Part 1

Prepare the adjusting entries.

Please show your solution.

1. A law firm began November with office supplies of 16,000. During the month, there firm purchased supplies of 29,000. On November 30, supplies on hand totaled 21,000.

2. A Business received cash of 300,000 in advance for revenue that will be earned later. The cash receipt entry debited cash and credited Unearned revenue for 300,000. At the end of the period, 110,000 is still unearned.

3. An entity's five work weekly Payroll of 50,000 is paid on Fridays. Assume that the last day of the month falls on Wednesday.

4. Equipment costing 508,000 has a useful life of 5 years with an 60,000 salvage value at the end of the year. Record the depreciation for the year.

part 2

please see the attached photo and kindly show solutions to have a guide. thanks.

1. Matapang Computers acquired office equipment on February 15, 2021 for his repair shop business. The cost of the equipment is PHP25,000. It was estimated to have a useful life of five years. It is estimated that after five years, the office equipment can be sold at a scrap value of PHP1,000. The company uses the straight line method of depreciation. 2. On February 15, 2021 Matapang entered into a contract with Makisig to maintain the computers of Makisig for two months starting on February 15, 2021 up to April 15, 2021. On the same date, Makisig paid the total contract amount of PHP40,000 in full. 3. On February 19, 2021 Matapang purchased PHP5,000 worth of office supplies on account. By the end of the month, PHP2,000 worth of these supplies are still unusedAccount titles January 31 February 28 Merchandise Inventory P 160,000 P 120,000 Sales 380,000 Sales Returns & allowances 10,000 Purchases 250,000 Purchase discounts 6,000 Freight-In 8,000 Taxes and Licenses-Selling 12,000 Uncollectible accounts-selling 15,000 Depreciation-General 35,000 Sales Salaries-Selling 20,000