Part 1: Preparing adjusting entries at year-end Direction: Read the information provided below and answer what is being required. The Gloria Dimen Illustrators (GDI) presented the following information pertaining to accounts that will need adjustments for its November 30, 2018 year-end financial statements: a. On October 1, 2018, GDI paid P10,800 for six months insurance premiums. b. The balance in the ledger account of office supplies amounted to P32,000. A count of the office supplies on November 30, 2018 totaled P12,800. c. GDI received P22,800 on November 1, 2018 from a customer for services to be rendered during the months of November, December, January, and February. d. GDI acquired office equipment costing P352,800 on April 1, 2018. The equipment is expected to last 5 years after which it will be worthless. e. Assume that on November 30, 2018 is a Friday and that Gloria Dimen pays its employees o total of P87,500 on Saturday. Required: 1. Prepare the necessary adjusting entries. Use the space provided in the next page. 2. Prepare the December 1, 2018 entry to record the payment of the salaries. Bonus information: 1. Note that the reporting date of GDI is on November 30, 2018 which covers the fiscal year period from December 1, 2017 to November 30, 2018. In our previous examples, we are just having monthly reporting. In this activity, we should use yearly reporting not monthly. 2. In preparing the adjusting entries, use the letter from a to e for easier identification