1. Prepare the NECESSARY ADJUSTING JOURNAL ENTRIES in the book of SEQ repair services. 2. Prepare an ADJUSTED STATEMENT OF FINANCIAL PERFORMANCE ending September 30, 20CY. 3. Prepare an ADJUSTED STATEMENT OF FINANCIAL POSITION as of September 30, 20CY.

SEQ Repair Services Unadjusted Trial Balance For the 9 month period ending September 30, 20CY CREDIT DEBIT 375,750 185,700 14,835 225,500 525,000 330,750 65,500 41,265 112,750 50,000 ACCOUNT TITLES Cash on hand and in bank Accounts Receivables Allowance for bad debts Merchandise Inventory Store furniture and equipment Accumulated depreciation-Store furniture & equipment Office equipment Accumulated depreciation Office equipment Accounts payable Notes payable Accrued Interest payable Samuel E. Quiambao Capital Samuel E Quiambao Drawing Repair Services Revenue Salaries and wages Rent expense Utilities expense Taxes and licenses Store supplies expense Interest expense Bad debts expense Depreciation expense Miscellaneous expense TOTAL 500,000 50,000 794,450 190,500 108,000 35,250 45,350 27,500 10,000 1,844,050 1,844,050 SEQ Repair Services Unadjusted Trial Balance For the 9 month period ending September 30, 20CY CREDIT DEBIT 375,750 185,700 14,835 225,500 525,000 330,750 65,500 41,265 112,750 50,000 ACCOUNT TITLES Cash on hand and in bank Accounts Receivables Allowance for bad debts Merchandise Inventory Store furniture and equipment Accumulated depreciation-store furniture & equipment Office equipment Accumulated depreciation Office equipment Accounts payable Notes payable Accrued Interest payable Samuel E. Quiambao Capital Samuel E Quiambao Drawing Repair Services Revenue Salaries and wages Rent expense Utilities expense Taxes and licenses Store supplies expense Interest expense Bad debts expense Depreciation expense Miscellaneous expense TOTAL 500,000 50,000 794,450 190,500 108,000 35,250 45,350 27,500 10,000 1,844,050 1,844,050 Additional Information at the end of September: Basis for adjusting entries. Show computations in good form. 1. All non-current assets were aquired in prior years, and are estimated to have a uniform useful life of 10 years and a 10% estimated scrap value. 2. The 15%, 120 days note was issued to a supplier dated Aug. 1, 20cy. 3. Inventory at the end of the month was determined to be worth P175,500. 4. Unused store supplies amounted to P4,500. 5. Bad debts is estimated to be 15% of outstanding receivable at the end of the month Required: 1. Prepare the necessary adjusting journal entries in the book of SEQ Repair Services 2. Prepare an Adjusted Statement of Financial Performance ending September 30, 20CY 3. Prepare an Adjusted Statement of Financial Position as of September 30, 20CY