1. On March 31, 2014, B Co. paid P72,000 insurance premium for 2 years. Give the...

1. On March 31, 2014, B Co. paid P72,000 insurance premium for 2 years. Give the adjusting entry on May 31, 2014.

2.Supplies account on January 1, 2014, showed a balance of P7,000. On December 31, 2014, supplies on hand amounted to P2,000.

3. Supplies account showed a balance of P12,000. Supplies used during the year amounted to P4,000. Give the adjusting journal entry on Dec. 31, 2014.

Expert Solution

ekkarill92 answered 1 year ago

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