Assessment Worksheet, Financial Statements, Closing Entries and Post-closing Trial Balance Directions: Prepare the following requirements. Write your answer in the forms provided. Farmacia Cedrama started its operations on January 2020 and prepares its financial statements on a quarterly basis. Adjusting and closing entries are also prepared at the end of each quarter. The external auditor, Carl Corpuz & Co. CPAs, has prepared the trial balance before adjustments during the first quarter of 2020 which is given below: Farmacia Cedrama Unadjusted Trial Balance March 31, 2020 Credit Debit P 98,110 32,000 125,000 17,000 318,700 12,000 850,420 Cash in Bank Accounts Receivable Furniture and Fixtures Accounts Payable C. Cedrama, Capital C. Cedrama, Drawing Sales Sales Returns and Allowances Sales Discounts Purchases Purchase Returns and Allowances Freight-in Freight-out Taxes and Licenses Rent Expense Salaries Expense Insurance Expense Miscellaneous Expense 4,000 5,000 850,000 3,200 2,000 4,210 5,000 34,000 3,000 10,000 5,000 P 1.189.320 Total P 1.189.320 Data for Adjustments: a. Merchandise Inventory, March 31 is P277,000. b. Estimated Uncollectible Accounts should be provided at 5% of Credit Sales. Credit Sales is P52,000. c. Furniture and Fixtures has an estimated life of 5 years. It was acquired on Jan. 1. 2020. d. Insurance Premium is good for 6 months period only, effective Jan. 1, 2020. Requirements: 1. 10-Column Worksheet 4. Statement of Changes in Owner's Equity 2. Income Statement 5. Closing Entries 3. Balance Sheet 6. Post-closing Trial Balance