Question: ANSWER THE FOLLOWING WORD PROBLEM: 1. A building with an estimated life of 30 years finished construction on June 1, 2018. The cost of

ANSWER THE FOLLOWING WORD PROBLEM: 1. A building with an estimated life

ANSWER THE FOLLOWING WORD PROBLEM: 1. A building with an estimated life of 30 years finished construction on June 1, 2018. The cost of the building is 4.8 million pesos with an estimated salvage value of P300,000. Give the adjusting entry on December 31, 2018 to record the depreciation of the building. 2. On April 30, 2018 X Co. paid P36,000 worth of insurance premium for two years. Give the adjusting journal entry on June 30,2018. 3. On August 1, Dr. Yee received P90,000 for dental fees to be rendered in the next 6 months Give the adjusting journal entry at the end of Sept. 4. The company received a Maynilad bill in the amount of P9,800 on Dec. 26,1018. The company intends to pay on January 8, 2019. Give the adjusting journal entry. 5. A one year, 6% note receivable in the amount of P200,000 was received on January 1, 2018. The interest and the principal are payable on maturity date. Give the adjusting journal entry on June 30,2018.

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