d. Supplies on hand at month-end amounted to P14,000.

e. A count of the merchandise inventory on March 31 amounted to P456,225.

4. Prepare a statement of income and a statement of changes in equity for the month ended March 31, 2019, and a statement of financial position as at March 31, 2019.

5. Prepare the adjusting and closing entries for the month.

6. Post the adjusting and closing entries to the ledger amounts.

7. Prepare the post-closing trial balance.

8. Prepare the reversing entries.

Transactions for the Mariano Lerin Bookstore for March 2019 follows: Mar 1 Collected P150,000 from Debya Books Shop with 2% discount. 1 Paid water bills amounting to P753 2 Purchased merchandise on credit from Digao Publishers, terms 2/0, n/30, FOB destination P74,000 3 Paid the monthly amortization on the loans payable; Interest P2,800 and Principal-P3,200. 3 Sold merchandise on credit to Detoya Books Shop, terms 1/10,n30, FOB shipping point P10,000. 5 Sold merchandise for cash, P107,000 6 Purchased and received merchandise on credit from Made Easy Bookstore, terms 2/10,n30. FOB shipping point, P42,000. 7 Received freight bill from Super Express from shipment received on March 6, P570. 8 8 Bought tables and chairs from Dihayco Furnitures on credit amounting to P23,600. 9 Received and paid the telephone bill for the month of February, P1,374. 9 Sold merchandise on credit to Recolletos Books, terms 1/10,n,80, FOB destination, P38,000. 10 Purchased merchandise from Digao Publishers, terms 2/0, n.30, FOB shipping point P26,500, including freight costs of P500. 11 Received freight bill from Super Express for sale on March 9, P291. 12 Paid Digao Publishers for Purchase on March 2. 13 Received payment in full for Detoya Books Shop's purchase on March 3. 14 Paid Made Easy Bookstore half the amountowed on March 6 purchase. A discount is allowed on partial payment. 15 Returned faulty merchandise worth P3,000 to Digao Publishers for credit against purchase on March 10 15 Employees salaries were paid, P13,205. 16 Purchased office supplies from Olamit Supplies for P4,780, terms 1/10 17 Received payment from Recolletos Books for half of the purchase on March 9, A discount is allowed on partial payment. 18 Paid Digao Publishers in full for amount owed on March 10 purchase less returns on March 15. sold merchandise to Sir Ed Trading on credit terms 2/10,n,80, FOB shipping point 7,800. 20 Returned for credit several items of office supplies purchased on March 16, P1,280 22 Issued a credit memo to Sir Ed Trading for for returned merchandise, P1,800. 25 Paid for purchase of March 16, less retums on March 20. 26 Paid freight entity for for freight charges for March 7 and 11. 27 Received payment of amount owed by Sir Ed Trading for purchase on March 19, less credits on March 22 28 Paid Made Easy Bookstore for the balance on the March 6 purchase. 29 Paid Sun Star for the ads print, P3,500. 30 P12,009 were paid to employees. 31 Sold merchandise for cash, P39,730. . 31 Lerin withdraws cash from his business for persnal use, P50,000 19 Required: 1. Post the February 28 account balances to the ledger accounts. 2. Record the transactions for the month of March in a journal and post the transactions to the ledger 3. Prepare the worksheet using the following information: a. Salaries in the amount of P11,000 have accrued on March 31. b. Insurance coverage with premiums of P2,000 has expired at month-end. c. Depreciation on the building and on the equipment for the month amounted to P5,000 and P3,000 respectively