Prepare for the requirements

F. Shorty Pants Tailoring Supplies prepared the following trial balance on December 31 of its rst accounting period. It closes the books on a semi-annual basis. Cash on Hand P 77,463 Accounts Receivable 8,150 Notes receivable 14,100 Furniture and Equipment 30,600 Accumulated Depreciation Fumiture and Expenses P 7,400 SP, drawing 19,020 SP, capital 153,750 Sales 185,345 Interest Income 608 Purchases 101,000 Salary expense 23,650 Rent expense 52,000 Utility expense 13,200 Miscellaneous expense 7,680 Interest expense __2 P 347,103 P 347,103 Adjustment Data: 1. It is estimated that 5% of the Accounts Receivable is deemed uncollectible. 2. Of the notes receivable, P 6000 is a 60-day, 12% note dated October 1. 3. The xed assets have an estimated useful life of 10 years. P 10,000 of such assets were acquired November 1 of the present period. 4. December credit sales of P 56,000 are not yet recorded. 5. Accrued expense: salaries P 13,000; rent P 6,000; utilities P 4,800. 6. Unsold merchandise amounted to P 64,080. Required: 1. 12-column worksheet 2. Adjusting entries 3. Income Statement 4. Statement of Financial Position 5 Closing Entries 6 Post-closing Trial Balance 7 Reversing Entries 8|Page