and Section Date Score course Prepare nstruction; the items the necessary adjusting entries on December 31, 2020 to adjust the below. Use the answer sheet provided. preparation of adjusting entries for the year ended December 31, 2020. scampo Enterprises provided the following information in connection with the Store supplies debited to store supplies expense, P14,000. As of December 31, 2020, P2,250 are still unused. The prepaid insurance account amounts to P12,000. Of this amount, P8,500 has expired as of December 31. The precollected subscription income has a balance of P240,000. Of this amount P18,000 has already been earned as of December 31. 4. Interest due on notes payable outstanding as of December 31, P22,000. 0 Interest earned but not yet collected on notes receivable outstanding as of December 31, P13,000. 6. Salaries and wages accrued (not yet paid) as of December 31, amounts to P16,280. 7. Interest on bank loan was deducted in advance and was debited to interest expense account, P12,600. The term of the loan is 90 days starting December 1, 2020. 8. Accrued rent from tenants for the month of December amounts to P20,000. 9. Interest collected and credited to interest income account, P18,000. This represents interest for 6 months effective December 1, 2020. 10. Accrued commission income as of December 31, P4,200. 11. Depreciation of the office equipment for the current year, P15,000. 257