Paglinawan co had these unadjusted account balances on

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63. Paglinawan Co. had these unadjusted account balances on December 31, 2009: Inventory, January 1, 2009 ............................ P188,250 Purchases ............................................. 142,700 Freight-In ............................................ 12,880 Purchase Discounts .................................... 2,140 Purchase Returns and Allowance ........................ 26,710 Assuming that the ending inventory is P97,900, prepare the entry to adjust the inventory accounts. 64. The following account balances pertain to the Pandian Manufacturing Co. at September 30, 2009 (before adjusting entries). Debit Credit Accounts Receivable ......................... P 40,000 Allowance for Doubtful Accounts ............. P 2,500 Inventory ................................... 99,700 Prepaid Insurance ........................... 2,400 Equipment ................................... 300,000 Accumulated Depreciation .................... 125,000 Notes Payable ............................... 48,000 Unearned Revenue ............................ 72,000 Additional information: Prepare adjusting entries to Pandian Co.'s accounts at September 30, 2009. Each entry should be made in general journal format. Identify each entry by using the letter of the paragraph containing the additional information for the entry. 65. Nicko and Noriko Co. had the following transactions pertaining to the fiscal year ended October 31, 2009. June 15, 2009, paid an annual casualty insurance premium of P5,400 for a policy beginning July 1, 2009. October 1, 2009, received advance payment of P6,930 from a customer for a 9-month equipment rental. Provide the appropriate journal entries to record the preceding transactions. Adjust the accounts at year-end assuming that no entries have been made between the transaction date and year-end and assuming that: (1) transactions were originally recorded in asset and liability accounts. (2) transactions were originally recorded in revenue and expense accounts.
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