1.) Botolan Finance lent 9,000 at 12% interest on October 1, 2016. The amount will be collected...

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1.) Botolan Finance lent ₱9,000 at 12% interest on October 1, 2016. The amount will be collected after 1 year. At the end of December, no entry was entered in the journal to take up the interest income. Prepare the entry needed as of December 31, 2016.

2.) The company enters into a rental agreement to use the premises of a building on the terms that the company will pay monthly rental of ₱8,000 at the end of every month. On December 31, the rent for the two (2) months has not yet been paid and no record for rent expense was made.

3.) The company borrowed ₱50,000 at 12% interest on August 1, 2016 payable after 1 year. At the end of December, no entry was entered to the journal to take up the interest incurred.

4.) On November 01, 2016, the company made ₱50,000 advanced collections from its customers, and was recorded under the Income method. At the end of December 31, 2016, 60% of the advanced money has been rendered.

5.) The company uses the expense method to record purchase of office supplies worth ₱8,000 made in July 5, Suppose at the end of the month, 40% of the supplies have been used. What adjusting entry should you make to recognize the prepared portion of supplies?

6.) The company acquired a 12-month insurance coverage for its properties on October 1, 2016, for a total of ₱12,000. If the pre-payment was initially recorded under the asset method, prepare the adjusting entry to take us the expired portion of the insurance at the end of December 31, 2016?

7.) The company acquired a delivery van for ₱1,500,000 in the beginning of 2016. Assume that the van has a scrap value of ₱150,000; and a useful life of 8 years. Compute the depreciation at the end of the year using the straight-line depreciation method.

8.) The company acquired a delivery van for ₱1,500,000 in the beginning of October 2016. Assume that the van has a scrap value of ₱150,000; and a useful life of 8 years. Compute the depreciation at the end of the year using the straight-line depreciation method.