adjusting entries

1. Rental Income was credited when P30,000 was received on December 1 representing six months rent collected in advance. 2. Office supplies costing P4,000 were purchased on November 15 and debited to Supplies on Hand. About P 2,500 worth of supplies are still on hand on December 31. 3. Merchandise inventory unsold at the end of the current year, P65,000. 4. On December 16, interest on a 60-day, 24% notes payable for P20,000 was paid in advance. The note was dated December 16 and interest paid was debited to Prepaid Interest. 5. The firm has accounts receivable of P300,000 at the end of the year. It is estimated that 5% of accounts receivable deemed uncollectible. 6. On hand is a 45-day, 21% note receivable dated December 21 for P12,000. No interest had been collected on this. 7. Salaries of employees of P10,000 due for the last week of December will be due for payment on January 3 next year. 8. The Insurance Expense account had a debit balance of P36,000 representing premium for a one year insurance policy effective April 1 of the current year. 9. A 60-day, 24% note dated December 11 was issued to Alex Store amounting to P24,000. Interest will be paid at maturity. 10. Unearned Commission Income account showed a credit balance of P24,000. Only one-fourth of this amount had been earned during the current year. Required: a. Adjusting entries as of December 31, 2010 b. Identify the adjustments to be reversed as of January 1, 2021. (Write numbers only)