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PROBLEM 1 DEF Merchandising follows the policy or recording payments in revenue and expense accounts. The records of the business for the calendar year 2019 show the following: a. On Dec. 1, DEF paid P480,000 representing rental for one year starting on this date. b. On Oct. 1, DEF borrowed P1,000,000 cash from the Bank of the Phil. By issuing a 9% note payable in 270 days. The interest is payable upon maturity of the note. c. On July. 1, DEF paid insurance premium of P252,000 covering a period of 3 years beginning on this date. d. DEF reports accounts receivable of P500,000 and allowance for uncollectible accounts of P10,000 (credit balance): P50,000 of the receivables are uncollectible. e. DEF pays all employees every Friday. The total payroll for the five-day work week ending January 3,2020 is P450,000. f. DEF purchased office equipment on Aug. 1, 2019 amounting to P120,000. On Jan 1,2019 , the office equipment account has a balance of P480,000. All equipment have estimated useful life of 5 years with no residual value. g. Office supplies on hand on January 1,2019 amounted to P5,000. During the year, office supplies of P12,500 were purchased. On December 31,2019 there are unused supplies of P4,500. h. DEF subleases part of its office space for P30,000 a month. On Nov. 1, it received rental payments for six months starting on this date. I. Merchandise Inventory on December 31 amounted to P180,000. REQUIRED: PREPARE THE ADJUSTING ENTRIES ON DECEMBER 31, 2019