Prepare the adjusting entries and reversing entries from the following information which you gathered on Dec 31 , 20A, the end of the accounting period. 1. On June 120A, the business entered into a one year advertising contract with Sagnit Advertsing Co. A payment of P36,000 was made on that date. The expense method was used. 2. The business issued a 90 -day, 6% note for P100,000 to Shakis Lending institution on December 1,20A. The discount was charged to Interest expense. 3. The office equipment costing P26,500 was purchased on May 31,20A. It is estimated that it can be used for five years with a scrap value of P1,500. 4. Unearned commission was credited for P3,500. One-half of this amount has been earned as of Dec. 31 , 20A 5. Supplies expense account has a balance of P30,000 representing the amount of supplies bought during the period. Supplies on hand at the end of December amounted to P12,000 6. The account receivable of the business has a balance of P300,000. It is estimated that only 95% is collectible. There is no allowance carried in the books. 7. The payroll for the week of six working days (Monday to Saturday) amounts to P12,000. This is paid every Saturday. December 31 , fell on a Thursday. 8. On Dec. 31, 20A, there are two notes on hand, a 60 -day 12% note for P60,000 dated Dec. 1,20A and a note for P30,000 dated Nov. 30,20A a non interest bearing note. No interest has yet been collected. 9. Furniture and fixtures costing P50,000 were recorded in the books. One-half of this was acquired only July 1, 20A without salvage value. All Furniture and fixture are estimated to have a useful lives of 5 years. 10. Received a 90 -day, 12% note from a client amounting to P500,000 on November 15,20A. No interest has been taken up