Problem Prepare adjusting journal entries for RM Corporation as of

December Below are the following information.

Supplies account had a beginning balance of P and the same

account has an ending balance of P Supplies acquired during the

year amounted to P

Office equipment was acquired on May of the current year at a cost of

P It has a salvage value of P and useful life of years.

On November the company borrowed P from SBC by

issuing a one year note.

The Prepaid Insurance account has a balance of P as of yearend.

The balance represented two insurance policies acquired during the year

as follows: Policy I for P dated March and Policy II was

purchased on September for P;

The balance of Painting Supplies at yearend is P of which P

is unused.

Notes Receivable has a balance of P which is a day note

received on October

Salaries Expense per ledger is P of which P is paid in

advance.

RM Corporation signed a lease contract with Suga Rentals on May

for rental of office space for the next months for P A

second lease was signed on July of the same year for pantry space for

months for P both paid in advance.

Advertising contract is recorded at P as Advertising expense. This

is a month contract signed April

Income Collected in Advance has a balance of P of which

has been earned.

Interest Revenue of P is recorded of which P is actually

earned. Interest expense of P is recorded of this Pis paid in

advance.

Problem Prepare adjusting journal entries for Hobi Company as of

DecemberBelow are the following information.

Advertising Expense shows a balance of P paid on June

and the contract is for months.

Prepaid Insurance has a balance of P per ledger. P is

expired.

Delivery van was acquired on September at a cost of

P with a residual value of P and service life of years.

Gardening supplies has a balance per ledger of P Of this P

was used.

Loans Payable was issued on October for P at for

ten months. No interest has been accrued on this loan.

Taxes balance per ledger is P of which P applies to the year

Computer has a balance of P purchased on June with life

of years and scrap value of P

Notes Receivable was received on August in the amount of

Pat per annum. No interest has been accrued on the note.

Furniture has a ledger balance of P as of December

Additional furniture were acquired on March in the amount of

P Furniture are depreciated at