1. Entity A received a 10%, P200,000, one-year, note receivable on July 1, 20x1. Entity...
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1. Entity A received a 10%, P200,000, one-year, note receivable on July 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on July 1, 20x2. What is the adjusting entry on December 31, 2x1?
2. Entity A issued a 12%, P200,000, one-year, note payable on November 1, 20bd1. Entity A uses a calendar year period. The principal and interest on the note are due on November 1, 20x2. What is the adjusting entry on December 31, 2x1?
3. On January 1, 20x1, your business acquires computer equipment for 120,000. You expect to use the computer over the next 3 years. What is the adjusting entry on December 31, 2x1 to take up depreciation expense?
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