SAMPLE PROBLEM FOR REVIEW FINAL EXAMS $-$ADJUSTING ENTRIES

$1$ Brent Placement Agency issued a $20\%$ P$50,000,120-$day promissory note to Manila Sk$s Trade Center on October $2,2022$ for training their contract workers.

REQUIRED:

A$.$ Give the entry of Brent Placement Agency on October $2,2022$ and its adjusting entry at the end of $2022.$

b$.$ Determine the balances to be presented in its financial statements.

c$.$ Give the entry of Manila Skill Trade Center on October $2,2022$ and its adjusting entry.

d$.$ Determine the balances to be presented in its financial statements.