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1. On sept. 1,2020, Jay company issued a 5-month note to a suplier amounting to 200,000php, 10% interest. Record adjusting entries as of Dec. 31, 2020.

2. Maya Company purchased a two-year insurance policy on August 1, 200A for 30,000php. Give the adjusting entries as of Dec. 31, 200A assuming the company uses:
• Asset method
• Expense method

3. On Oct. 1,2020, Jara company received a 4- month note from a customer amounting to 400,000 php, 12% interest. Record the adjusting entry as of Dec. 31, 2020.

4. Jaya company is engaged in constructing and renting office space to various businesses. On Sept. 1, 200A one tenant gave 200,000php cash for six month's rent. Give the adjusting entries as of Dec. 31,200A assuming the company uses:
• Liability method
• Revenue method