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Problem: The company purchased office supplies on September 01, 2020 amounting to P30,000. On December 31, 2020, the unused office supplies is P8,000. Determine the
Problem: The company purchased office supplies on September 01, 2020 amounting to P30,000. On December 31, 2020, the unused office supplies is P8,000. Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the expense method. Dr. 1 Cr 3 2. Record the adjusting entry for the year December 31, 2020 under the asset method. Dr. 5 Cr INSTRUCTIONS: 1. Choose from the following accounts for the correct account of adjusting entries: Office supplies Office supplies expense 2. For the amounts of debit and credit, encode your answer in whole number without decimal places, no comma and peso sign (eg, if your answer is 4,000, encode it as 4000)
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