Magadjust Tayo Store is completing the accounting process for the year just ended December 31 200B. The transactions in 200B have been jouralized and posted. The following data with respect to adjusting entries were available Three-fourths of the basement of the store is rented for P11,000 per month to another merchant, Isip Mabuti Enterprises Isip Mabuti sells comparable, but not competitive, merchandise. On September 1, 200B, the store collected six month's rent in advance from Isip Mabuti in the amount of P66 000 which was credited in full to rent revenue. The remaining basement space is rented to Compute Kamuna Shop for P2, 500 per month payable monthly On December 31 200B. the rent for November and December was neither collected nor recorded. Collection is expected on January 10, 200C. Required: Prepare necessary adjusting entries as of December 31, 200B

On December 28, 20Y3, Silverman Enterprises sold $17,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,900. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,400 and the merchandise originally cost Silverman Enterprises $2,450. a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. 20Y3 Dec. 28 20Y3 Dec. 28 b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank. 20Y4 Jan. 3 20Y4 Jan. 3 c. Journalize the entry to record the receipt of the amount due by Beasley…