Prepare the adjusting entry for each of the following for year ended December 31, 2012. I. Paid Trio Insurance Co. P33,000 one year car insurance to commence August 1, 2012. The amount of premium was debited to Prepaid Insurance. 2. Borrowed P200,000 from Metro Bank issuing a one-year note with 12%% annual interest on April 30, 2012. 3. Bought P20.000 equipment with five-year estimated life and a salvage value of P2,000 Depreciation is computed on a straight line basis. 4. Received P51.000 cash advance from a customer for one year services to be rendered starting June 30, 2012. The amount was credited to Unearned Service Income. 5. Purchased P7.100 supplies at the beginning of the year. Supplies remaining at the end of the year amounted to P2,900. Use the asset method. 6. Accounts receivable has a balance of P130,000, It is estimated that P5.000 of this is uncollectible. Date Explanation PR Debit Credit 2012 To record expired insurance 2 To record unpaid accrued interest 1 1 3 To record depreciation of equipment Cast Less: Salvage Value 2.000 Depreciable cost P Divided by: Estimated Useful Life 5 years Annual Depreciation To record service cared LA To record supplies used for the year 6 To record provision for bad debts