Prepare adjusting entries required on December 31 for each item with your supporting computations after each entry.

1. On March 1, 2020, XYZ paid P54,000 for two-year insurance premium on property. The bookkeeper debited Prepaid Insurance account at the time of payment.

2. On December 1, 2020, ABC company received P120,000 as advance payment for professional services to be rendered starting 1^st quarter of 2021. Unearned Revenue was credited at the time of deposit.

3. Office Supplies were purchased in the last quarter of 2020 amounting to P6,500. On December 31, inventories showed that P3,200 were on hand. The purchase was debited to Office Supplies account.

4. The companys office equipment costing P100,000 is expected to have 10 years economic life with no salvage value. This was purchased by the company on August 1, 2020.

5. ZTE company owes a bank a 10%, 90-day note for P150,000 dated November 1, 2020.