note was issued. Assuming Laser's accounting period ends on August 31 202B, give the entry to adjust its books assuming a) Prepaid Interest account was debited on July 17, 202B b) Interest Expense account was debited on July 17, 202B 8. The Supplies on Hand account of Marie Company showed a balance of P4,500 on December 31, 202B. It was determined that supplies used during the year amounted to P2,000. Give the entry to adjust the books of Marie Company

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