Adjusting entries:

Your company is closing its books on December 31, 2020. Analyze the following items and prepare the necessary adjusting journal entries: 1. On December 30, 2020, your company performed P27,000 worth of service but did not bill the client until January 5, 2021. 2. On November 1, 2020, your company purchased office supplies for P5,000 but did not make an adjusting entry to reflect the P1,500 unused at December 31, 2020. 3. You did not record the MERALCO bill received on December 31, 2020 for P6,500. You have scheduled the payment on January 6, 2021. 4. Your company purchased a new set of computer on August 1, 2020 for P30,000. The computer has an estimated useful life of 5 years with no salvage value. No depreciation was recorded on this equipment. 5. On October 1, 2020, your company agreed to work on a new project and is paid P50,000 in advance for 6 months contract starting December 1, 2020. Service Revenue was credited when the advance payment was received. 6. Your company's weekly fiveday payroll is paid every Friday. But December 31, falls on a Tuesday. The employees will not be paid until the following Friday. The weekly wages amount to P25,000