Maria Ezperanza, a tax consultant, began his practice on December 1, 2019. The transactions of the firm are as follows: Dec 1 Maria invested P150,000in the firm. 2 paid rent for December to Realty Company, P8,000. 2 Purchase supplies on account, P7,200. 3 Acquired P75,000 of office equipment, paying P37,000 down with the balance due in 30 days. 8 Paid P7,200 on account for supplies purchased. 14 Paid assistants salaries for two weeks, P6,000. 20 Performed consulting services for cash P20,000. 28 Paid assistant's salaries for two weeks P6,000. 30 Billed clients for December consulting services, P48,000. 31 Maria withdrew P12,000 from the business. Required: 1. Prepare adjusting entries base on the following information at the end of the year, December 31, 2019: A. Supplies on hand at December 31, 2019 amounted to P4,700; B. Salaries of P1,800 have accrued at the end of the month; C. Depreciation is P800 for December. D. Esperanza has spent 20 hours on a tax fraud case during December. His worked will be billed P500 per hour