Prepare a report form Statement of Financial Position as of October 31, 2021. Include any supporting notes to financial statements

The Post-Closing Trial Balance was prepared on September 30, 2021, which is shown below. The Fashion Rack Post-Closing Trial Balance September 30, 2021 Dr Cr 598,000 62,100 4,200 Account Name Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Expense Equipment Accumulated Depreciation - Equipment Furniture Accumulated Depreciation - Furniture Accounts Payable Heron, Capital Totals 889,960 41,000 84,000 200,000 18,000 300,000 30,000 183,000 1,939,860 2,175,060 2,175,060 The Schedule of Accounts Receivable and Schedule of Accounts Payable were prepared on September 30, 2021, which are shown below. The Fashion Rack Schedule of Accounts Receivable September 30, 2021 The Fashion Rack Schedule of Accounts Payable September 30, 2021 78,300 104,700 Erin Quinn Luther Hargreeves Miguel Diaz Total 21,100 A Fashion Statement 24,000 Classy Trends 17,000 62,100 Total 183.000 3 Date Transactions Oct 1 Issued Check 601 for P44,000 to pay Properties Management, Inc., the monthly rent. 2 Signed a three-month radio advertising contract with Cable Station for P51,000, issued Check 602 to pay the full amount. 3 Received P20,678 from Erin Quinn, a credit customer, as full payment of her account amounting to P21,100. The difference is treated as Sales Discount. 4 Issued Check 603 for P76,734 to A Fashion Statement, a creditor, as full payment for an a account amounting to P78,300. The difference is treated as Purchases Discount. Sold goods on account to Alex Wilder for P30,000, on terms 2/10, 1/15, n/30. Trade 5 discounts of 20% and 10% were given to Alex Wilder. Freight of P500 is on terms FOB DP, Collect 6 Issued Check 604 for P10,500 to ABC Supply for various store supplies. 8 Received P17,000 from Miguel Diaz, a credit customer, as full payment of his account. 9 Received a cash refund for returning defective supplies worth P1,500 to ABC Supply. 10 Issued a credit memo to Alex Wilder amounting to P6,000 for defective goods. Sold goods on account to Jane Hopper for P20,500 on terms 2/10, n/30. Freight of 13 P1,000 is on terms FOB SP, Collect. 14 Purchased goods on account from Unique Styles for P48,200 on terms 2/15, n/30. Freight of P1,000 is on terms FOB SP, Prepaid. Cash sales for the period October 1-15, P318,000. 15 Note: Cash sales should be summarized daily. For simplicity purposes, cash sales for this group case analysis is summarized bi-monthly Purchased goods from A Fashion Statement for P70,000 on terms 20% down payment, 16 balance 2/10,n/30, issued Check 605 for the down payment. Freight of P2,000 is on terms FOB DP, Collect. Issued Check 606 for the freight. Cady Heron withdrew the following for personal use: P20,000 cash, issued Check 607; 17 supplies costing P2,000; and merchandise costing P10,000 but is priced to sell at P15,000. Received a credit memo amounting to P7,000 from Unique Styles as a price reduction 18 for goods delivered with wrong specifications. Date Transactions 19 Received P5,000 from Jane Hopper as partial payment of her account. 20 Collected the account of Alex Wilder in full. 21 Issued Check 608 for P15,000 to Unique Styles as partial payment. 22 Borrowed money from Prime Bank for P200,000, giving a 6% 90-day note. 23 Collected the account of Jane Hopper in full. 25 Issued Check 609 for P10,000 to A+ Janitors for October janitorial services. 27 Issued Check 610 to A Fashion Statement representing full settlement of account. 28 Issued Check 611 for P50,000 to Classy Threads representing partial settlement of account. 29 Issued Check 612 to Unique Styles representing full settlement of account. 30 Issued Check 613 for P48,000 to pay the two store assistants and one store manager. 31 Cash sales for the period October 16-31, P160,400