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Montefalco and Galvez Clinic Post-Closing Trial Balance For the Month Ended, February 29, 2020 Required: 1. Transfer the post-closing trial balance amounts to its corresponding account in general ledger as beginning balance. 2. Journalize and post the transactions for the month of March. 3. Prepare a trial balance directly at a worksheet. Complete the worksheet. 4. Prepare the financial statements (Statement of Performance, Statement of Financial Position, Statement of Partner's Equity, and Cash Flows). 5. Journalize and post the adjusting entry. 6. Journalize and post the closing entry. 7. Prepare the post-closing trial balance for the month of March. Additional Information: a. Depreciation expense of long-lived asset is 10% of the asset cost per annum. b. Percentage Tax is 3% of the monthly revenue. c. Special Journals (Revenue, Cash Receipt, and Cash Disbursement) d. General Journal (General Journal A, General Journal C) REVENUES JOURNAL CASH RECEIPT JOURNAL In January 1, 2020 Dr. Chanel Montefalco and Dr. Marem Galvez after passing the Physician Licensure Exam decided to form a partnership to open Non- VAT registered practice named Montefalco and Galvez Clinic. Each of them invested P200,000.00 and decided to have an equal sharing of profit and losses. The entity prepares a monthly financial statement; hence, adjusting and closing are made at the end of each month. GENERAL JOURNAL ADJUSTING ENTRIES GENERAL JOURNAL CLOSING ENTRIES