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 a customer on June 1, 20x1. Both the principal and interest on 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 last week of December 20X1. The salaries were paid on the first week of January 20x2. What is the adjusting entry on 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 rental is P120,000. On December 31, 20x1, the rent for the months of November and December 20xl were not yet paid. What is the adjusting entry? 5. On February 1, 20x1, your business acquired computer equipment for P360,000. You expect to use the computer over the next 3 years. What is the adjusting entry on December 31, 20x1 to take up depreciation expense? Scanned with CamScanner 6 Your business has accounts receivable of P300,000. You estimated that out of that amount, 10% is doubtful of collection and needs to be charged to expense. What is the adjusting entry to record the doubtful accounts? 7. Your business is renting out properties. On June 1, 20x1, your business receives one-year advanced rent of P360,000 from one of your tenants. The advanced rent covers the months of June 1,20x1 to May 31, 20x2. Requirements: a. Provide the journal entry to record the collection on June 1, 20x1 under each of the following methods: i. Liability method ii. Income method b. Provide the adjusting entries on December 31, 20x1 under each of the methods listed above. 8. Your business pays one-year insurance of P360,000 on September 1, 20x1. Requirements: a. Provide the journal entry to record the prepayment on September 1, 20x1 under each of the following methods: i. Asset method ii. Expense method b. Provide the adjusting entries on December 31, 20x1 under each of the methods listed above