From the selected balances and additional information, prepare adjusting entries at year end: (use the letter of the item as entry date)

Accounts Receivable P150,000

Supplies 6,500

Equipment 80,000

1. 5% of the accounts receivable should be written off.
2. 10% of the accounts receivable not written off should be set up as doubtful accounts.
3. Estimated residual value of the equipment is P1,000 with a useful life of 10 years. Date of acquisition was July 1.
4. Supplies inventory at year end amounted to P1,500.

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