the next 3 years. What is the adjusting entry on December 31 Adesting Entries Your bus estimated collection adjusting Asset method Expense method und each of the methods listed above. a. Provide the journal entry to record the prepayment October 31, 20x1 under each of the following methods b. Provide the adjusting entries on December 31, 20xlu November and December 20xl were not yet paid. What is the 5. On February 1, 20x1, your business acquired computer equipment for P360,000. You expect to use the computer or 268 i. ii. PROBLEM 4: ADJUSTING ENTRIES Your business uses a calendar year accounting period. The following were among your transactions during the year: 1. Your business received a 14%, P400,000, one-year, note from: customer on June 1, 20x1. Both the principal and interest co the note are due at maturity date. What is the adjusting entry on December 31, 20x1? (Round-off amounts to two decimal places) 2. Your employees earned P46,000 compensation during the las week of December 20x1. The salaries were paid on the firs week of January 20x2. What is the adjusting entry December 31, 20x1? 3. Your business received its electricity bill for the period amounting to P16,000. What is the entry to record the receipt of the bill prior to its payment? 4. Your business is renting a space. The monthly rentals P120,000. On December 31, 20x1, the rent for the months of 7. Your bus business of your te 1, 20x1 to Requireme a. Provi. 1, 20x i. ii. b. Provi: each 8. Your bu Septembe Requireme a. Provi Septe i. ii. b. Provi each adjusting entry? PROBLEM 5: 1. Entity A rate of PE on Decem to rende 20x1 to take up depreciation expense? Decembe which w