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### ABM Company Financial Statements 33. ABM Company’s Office Supplies account had a balance of P12,540 as of January 1, 2023. Purchases during the year amounted to P3,460. An inventory of supplies at the end of the year revealed a total of P11,090. How much will be the adjustment to the Office Su...

### ABM Company Financial Statements 33. ABM Company’s Office Supplies account had a balance of P12,540 as of January 1, 2023. Purchases during the year amounted to P3,460. An inventory of supplies at the end of the year revealed a total of P11,090. How much will be the adjustment to the Office Supplies Expense account on December 31, 2023? ### Promissory Notes 34. ABM Accounting Services issued the following promissory notes: | Promissory Note No. | Date Issued | Interest Rate | Term | Amount | | ------------------ | ------------- | ------------- | ---------- | -------- | | 1 | November 16, 2023 | 15% | 120 days | P40,000 | | 2 | September 30, 2023 | 12% | 12 months | P35,000 | How much is the balance of the Interest Expense account in December 31? ### Sub-Leased Portions of Building 35. ABM Leasing Company sub-leased portions of its building to three tenants. Details are as follows: | Tenant No. | Start Date | Rent per Month | Lease Term | | ---------- | --------------- | --------------- | ----------- | | 1 | October 16, 2023 | P8,000 | 2 years | | 2 | November 1, 2023 | P12,000 | 1 year | | 3 | December 1, 2023 | P10,500 | 6 months | The Company has not yet received any payments from the above tenants since the start dates. How much is the balance of the Accrued Rent Income account as of December 31, 2023? ### Purchase of Dental Equipment ABM Company purchased dental equipment on July 16, 2023 for P420,000, paying P100,000 in cash and signing a 90-day note for the balance. The equipment has an estimated useful life of 5 years and a scrap value of 5% of the acquisition cost. 36. How much is the balance of the Depreciation Expense account on December 31, 2023? 37. How much is the total accumulated depreciation account on December 31, 2024? ### ABM Company Trial Balance 38. The following accounts were extracted from ABM Company’s trial balance at December 31, 2023: | Accounts Receivable | Debit | | ------------------- | ----- | | Allowance for doubtful accounts | P1,000,000 | | Credit | | | | P8,000 | ABM Company estimates that 3% of gross accounts receivable outstanding will become uncollectible. How much is the required allowance for doubtful accounts for the year? ### Angelo B. Mahusay - Gross Pay 39. Angelo B. Mahusay has a regular hourly rate of P100.75. During a two-week period, he worked 80 hours and had deductions of P1,110 for withholding income tax, P533.32 for SSS premium payable, and P124.70 for PhilHealth premium. What