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10 Accounting Cycle of a Merchandising Business 411 4. Paid P390,000 accounts payable. 5.' Paid salaries expense of P520,000. Additional information for year-end adjustments: The annual depreciation on the equipment is P20,000. Ending inventory per physical count is P30,000. 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.d. e. f . PROBLEM 10: WORKSHEET (PERIODIC) g. The trial balance of Entity B on January 1, 20x1 is shown below: PR Entity B Th Unadjusted Trial Balance Jar January 1, 20x1 Accounts Debit Credit Cash 80,000 Inventory 40,000 Equipment 200,000 Accumulated depreciation 20,000 Owner's capital 300,000 Totals 320,000 320,000 The following were the transactions during the year: 1. Purchased inventories worth P420,000, on account. Entity uses the periodic inventory system. 2. Sold inventories for P900,000, on account. Th 3. Collected P870,000 accounts receivable