Adjusting Entries

On November 30, 2023, Gym on Wheels paid Php2,000 as rent on some of its equipment for four months. (If deferrals, use income or expense method)

Instructors’ salaries of Php2,000 for December will be paid in January. (If deferrals, use income or expense method)

On December 1, 2023, Gym on Wheels had paid Php2,400 as a subscription to Mega Magazine for three months. (If deferrals, use income or expense method)

Children aged 6-8 registered on November 1 and paid the 6-month fees in advance. These fees totaled Php3,000. (If deferrals, use income or expense method)

December fees in the amount of Php3,000 will be collected in January. (If deferrals, use income or expense method)