g. Purchase of furniture and fixtures for cash, P8,000. Furniture & Fixtures ..... 8,000 Cash ....... . ... 8,000 h. Expenses paid, P18,000. Expenses ........... 18,000 Cash . .... 18,000 Adjusting data on December 31: depreciation, P650; merchandise inventory, P23,500; prepaid expenses, P750 and accrued expenses, P300 A balance sheet on December 31, 20x3, showed the following balances: Assets Liabilities and Stockholders' Equity Cash . . . . P 59,300 Accrued expenses . P 1,250 Accounts receivable . . . ..... 27,650 Accounts payable . . . . .. . . 22,800 Merchandise inventory . . .... 40, 120 Common stock, P20 par . . .. 50,000 Prepaid expenses . . . .. . ... . 1,800 Retained earnings . . . . . . . . 70,420 Furniture and fixtures . ...... . 20,000 Accumulated depreciation. . . . ( 4,400) Total liabilities and Total assets . . ... P144,470 stockholders equity . . . . . . P144,470 Required: 1. Prepare journal entries to record the foregoing transactions for (a) the branch and (b) the home office. 2. Prepare individual statements for the branch and for the home office. 3. Prepare combined statements for the branch and the home office 4 . Prepare the journal entries to adjust and close the books at the end of the month for (a) the branch and (b) the home office