6-38 | WIN Ballada's Fundamentals of Accountancy, Business & Management ! NAME: SECTION: SCORE: PROFESSOR: Problem #3 Preparing Adjusting Entries at Year-End a The Gloria Dimen illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2019 year-end financial statements: On Oct. 1, 2019, Gloria Dimen Illustrators paid P10,800 for 6-months' insurance premiums. b. The balance in the ledger account Office Supplies amounted to P32,000. A count of the office supplies on Nov. 30, 2019 totaled P12,800. Gloria Dimen Illustrators received P22,800 on Nov. 1, 2019 from a customer for services to be rendered during the months of November, December, January, and February. d. Gloria Dimen acquired Office Equipment costing P352,800 on Apr. 1, 2019. The equipment is expected to last 5 years after which it will be worthless. Assume that Nov. 30, 2019 is a Friday and that Gloria Dimen pays its employees a total of P87,500 on Saturday, C. e. Required: 1. Prepare the adjusting entries. 2. Prepare the Dec. 1, 2019 entry to record the payment of the salaries