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Activity 7-4: The following T accounts contain the transactions of the Kamalig Stores for the month December 2016, its first month of operations Cash Rent

Activity 7-4: The following "T" accounts contain the transactions of the Kamalig Stores for the month December 2016, its first month of operations Cash Rent Expense Salary Expense P P 2,000.00 P 2,000.00 P 2,250.00 50,000.00 1,500.00 350.00 2,250.00 5,300.00 100.00 6,800.00 2,234.20 2,200.00 2,250.00 3,000.00 P 2,234.20 Traveling Expense Telephone Expense P 350.00 300.00 2,352.60 2,250.00 Office Supplies Unused P2,352.60 3,000.00 P 300.00 Office Equipment P11,603.80 22,000.00 A. Mendez, Drawing P 3,000.00 Office Supplies Used P 300.00 Other Expenses P 100.00 300.00 Accounts Payable, J. Cruz P 2,352.60 P 13,956.40 Accounts Payable, P. Ranola P 22,000.00 Advertising Income P 1,500.00 5,300.00 6,800.00 2,200.00 Required: 1. Determine the balances of the T-account 2. Prepare Adjusted Trial Balance 3. Prepare Closing Entries 4. Prepare Post-closing Trial Balance A. Mendez, Capital P 50,000.00 3,000.00

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