Thankyou in advance for helping my question to answer Exercise 1 Spencer Company has a fiscal year-end of June 30th. The following adjusting journal entries must be prepar records up to date for the preparation of year-end financial statements. 1. Interest on notes payable of PHP400 is accrued. Fees earned but unbilled total PHP1,400. 2. Salaries earned by employees of PHP700 have not been recorded. 3. Bad debt expense for year is PHP900. Exercise 2 For each of the following items, write the journal entry first (if one is needed) to record the transactions; and then the adjusting entry, if any is required, for the end of the accounting year of Ron Car Rental Company on December 31,2016. 1. On December 1, borrowed PHP300,000 cash from Nation Bank by issuing a promissory note with an interest of 12% per annum payable in three months. 2. On December 1, paid rental for six months beginning December 1, 2020to May 31, 2021, at PHP3,000 per month. 3. On December 31, 2020, received telephone bills for the month December amounting to PHP5,600. The bill will be paid on January 2021. Exercise 3 (Depreciation) Compute the depreciation expense for the following independent cases. Use the straight line method of depreciation. 1. Pedro Reyes purchased a delivery vehicle on January 1, 2020 amounting to PHP250,000. It is estimated that the vehicle will be useful for 10 years. The vehicle can be sold for PHP10,000 at the end of its useful life. If the accounting period being reported by Pedro is one (1) year from January - December 2020, how much is the depreciation expense? 2. Pedro Reyes purchased a delivery vehicle on April 1, 2020 amounting to PHP250,000. It is estimated that the vehicle will be useful for 10 years. The vehicle can be sold for PHP10,000 at the end of its useful life. If the accounting period being reported by Pedro is one (1) year from January-December 2020, how much is the depreciation expense? 3. Pedro Reyes purchased a delivery vehicle on January 1, 2020 amounting to PHP250,000. It is estimated that the vehicle will be useful for 10 years. The vehicle can be sold for PHP10,000 at the end of its useful life. If the accounting period being reported by Pedro is one (1) month (January 2020), how much is the depreciation expense for the month