1. On March 1, 2019, Xylophone Tutorials borrowed 4. Drumstick Chickens rendered catering services last De- money from Metrobank to be used in business, and is- cember 15, 2019. The contract price amounted to sued an interest-bearing note for the P285,000. The P75,000. Since no payment had been received yet. bank loan is payable after three years with an annual in- Drumstick did not make any journal entry last December terest of 15%. 15, 2019. 2. Guitar Cafe received the following bills covering the 5. On May 1, 2019, Piano Services received a P450,000, month of December 2019 on January 3. 2020: advertis- 9% note for selling equipment not being used anymore ing of P19,800, repairs of P2,000, and utilities of P4,860. in the business. The note will be payable in two years. 3. Harp beauty Shop pays salaries for the first half of the month every 25" day of the current month and the sec- and half every 10 day of the succeeding month. The salaries for the second half of December 2019 amounted to P35,000