Requirements: 10-column worksheet, Functional form statement of profit or loss for the month ended september 30, statement of owner's equity, statement of financial position, notes to financial statements, and post-closing trial balance

Vincent Fabron Automobiles Vincent Fabron Automobiles distributes automobile parts to service stations and repair shops. The business is owned and managed by Vincent Fabron who started the business on April 1, 2021. Vincent Fabron Automobiles has a monthly accounting period. The Unadjusted Trial Balance was prepared on September 30, 2021, which is shown below. Account Name Dr Cr Cash Petty Cash Fund Notes Receivable, due May 1, 2022 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Warehouse Equipment Accumulated Depreciation - Warehouse Equipment Office Equipment Accumulated Depreciation - Office Equipment Notes Payable, due June 30 2022 Accounts Payable Interest Payable Unearned Revenue Notes Payable, Long term Vincent Fabron, Capital Vincent Fabron, Drawing Sales Sales Returns and Allowances Interest Income Purchases 4,950,000 30,000 750,000 7,010,000 10,500 6,425,000 165,000 35,000 154,667 990,000 470,000 1,532,500 420,000 23,150,000 190,000 15,000 25,000 750,000 2,845,000 20,000 81,240 850,000 14,838,500 49,761,510 10,500 Freight In Purchase Returns and Allowances Purchase Discounts Delivery Expense Depreciation Expense - Office Equipment Depreciation Expense - Warehouse Equipment Doubtful Accounts Expense Insurance Expense Interest Expense Office Supplies Expense Rent Expense Repairs Expense Salaries Expense - Warehouse Salaries Expense - Office Salaries Expense - Sales SSS, Philhealth, Pagibig Expenses Warehouse Supplies Expense Telephone Expense Travel Expense - Sales Utilities Expense 490,000 1,871,250 25,000 15,000 190,000 77,333 200,000 61,000 280,000 185,000 5,430,000 4,250,000 7,585,000 1,580,000 290,000 164,000 1,200,000 400,000 70,386,250 Rent Expense, Repairs Expense, and Utilities Expense are shared as follows: 10% for the office, 30% for the store, and 60% for the warehouse. An Excel spreadsheet is provided for you with the following tabs: WS (for 10-column worksheet) SPL (for Statement of Profit or Loss) SOE (for Statement of Owner's Equity) SFP (for Statement of Financial Position) NOTES (for Notes to Financial Statements) PCTB (for Post-Closing Trial Balance) 537,500 462,000 70,386,250 REQUIRED: (1) Submit your group's output through AnimoSpace on or before deadline. (2) PEER EVALUATION: Each student is to evaluate their groupmates and submit the peer evaluation through the related AnimoSpace assignment on or before deadline. Please check this assignment for detailed instructions to be set by your faculty member. INSTRUCTIONS: (1) Complete the adjustments section of the worksheet [WS]. Use the following information regarding unadjusted items. (a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. Accrued Expense (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. Accrued Income (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. Prepaid Expense (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an adjustment for the expired insurance in September. Round-off answer to the nearest peso. Prepaid Expense (e) On April 1, 2021, the firm purchased an equipment to be used in the warehouse for P200,000. The equipment was estimated to have a useful life of five years and a salvage value of 10% of cost. Record an adjustment for depreciation on the equipment for September. Depreciation (f) On April 1, 2021, the firm purchased equipment to be used in the office for P300,000. The furniture was estimated to have a useful life of five years with no salvage value. Record an adjustment for depreciation on the furniture for September. Depreciation (g) The allowance for doubtful accounts is to be increased to 3% of outstanding accounts receivable. Record an adjustment for the expected loss from uncollectible accounts for the month of September. Doubtful Accounts (h) On September 26, 2021, Tayane Alves contracted the firm to deliver specialized automobile part. The firm received P81,240 in advance from the customer and was recorded as unearned revenue. Parts worth 50,000 remained undelivered by month-end Record an adjustment for the revenue eamed from this contract. Deferred Revenue (i) Based on a physical count, ending inventory was determined to be P6,481,600. Record an adjustment for the ending inventory. Inventory Adjustment (2) Determine the net income or net loss for September and complete the worksheet [WS]. (3) Prepare a functional form Statement of Profit or Loss for the month ended September 30, 2021 [SPL]. Include any supporting notes to financial statements [NOTES]. (4) Prepare a Statement of Owner's Equity for the month ended September 30, 2021 [SOE]. (5) Prepare a report form Statement of Financial Position as of September 30, 2021 [SFP]. Include any supporting notes to financial statements [NOTES]. (6) Prepare a post-closing Trial Balance as of September 30, 2021 [PCTB]