PICA Company is engaged in small export business. The company maintains limited records. Most of thecompany's transactions are summarized in a cash journal; non-cash transactions are recorded by making

memorandum entries. The following are extracted from the company's records:

1. Accounts receivable 370,000 increase

2. Notes receivable 200,000 decrease

3. Accounts payable 150,000 decrease

4. Notes payable - trade 200,000 increase

5. Notes payable bank 300,000 increase

6. Sales returns (P50,000 was refunded) 80,000

7. Sales discounts 20,000

8. Purchase returns (P30,000 was refunded) 80,000

9. Purchase discounts 35,000

10. Accounts written-off 60,000

11. Recovery of accounts written off 18,000

12. Cash sales 300,000

13. Cash purchases 250,000

14. Cash received from account customers 1,500,000

15. Cash payment to trade creditors 1,200,000

Required:

Compute for the balances of these accounts on December 31, 2X2O

Total gross sales

Total gross purchases