Can you please help me thank you god bless August 1, 20x1 under each of the following methods:a. Provide the journal entry to record the prepayment on6. On August 1, 20x1, Entity C paid one-year insurance ofb. Provide the adjusting entries on December 31, 20xl underapterb. Provide the adjusting entries on December 31, 20x1 underii.Income methodeach of the methods listed above.P360,000.Requirements:i.Asset methodii.Expense methodeach of the methods listed above. Lise the following information for the next four questions:Provide the year-end adjusting entries for the following:Entity A is preparing its December 31, 20x1 financial statements.1 Entity A entered into a 1-year contract for a billboardadvertising on August 1, 20x1. The monthly rent for thebillboard is P200,000, payable at the start of each month. EntityA has paid the rentals for the months of August to November1, 20x1 under each of the following methods:a. Provide the journal entry to record the collection on May20x1.2 Entity A received a 10%, P180,000, one-year, note receivablefrom a customer on October 31, 20x1. Both the principal andinterest on the note are due on November 1, 20x2.I Entity A acquired a machine on November 30, 20x1 forP420,000. The machine has an estimated useful life of 8 years.4 Entity A has total accounts receivable of P890,000 as ofDecember 31, 20x1. Of that amount, P45,000 were estimated tobe doubtful of collection.Splitting of mixed accountsOn May 1, 20x1, Entity B received one-year advanced rent ofP480,000 from one of its tenants. The advanced rent covers themonths of May 1, 20x1 to April 30, 20x2.Requirements:1, 20x1 under each of the following methods:i. Liability methodAll rights belongs to respective authorsPlease consider buvina the oricinal copy:)

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a. Provide the journal entry to record the prepayment on 6. On August 1, 20x1, Entity C paid one-year insurance of b. Provide the adjusting entries on December 31, 20x1 under August 1, 20x1 under each of the following methods: P360,000. Requirements: i. Asset method ii. Expense method each of the methods listed above.

a. Provide the journal entry to record the prepayment on 6. On August 1, 20x1, Entity C paid one-year insurance of b. Provide the adjusting entries on December 31, 20x1 under August 1, 20x1 under each of the following methods: P360,000. Requirements: i. Asset method ii. Expense method each of the methods listed above.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...

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