Exercise 1 Presented below is the trial balance of Lou Bernardo Company for December 31, 2016. Lou Bernardo Company Trial Balance December 31, 2016 P18,000 P84,000 Cash 19,800 Accounts Receivable 13,200 Notes Receivable 82,500 Merchandise Inventory 4,000 Prepaid Insurance Office Supplies 10,000 Delivery Equipment 75,000 Accumulated Depreciation - Delivery Equipment Furniture and Fixtures 60,000 Accumulated Depreciation - Furniture and Fixture Accounts Payable Notes Payable L, Capital Sales Sales Returns and Allowances 65,000 Purchases 375,000 Purchase Returns and Allowances Freight-in 4,000 Commissions Expense 60,000 Rent Expense Utilities Expense 100,000 12,500 Delivery Expense 6,000 P971,000 15,000 15,000 35,000 108,000 750,000 30,000 P971,000 Additional pieces of information determined for December 31, 2016 are as follows: Depreciation of delivery equipment is P6,000 and that of Furniture and Fixture is P7,500. b. Office supplies used during the year amounted to P5,000. c. Insurance expired during the year is P1,000. d. Ending inventory amounted to P100,000. e. Doubtful accounts at year-end are estimated to be P3,000. f. Unpaid commissions at year-end amounted to P12,000. Required: 1. Prepare a 10-column worksheet. 2. Prepare the closing entries. 3. Prepare the post-closing trial balance