Question: EXERCISE #1:Prepare the adjusting entry for DU30 Cargo under each of the following #5 for the year ending December 31, 2018. 1. 2. Paid P24,000

EXERCISE #1:Prepare the adjusting entry for DU30 Cargo under each of the following #5 for the year ending December 31, 2018. 1. 2. Paid P24,000 for a 1 year re insurance policy to commence on Sept. 1. The amount of premium was debited to Prepaid Insurance. Borrowed P100,000 by issuing a 1 year note with 7% annual interest to FEU Savings Bank on Oct. 1, 2018. . Paid P160,000 cash to purchase a delivery van (surplus) on 1an. 1. The van was expected to have a 3 year life and a P10,000 salvage value. Depreciation is computed on a straight-line basis. . Received an P18,000 cash advance for a contract to provide services in the future. The contract required a 1 year commitment, starting April 1. . Purchased P6,400 of supplies on account. At year's end, P750 of supplies remained on hand. Invested P90,000 cash in certicate of deposit that paid 4% annual interest. The certicate was acquired on May 1 and carried a 1 year term to maturity. . Paid P78,000 cash in advance on Sept. 1 for a 1 year lease on ofce space

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