what are the adjusting entries for the following items?

Adjusting Entries PROBLEM 4: ADJUSTING ENTRIES Your business uses a calendar year accounting period. The 6. Your business has accounts receivable of P300,000. You following were among your transactions during the year: estimated that out of that amount, 10% is doubtful of collection and needs to be charged to expense. What is the . Your business received a 14%, P400,000, one-year, note from a adjusting entry to record the doubtful accounts? customer on June 1, 20x1. Both the principal and interest on 7. Your business is renting out properties. On June 1, 20x1, your the note are due at maturity date. What is the adjusting entry business receives one-year advanced rent of $360,000 from one on December 31, 20x1? (Round-off amounts to two decimal places) of your tenants. The advanced rent covers the months of June 1, 20x1 to May 31, 20x2 Your employees earned P46,000 compensation during the last Requirements: week of December 20x1. The salaries were paid on the first a. Provide the journal entry to record the collection on June week of January 20x2. What is the adjusting entry on 1, 20x1 under each of the following methods: December 31, 20x1? i. Liability method ii. Income method 3. Your business received its electricity bill for the period b. Provide the adjusting entries on December 31, 20x1 under amounting to P16,000. What is the entry to record the receipt each of the methods listed above. of the bill prior to its payment? 8. Your business pays one-year insurance of $360,000 on 4. Your business is renting a space. The monthly rental is September 1, 20x1. P120,000. On December 31, 20x1, the rent for the months of November and December 20x1 were not yet paid. What is the adjusting entry? Requirements: a. Provide the journal entry to record the prepayment on September 1, 20x1 under each of the following methods: 5. On February 1, 20x1, your business acquired computer equipment for P360,000. You expect to use the comp i. Asset method he computer over the next 3 years. What is the adjusting entry on December 31, ii. Expense method b. Provide the adjusting entries on December 31, 20x1 under 20x1 to take up depreciation expense? each of the methods listed above