Question: Part 1 Make the adjusting entries for each entity. Adjusting Entries and Accounting Policy At the start of the year, V. Espiritu, D. Mallari, and

Part 1

Make the adjusting entries for each entity.

Adjusting Entries and Accounting Policy At the start of the year, V. Espiritu, D. Mallari, and D. Ramos Service Firms, each had P75,000 of supplies on hand. The three companies use different accounting procedures for recording supplies. V. Espiritu and D. Ramos show the beginning balance in the Supplies on Hand account, but D. Mallari reflects the beginning balance in the Supplies Expense account. V. Espiritu debits the account Supplies on Hand when supplies are acquired, while D. Mallari and D. Ramos follow the policy of debiting Supplies Expense upon acquisition. Each of the three companies acquired P452,000 of supplies at various times throughout the year, and each has P96,000 of supplies on hand at year-end

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