Radleigh Manufacturing records the purchase of a piece of equipment at its original price of P190,000.

ABM Company records P300,000 of revenue in its income statement for service rendered even though the cash payment has not been received yet.

Green Corp. a multinational corporation convert its financial records from various currencies into their reporting currency.

A cosmetic company buys a truckload of make-up in June to resell to customers over the next several months, it does not record the cost of all that make-up in June. Rather, it records the cost of each make-up on the income statement when each of the make-up is sold.

MEMA Co. has sales representatives who earn commissions of 10%, the company should recognize the commission expense in the same period as the sales revenue that the sales representatives generated.

Hotel de Luna was affected by a typhoon, one of its buildings was damaged and the company reports a loss of P200,000. The hotel has a net income of P20,000,000. However, the company states that they would not be concerned with something that is only 1% of net income.

The purchase of inventory on account of Siksik Merchandise is debiting the inventory and crediting the accounts payable, reflecting the increase in assets and liabilities.

Roment Company Limited mows the garden of Mr. Envi for P12,500 and records the revenue immediately upon completion of the service.

Ms. Roxy uses the First-In-First-Out (FIFO) method for her retail shop to value its inventory for several years.

UVW Company prepares a financial statement on a quarterly basis to provide stakeholders with timely insights into their performance in financial position.

Ms. Esther is an accountant who prepares financial statements for Tom and Jerry, Inc. Ms. Esther asks for Tom and Jerry's records to support its payables and receivables, but Tom and Jerry, Inc. declined.

IBON Publication Co. provides detailed information about its long-term obligations, including the principal amounts and interest rates, totaling P10,500,000, in the footnotes to its financial statements.

Suzuki Ltd. records a provision for bad debts of P2,000,000, anticipating potential losses from customers unable to pay their outstanding invoices.

EXPERIMENTO Corp. only produces a compound called Chemical X. Unexpectedly, the government imposes to discontinue the production, export, import, sale, and marketing of this compound in the country.