no. 22 only c - e and a on the bottom part

21. The following list of accounts and their balances appear on the books of MJ Thai Spa as of December 31,2022 : Partnership agreement calls for the following: Monthly salary allowance of P5,000 for Mel and P7,500 for Jay, 12% interest on capital balances, and residual profit to be shared equally. The following information are given to adjust the books: a) Provision for bad debts should be 10% of the outstanding accounts receivable. b) Office Furniture and Fixtures were acquired July 1, 2021 and the Delivery Equipment were acquired January 1, 2021. Depreciation rate is the same for both assets. c) One half of the unearned commission is already earned. d) Prepaid insurance on the delivery equipment is payable annually starting May 1 . e) P10,000 of the notes receivable is interest bearing at 18% dated December 1,202 ? and due after 60 days. f) The note payable was issued to the bank and discounted at 18% for a year o December 1, 2022. The discount was charged to interest expense. g) Tax rate is 20%. Direction: Prepare a 10-column worksheet with a profit distribution table. 22. Refer to exercise 21 . a) Prepare the adjusting entries. b) Close the nominal accounts. c) Record the 20% tax liability. and use line items with of comprehensive income under the function of expense method e) Prepare a statement of pupporting notes. Rent and utilities are 75% distribution expenses, made a permanent withdrawal. a) Prepare a statement of financial position also using line items with supporting notes. GALANDETHICAL ISSUES 21. The following list of accounts and their balances appear on the books of MJ Thai Spa as of December 31,2022 : Partnership agreement calls for the following: Monthly salary allowance of P5,000 for Mel and P7,500 for Jay, 12% interest on capital balances, and residual profit to be shared equally. The following information are given to adjust the books: a) Provision for bad debts should be 10% of the outstanding accounts receivable. b) Office Furniture and Fixtures were acquired July 1, 2021 and the Delivery Equipment were acquired January 1, 2021. Depreciation rate is the same for both assets. c) One half of the unearned commission is already earned. d) Prepaid insurance on the delivery equipment is payable annually starting May 1 . e) P10,000 of the notes receivable is interest bearing at 18% dated December 1,202 ? and due after 60 days. f) The note payable was issued to the bank and discounted at 18% for a year o December 1, 2022. The discount was charged to interest expense. g) Tax rate is 20%. Direction: Prepare a 10-column worksheet with a profit distribution table. 22. Refer to exercise 21 . a) Prepare the adjusting entries. b) Close the nominal accounts. c) Record the 20% tax liability. and use line items with of comprehensive income under the function of expense method e) Prepare a statement of pupporting notes. Rent and utilities are 75% distribution expenses, made a permanent withdrawal. a) Prepare a statement of financial position also using line items with supporting notes. GALANDETHICAL ISSUES