ACCOUNT TITLES TO BE USED: Cash Sales Discount Notes Receivable Accounts Receivable Prepaid Rent Prepaid Insurance Furniture and Fixtures Office Equipment Store Supplies Office Supplies Accounts Payable Notes Payable Loan Payable Ganda Angel, Capital Ganda Angel, Drawing Sales Returns and Allowances Sales REQUIREMENTS: 6,500 2,400 Purchases Freight-in Purchase Returns and Allowances Purchase Discount Salaries Expense Freight-out Advertising Expense Rent Expense Store Supplies Expense Commission Expense Office Supplies Expense Taxes and Licenses Expense Interest Income Interest Expense Utilities Expense 1. Prepare the journal entries using the special journals. 2. Prepare the trial balance. 3. Prepare the Statement of Income or Income Statement for the month ended March, 31, 2023 4. Compute the income tax payable. 5. Accomplish the BIR form. The following are the transactions that transpired on March 2023: 1 March 1 Mar. 1 Mar. 1 Mar. 2 Mar. 2 Mar. 3 Mar. 5 Mar. 6 Mar. 7 Mar. 8 Mar. 9 Mar. 10 Mar. 10 Mar. 11 Mar. 13 Mar. 13 Mar 15 Mar. 15 Mar. 16 Mar. 17 Mar. 18 Mar. 18 Mar. 20 Mar. 21 Mar. 22 Mar. 23 Mar. 24 Mar. 25 Mar. 28 Mar. 28 Mar. 29 Mar. 30 Mar. Ganda Angel invested P500,000 to put up the merchandising business Pretty Angel. Purchased office tables and chairs from TIBAY Furniture at P36,650, Cash basis. Paid taxes and license to the city government, P18,500.75 Purchased computers from the Office Hardware at P45,800 with terms: n/EOM Paid three months rent in advance to the Leasing Corp. at P38,600. Purchased goods from Ups and Downs at P320,750 with terms: 3/10, n/60 Cash purchases, P18,500 Paid insurance expense for six months, P7,500. Sold merchandise to Blue Corp., P154,750. Terms: 50% downpayment and the balance payable within 60 days. Paid freight on the above sales, P1,859.45. Received from Labrador Trading a 60-day, 6% note for merchandise sold at P72,500. Sold merchandise to Bago Trading, P175,000 with terms 2/10, n/60 Bago trading returned defective goods, P12,350. Borrowed money from Lucky Bank, P120,000 and paid advance interest in the amount of P12,000 Sold goods to Ram Trading at P85,650 with terms 2/10, n/60 Issued a 30-day note to Care Enterprise amounting to P100,000 for merchandise purchased. Bago Trading returned defective goods, P15,000. Paid the following expenses: Electric bill Telephone bill Advertising P13,500 13,000 7,450 Bago Trading made a partial payment of P25,000 Ram Trading returned defective goods, P6,000 Paid the note issued on 13 Mar Bago Trading paid its account in full; refer to transactions on 9, 10,13, and 15 March. Issued a 30-day note to Eusebio Enterprise for merchandise purchased at P15,250. Angel withdrew P20,000 for her personal use. Paid note issued on 18 Mar Cash sales amounting to P148,500 Purchased from Sim Trading with list price of P135,000 (terms: 2/10,n/30 with trade discount of 5%) Paid freight on the above purchases, P4,200 Returned defective chairs to TIBAY furniture and received a refund of P4,250. Gave a cash refund for defective merchandise returned by customers, P5,000 Made partial payment to Sim Trading, P12,000 Returned defective goods to Sim Trading and received a credit memo for P6,500 Paid the following expenses: Salaries Commission P22,000 2,500