Adjusting entries

1. A bill to Mr. Wang for service rendered in December remains unrecorded. The amount is P30,000. What is the credit entry?

(a)  

Lee Company is authorized to sell products on a 12% commission basis. December sales amounted to P1 000,000. No entry has yet been made to record the commission. What is the debit entry?

(a)  

An office space has been leased to Megan Company for P20,000 per month beginning Jan. 1, 2018. The lease contract states that a 5% increase in the monthly rate will occur beginning June 1, 2018. No payment has yet been received for the last two months. What is the debit entry?

(a)  

Unpaid property taxes for the last quarter has not been settled which has a monthly rate of P2000. What is the credit title?

(a)  

Salary earned by a secretary w/ a rate of P12 000 per month remains unpaid since October 31. Adjusting entry as of December 31, 2020. What is the debit title?

(a)  

Insurance premium for the month of November-December amounting to P10,000 is not yet paid. What is the credit title?

(a)  

Paid 24 months magazine subscription for P20 000 on August 2019. Do the adjusting entry for Dec 31, 2019. How much is the amount?

(a)  

Unpaid property taxes for the last quarter P24 000. What is the debit entry?

(a)  

Received P60 000 from a tenant on October 1 as an advance payment for 6 months rent. Do the adjusting entry for Oct 31. How much is the amount?

(a)  

Purchased a delivery van on February 2016 w/ a cost of P900 000 and has an estimated useful life of 10 years.

How much is the amount of depreciation?

(a)