COVID Lang Legal Services Trial Balance December 31, 2020 Accounts Debit Credit Cash P75,000 Office Supplies 8,000 Prepaid Insurance 12,000 Office Equipment 150,000 Computer Equipment 60,000 Notes payable P50,000 Accounts payable 5,000 Lang, Capital 114,000 Lang, Withdrawals 35,000 Consulting Revenues 390,000 Rent Expense 50,000 Salaries Expense 120,000 Telephone Expense 10,000 Utilities Expense 39,000 Total P559,000 P559,000 Information for year-end adjustments: a. Office supplies at year-end amounted to P3,000 b. On Jan 1, 2019, Lang purchased office equipment which cost P150,000 with an expected life of 5 years C. Computer equipment was purchased on July 1, 2019 costing 60,000 with an expected life of 3 years d. The prepaid insurance with one-year policy was paid last December 1, 2019 e. Interest of 15,000 on notes payable has been accrued at year end. Requirements: 1. Prepare adjusting entries. (15pts) 2. Prepare adjusted trial balance. (27pts)