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III. Give the adjusting journal entries based on the transaction data given below:
1. On June 15, Mr. Bean received 162,000 for one year lease for his vacant lot. Using the Income
method, give the adjusting journal entries on December 31.
2. On March 1, Megastar Printers received 10,200 for a two-year contract of printing monthly
magazine. Using the Liability method, give the adjusting journal entries on June 30.
3. On February 1, Monroe Enterprise paid 62,400 for 6 months rent of their office. Using the
Expense method, give the adjusting journal entries on June 30.
4. On May 31, Mr. Yoso paid 84,400 amount of one year insurance for its factory. Using the Asset
method, give the adjusting journal entries on December 31.
IV. Journalize the transactions and post them to the T-accounts and then prepare the Trial Balance
2020
July 1 Mr. Jefferson invested the following in his business to be known as JM
Photocopying Center: Cash, P100,000 and Photocopying Equipment worth P350,000. In
addition, his loan payable of P80,000 would be assumed by the business.
2 JM Photocopying Center paid P12,000 for the purchase of bond papers.
3 Paid business permits and licenses amounting to P3,000.
4 Mr. Mercado hired one personnel with a weekly salary of P1,000 to look after the business.
10 Paid salary of the personnel for the week, P1,000.
16 Received P9,000 cash for services rendered
17 Paid salary of the personnel for the week, P1,000.
21 Billed a customer for services rendered during the week, P6,000.
24 Paid salary of the personnel for the week, P1,000.
27 Mr. Mercado made a P3,500 cash withdrawal for personal use.
28 Collected the amount billed to a customer, P2,000.
29 Paid rent for 2 months amounting to P18,000.
30 Received bill from the electric company, P5,600.
31 Paid salary of the personnel for the week, P1,000.
JM Photocopying Center
Chart of Accounts