FINANCIAL ACCOUNTING: MADE EASY 68 Learning Activity: Worksheet, Financial Statements, Closing Entries and Post-closing Trial Balance Preparation Directions: Prepare the following requirements. Write your answer in the forms provided. Constantine Hardware & Construction Supply is a client of Clarisse Ombo, CPA. Rodolf Sulatorio, the owner-manager sought your assistance to prepare for him the following: 1. 6-Column Worksheet 2. Cost of Goods Sold 3. Operating Expenses using the Function of Expenses Method 4. Income Statement 5. Balance Sheet 6. Statement of Changes in Owner's Equity 7. Closing Entries 8. Post-closing Trial Balance 9. Opening Entry Constantine Hardware & Construction Supply Trial Balance December 31, 2019 Credit Debit P 2,050,000 185,000 2,980,000 54,000 1,300,000 4,000 III 520,000 980,000 2,382,010 60,000 5,452,000 Cash in Bank Accounts Receivable Estimated Uncollectible Accounts Merchandise Inventory, Jan. 1 Unused Supplies Furniture and Fixtures Accumulated Depreciation-Furniture and Fixtures Accounts Payable R. Sulatorio, Capital R. Sulatorio, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances Freight-in Sales Salaries- (Selling) Office Salaries-(General) Taxes and Licenses - (General) Rent Expense- (General) Utilities Expense- (General) Sales Commission-Selling) Total 12,500 14,600 1,880,000 5,900 10,300 9,810 188,000 160,000 64,300 176,000 140,000 80.000 9.354,210 P29.354,210 Additional Data: Merchandise Inventory, End is P1,010,000