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PROBLEM 9: WORKSHEET (PERPETUAL) The trial balance of George Laku, a merchandising business, on january 1, 20x1 is shown below: George Laku Unadjusted Trial Balance January 1, 20x1 Accounts Debit Credit Cash 280,000 Accounts receivable 60,000 Inventory 140,000 Equipment 300,000 Accumulated depreciation 180,000 Accounts payable 50,000 Owner's capital 550,000 ty A Totals 780,000 780,000 The following were the transactions during the year: 1. Purchased inventories worth P600,000, on account. George uses the perpetual inventory system. 2. Sold inventories costing P560,000 for P1,600,000, on account. 3. Collected P1,490,000 accounts receivable. 4. Paid P490,000 accounts payable. 5. Paid salaries expense of P820,000. 6. Paid utilities expense of P64,000.410 Chapter 10 Additional information for year-end adjustments: The annual depreciation on the equipment is P30,000. . Accounts amounting to P3,000 are doubtful of collection Requirements: a. Provide the journal entries. b. Post the entries to the ledger. c. Prepare the unadjusted trial balance. d. Provide the adjusting entries. e. Complete the worksheet up to post-closing trial balance. f. Prepare the closing entries. g. Prepare the balance sheet and income statement