Adjusting Entries - III. Provide the adjusting journal entries at year-end 2019 for the following independent situations (assume calendar year) 1. On March 1, 2019. Finland Tutorials received $\mathrm{P} 60,000$ representing an advance payment for services to be rendered in November 2019. This was booked using a real account. At year end, only $70 \%$ of the expected service was rendered. 2. The trial balance of Mangolia Café shows Kitchen Supplies and Kitchen Supplies Expense accounts at balances of $\mathrm{P} 8,400$ and $\mathrm{PO}$, respectively. At year-end, there are P1,480 of supplies on hand. 3. On June 15,2019 , Russia Beauty Shop paid P 18,000 to Secure insurance Company for a three-year insurance policy. This was taken up in the books using a real account. 4. China Chickens received a 90 - day, P18\%, P175,000 note from a customer for catering services rendered, The note matures on February 14 , 2020. 5. On May 1. 2019. Indonesia Services mortgaged a piece of real property to a local bank. Proceeds amounted to $P 499,200$, net of $4 \%$ services charges. The mortgage requires annualpayment of $12 \%$ interest starting May 1.2020. 6. On March 1. 2019. Pakistan Job Placements decided to sublecse a portion of its offlce to a review center for a $P 8,500$ a month. The review. center occupled the space on September 1, 2019, Because of a tight budget, the review center requested Pakistan if it could make the first payment on January 15, 2020. Pakiston yielded to this request. 7. The Unearned Subscriptions Revenve accocht of Iran Events showed a balance of P268, 500 composed of the following: a. One-year subscription starting Julv 12019 p87 ome.

b. Two-year subscriptions starting February 1, $2019, P 95,700$. c. Eight-month subscription starting April 1, 2019, P85,800. 8. Mexico Skin Care bought a piece of salon equipment for P75,000 on January 15, 201\%. It has an estimated useful life of five years. Scrap value has been determined to be $10 \%$ of the acquisition cost. 9. Australia Delivery needed four trucks in 2019. Two trucks were purchased on May 1,2019 atP1,850,000 each and another two trucks were purchased on July 1.2019 pt a total price 15\% higher than the May 1.2019 purchase. For this type of depreciable assets. Australio is allocating $8 \%$ of the acquisition cost for scrap value and estimating useful lives at eight years. 10. On August 1, 2019, Turkey Manpower Services bought office furniture and fixtures worth $P 248,000$. These depreclable assets have a useful lite of nine years and a scrap value of P5,000.

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