I don't know how to do this, I really struggle with this one. Badly need some help. Please look at the photo for the instructions, thankyou! At year-end, the following Information is avallable:On January 1, 2021, Monica purchased a ceaning equipment amounting to P50,000. She expects to use this for 5 years and plans to sell it at P5,000 at the endof its useful life. No depreciation has been reco ded yet since the asset was purchased/recorded. Compute and record the depreciation for the whole year.2. On June 30, 2021, Monica purchased another cleaning equipment amounting to P70,000. She expects to use this for 7 years with zero residual value. No1.depreciation has been recorded yet since the asset was purchased/recorded. Compute and record the depreciation for June-December 2021.On January 1, 2021, Monica purchased a second-hand delivery equipment amounting to P420,000. She estimates an 8-year useful life and residual value of3.P20,000 on this asset. Same instruction as no. 1On December 31, 2021, Monica received a bill covering utilities expense amounting to P10,000 for the period of December 2021. The bill is due to be paid on4.January 15, 2022.5. On December 30, 2021, Monica rendered janitorial services amounting to P40,000 to her friend Rachel Green. Rachel promised to pay this on January 5, 2022.6. Chandler and Joey are two of Monica's employees who will receive their monthly salaries for the month of December totaling P35,000 on January 3, 2022. Asof December 31, 2021, no entry has been made yet on Monica's books.Monica received an advance payment of P45,000 from her regular customer Phoebe Buffet on December 30, 2021, for services to be rendered in January7.2022.8. On July 1, 2021, Monica bought supplies amounting to P20,000. As of December 31, an estimate of P10,000 worth of supplies is still not used.9.On December 31, 2021, Monica received a bill from her landlord for quarterly rent amounting to P30,000. Monica will settle this the following week.10. On December 31, 2021, Monica rendered janitorial services amounting to P50,000 to her brother Ross. Ross is expected to pay 15 days after.REQUIRED:1. Prepare adjusting entries to record the above transactions2. Prepare a worksheet-3. Prepare closing entries.4. Prepare a balance sheet and income statement as of and for the year ended December 31, 2021. Shown below is the unadjusted trial balance as of December 31, 2021 of Geller Company, a janitorial service business owned and managed by Ms. Monica Geller:DebitCreditP75,000CashAccounts ReceivableSuppliesCleaning EquipmentDelivery EquipmentAccumulated Depreciation – Cleaning EquipmentAccumulated Depreciation – Delivery EquipmentP20,000P20,000P70,000P420,000POPOAccounts PayableP50.000Salaries PayablePOPOUtilities PayableRent PayableGeller, CapitalGeller, DrawingService RevenueSalaries ExpenseDepreciation ExpenseRent ExpenseSupplies ExpenseUtilities ExpenseP0P400,000P20,000P530,000P250,000P0P40,000P0P65,000P980,000P980,000

Answered: Image /qna-images/answer/7564bc7f-2160-4167-a5ed-8e688fb2d7e3.jpg

1. On January 1, 2021, Monica purchased a cleaning equipment amounting to P50,000. She expects to use this for 5 years and plans to sell it at P5,000 at the end of its useful life. No depreciation has been reco ded yet since the asset was purchased/recorded. Compute and record the depreciation for the whole year. 2. On June 30, 2021, Monica purchased another cleaning equipment amounting to P70,000. She expects to use this for 7 years with zero residual value. No depreciation has been recorded yet since the asset was purchased/recorded. Compute and record the depreciation for June-December 2021. 3. On January 1, 2021, Monica purchased a second-hand delivery equipment amounting to P420,000. She estimates an 8-year useful life and residual value of P20,000 on this asset. Same instruction as no. 1. 4. On December 31, 2021, Monica received a bill covering utilities expense amounting to P10,000 for the period of December 2021. The bill is due to be paid on January 15, 2022. 5. On December 30, 2021, Monica rendered janitorial services amounting to P40,000 to her friend Rachel Green. Rachel promised to pay this on January 5, 2022. 6. Chandler and Joey are two of Monica's employees who will receive their monthly salaries for the month of December totaling P35,000 on January 3, 2022. As of December 31, 2021, no entry has been made yet on Monica's books. 7. Monica received an advance payment of P45,000 from her regular customer Phoebe Buffet on December 30, 2021, for services to be rendered in January 2022. 8. On July 1, 2021, Monica bought supplies amounting to P20,000. As of December 31, an estimate of P10,000 worth of supplies is still not used. 9. On December 31, 2021, Monica received a bill from her landlord for quarterly rent amounting to P30,000. Monica will settle this the following week. 10. On December 31, 2021, Monica rendered janitorial services amounting to P50,000 to her brother Ross. Ross is expected to pay 15 days after. QUIRED: 1. Prepare adjusting entries to record the above transactions 2. Prepare a worksheet 3. Prepare closing entries. 4. Prepare a balance sheet and income statement as of and for the year ended December 31, 2021.