From the following independent situations; prepare the necessary adjusting entries for the year at December 31, 20x2 and reversing entries at January 2, 20x3. 1. The note amounting to P500,000 was received from a customer on October 1, 20x2 with an interest of 12% per annum. Advance interest for one year was collected on the same date and credited to Income-Interest. 2. The Expense Insurance of P24,000 shown in the unadjusted trial balance represents premium for one year beginning March 1, 201x2. 3. Office supplies in the amount of P12,000 was purchased on January 2, 20x2 and debited to Expense-Office Supplies. Unused office supplies at December 31, 20x2 amounted to P2,500. 4. The Expense-Rent for P90,000 is advance payment for six months beginning June 16, 20x2 5. The Interest Income of P24,000 was received on August 1, 20x2 from an issuer for a one year note of P240,000 at 10% per annum. 6. The Note Payable for P1,000,000 is a loan proceeds from a Bank on October 16, 20x2 with interest rate of 6% per annum. The interest for one year was deducted in advance by the bank and was debited to Expense-Interest. 7. The Rent Income of P48,000 was received from a tenant on September 30, 20x2 as advance rental for four months. please explain. Thank you in advance