Adjusting Journal Entries

Exercises
Evegates Salon bought salon supplies worth ₱ 9,750.00 for
the month of January and every month thereafter. Evegates
Salon uses asset method in recording supplies bought every
month. On December 31, unused supplies of Evegates
Salon amounted to 15,300. What is the adjusting journal
entry to be made on December 31 to record supplies used
for the period?
On September 1, 2022, Dr. Den Tist
received ₱ 66,000.00 for dental fees to be
rendered in the next 6 months. The
business uses the income method in
recording deferrals. What is the adjusting
journal entry to be made on December 31,
2022, to correct the income of Dr. Den Tist?
A one-year, 5% note receivable in the amount
of ₱ 375,000.00 was received on July 31, 2022.
The interest and principal are payable on
maturity date. What is the adjusting journal
entry to be made on December 31, 2022, to
record the accrued income?
On September 30, 2021, AVC Co. paid
₱84,000.00 worth of insurance premium
for two years. The business uses the
expense method in recording
prepayments. What is the adjusting
journal entry to be made on December
31, 2022?
On April 30, 2021, Watt Soon Store paid
₱156,000.00 worth of rent for two years.
The business uses the asset method in
recording prepayments. What is the
adjusting journal entry to be made on
December 31, 2021?
ABM lending company granted a loan to HUMSS
Consultancy Services amounting to ₱ 250,000 on
July 1, 2021. The loan will be paid after 3 years
with 6% interest per annum. What should be
adjusting journal entry to be made to recognize
interest income of ABM lending company for the
period ended December 31, 2022?