Answer the following adjustments from numbers 1-7 with solution. Explain how you get the answer.

For 8 column worksheet, you can use excel for it.

Exercise 24 The accounts and their balances in the ledger of May Vera Novelty Store on December 31, 2019 are as follows: Cash on Hand Cash In Bank Accounts Receivable Merchandise Inventory Supplies On Hand Prepaid Insurance Store Equipment Accumulated Depreciation - Store Equipment Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Withholding Taxes Payable Mortgage Payable (due 2021) Sales Returns and Allowance Sales Discount P 4,400 84,500 30,200 38,400 2,170 2,500 17,000 4,500 5,200 1,600 30,900 5,500 60,000 3,000 3,400 2 21 b) CH M P 1 Output Tax Purchases Purchase Returns & Allowances Purchase Discount Input Tax Freight In Sales Salaries Delivery Expense Rent Expense Miscellaneous Selling Expense Office Salaries Telephone and Telegraph Gain on Sale of Land Interest Expense Vera, Capital Vera, Personal Sales 37,300 230,300 5,000 7,960 26,800 2,000 24,600 6,800 6,000 1,250 13,600 1,360 7,720 300 44,700 12,000 310,600 d) The data for the year end adjustments on December 31, are as follows: 1. Merchandise inventory on hand, P41,600. 2. Supplies unused, P1,120. 3. Allowance for bad debts to be set up at 5% of accounts receivable. 4. Prepaid insurance is for one year dated April 1. 5. Depreciation for store equipment, 10% and for office equipment, 5%. 6. Accrued sales salaries, P460 and office salaries, P210. 7. Set up VAT Payable by closing Input Tax against Output Tax. Direction: 1. In an eight-column worksheet, prepare the trial balance on the first two money columns. 2. Prepare the adjusting entries on the next two money columns