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  • Justo-Adjusting Entries

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    Jewel Justo
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    Justo-Adjusting Entries.xlsx

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    8 views2 pages

    Justo-Adjusting Entries

    Uploaded by

    Jewel Justo

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Case 1

    Asset Method
    Prepaid Insurance Insurance Expense
    7/1 ₱108,000 12/31(adj) ₱18,000 12/31(adj) ₱18,000
    12/31 ₱90,000

    Expense Method
    Prepaid Insurance Insurance Espense
    12/31(adj) ₱90,000 7/1 ₱108,000
    12/31 ₱18,000

    Case 2

    Income Method

    Rent Income
    ₱ 24,000.00

    Unearned Rent Income

    Liability Method

    Unearned Rent Income


    ₱ 24,000.00

    Rent Income
    Insurance Expense

    Insurance Espense
    12/31(adj) ₱90,000
    ₱18,000

    ₱ 24,000.00

    ₱ 24,000.00

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