1. In the conduct of shop supplies inventory count, it was learned that P 50,000 cost of shop supplies were withdrawn and used. The purchase of shop supplies inventory in the amount of P 80,000 was recorded to an asset account. 2. A car insurance premium was paid on March 1, 2019 covering the period from March 2019 to March 2020 P 18,000. It was debited to an expense account, Insurance Expense. What is the adjusting entry on December 31, 2019? 3. Mr. Agbayani paid P120,000 as rental of the building it occupies. This represents the rental for 2 years. Upon payment of cash, he debited an asset account. What is the adjusting entry at the end of 12 month? 4. Company ABC received a cash P200,000 as loan proceeds from Union Bank with interest of 9.6% annually on June 30, 2019. Interest is paid every end of the year. Prepare an adjusting entry on July 31, 2018. 5. On August 5 LBC Company received in advance payment of car rental to be rendered on September 21 of the same year. On August 5, LBC Company recorded Unearned Rent Income for the cash received. What is the adjusting entry at the end of September?