Prepare the adjusting entries and assume December 31, 2021 is the end of the accounting period unless otherwise stated.

A one-year subscription to Manila Bulletin, a daily newspaper, was paid by HERBERT TRADING on June 25 for P 5,400. Subscription starts on July 1 . The company closes its books every September 30 and uses real accounts in recording deferrals. The general ledger of DANO HARDWARE showed unadjusted Prepaid Rent account at P125,000 at year-end, March 31, 2021. This represents a 5-month advance rental payment to its lessor from December 1, 2020 to April 30, 2021. BLUE COMPANY receives a 10% commission from its suppliers for the sale of their products. Commissions received by the company is based on estimated sales of P90,000. Actual sales made by the company in September totaled P86,570. The company operations end September 30 and uses real accounts in recording deferrals. The P100,000 Unearned Commissions balance at year-end represents the amount the company received from K. REDIT at the start of year 2021 , as payment for 5% sales commission for the year. The company's 2021 sales totaled P1,660,000. On December 31, 2021 TOLOSA COMPANY has office furniture costing P86,950 as shown below