Name: Mike Young opened Young's Carpet Cleaners on December 1. During December, the following transactions were completed: 1 Invested P100,000 cash in the business. 1 Purchased used truck for P60,000, paying P30,000 cash and the balance on account. 3 Purchased cleaning supplies for P12,000 on account. 5 Paid P18,000 cash on one-year insurance policy effective December 1. 14 Billed customers P28,000 for cleaning services. 18 Paid P15,000 cash on amount owed on truck and P5,000 on amount owed on cleaning supplies. 20 Paid P18,000 cash for employee salaries. 21 Collected P14,000 cash from customers billed on December 14. 28 Billed customers P25,000 for cleaning services. 31 Paid gas and oil for month on truck P2,000. 31 Withdrew P7,000 cash for personal use. The chart of accounts for Young's Carpet Cleaners contains the following accounts: Cash Prepaid Insurance Accounts Payable M. Young, Drawing Gas & Oil Expense Insurance Expense Accounts Receivable Equipment Salaries Payable Income Summary Cleaning Supplies Expense Salaries Expense Cleaning Supplies Acc. Dep. - Equipment M. Young, Capital Service Revenue Depreciation Expense Required: Prepare the following in the attached google sheets file. (a) Journalize the December transactions then, post it on the General Ledger. (b) Prepare a trial balance on December 31 in the worksheet. (c) Enter the following adjustments in the worksheet and complete the worksheet. (1) Earned but unbilled revenue on December 31 was P700. (2) Depreciation on equipment for the month was P250. (3) One-twelfth of the insurance expired. (4) An inventory count shows P600 of cleaning supplies on hand as of December 31. (5) Accrued but unpaid employee salaries were P500. (d) Draft the financial statements in the google sheets file and determine the balances/totals of the following at December 31, 2020: (Write your answers on the space provided below) 1. Total Revenues 2. Total Expenses 3. Net Profit/(Loss) 4. Current Assets .5. Non-Current Assets .6. Total Assets 7. Liabilities 8. Owner's Equity (e) Journalize and post adjusting entries (GJ and GL) (f) Journalize and post the closing entries and complete the closing process (GJ and GL) (g) Prepare a post-closing trial balance on December 31. (h) Prepare the necessary reversing entries on January 1, 2021. Note: 1. You are to fill in the appropriate sheet GJ 2020 or GJ 2021" the necessary entries for the transactions entries, adjusting entries, closing entries and reversing entries. 2. Maximize the use of links. Date Particulars Debit Credit For each account, prepare a ledger based on the following format (sample) Credit Account Title Cash Date 01-01-2021 01-05-2021 Debit 500,000.00 25,000.00 5,000.00 Balance 500,000.00 475,000.00 470,000.00 950,000.00 928,000.00 922,000.00 887,000.00 01-10-2021 01-15-2021 01-20-2021 01-25-2021 01-31-2021 480,000.00 22,000.00 6,000.00 35,000.00