Requirement: Adjusting entries

A. Atty. Timothy began business on January 1, 2D16. The unadjusted trial balance for the rst-year operation is found below. The following data for adjustments were collected [thousands omitted to simplify the problem]: a. The balance in the notes receivable is for a single PED note from a customer dated December 15,2D16. The note, clue February 14, 2D13', carries an interest rate of 2D'}E. b. A count of the office supplies showed P12 still on hand as at December 31. c. Bad accounts should be written off amounting to P? representing past due account of an insolvent client d. Atty. Timothy invested P35 of the furniture and fixtures when the clinic was opened on January 1. It is estimated to have a useful life of 5 years and a residual value of P5. The balance of P3D was acquired on July 1 and has an estimated useful life of five years, no scrap value. e. The office equipment was purchased on February 23 for P2BD. It has an estimated useful life of five years and a residual value of PAD f. The salary of the newly hired secretary, Miss W amounting to PHI for the month of December, has been paid but not yet recorded. Provide for55 P2, Phil Health P1, Wm and Withholding Tax P3. Record also the liabilities of the employer for this using the same amounts. g. Only P? shown in the Unearned Legal Fees Revenue have not been earned. h. 3% tax on December gross receipts is due for payment. \"mothy Law Dfoe Unadjusted Trial Balance December 31, EDIE [thousand omitted] Account No. Account Title Debits Credits 1D1 Cash P191 1D2 Accounts Receivable 2? ma Notes Receivable ED 1D4 Office Supplies 39 2D1 Furniture 8: Fixtures 55 2D2 Office Equipment 23D 3D1 Accounts payable P5 3D2 Unearned Legal Fees Revenue 1? AD1 Atty. Timothy, lCapital 125 ADE Atty. Timothy, Personal 16