The following T-accounts were taken from a Merchandising Business: Cash in Bank (1) 900,000 4) 67,000 Accounts Receivable 1) 93,000 6) 8) 1,000 100,000 9) _ (2) 5,000 10) 7) 25,000 10) 95,000 11) 4,000 Accounts Payable (3) E. Litob, Capital (4) 10,000 2) 31 80,000 70,000 1) 900,000 5) 4) 50,000 E. Litob, Drawing (5) 7) 25,000 Sales 8) (6) 100,000 Sales Discounts (7) 10 101 2,000 9) Purchases (9) 25 2) 80,000 5) 50,000 Purchase Returns & Allowances (11) 3) Freight-Out 11) 4,000 10,000 (13) Sales Returns & Allowances (8) 5,000 Purchase Discounts 4) (10) 3,000 Freight-In (12) 6) 1,000 Required: 1. Total the debit and credit balances of each T-account and determine their respective balances. 2. Prepare listings of account with open balances and total the same. 3. Are the debit and credit balances equal? 4. Reconstruct the debit and credit entries of each account by matching the transaction number. 4. Draft a Balance Sheet and Income Statement. Your guide is found on pages 11 and 14 of this textbook. Sample: Transaction # 1 Debit, Cash in Bank P900,000 Credit, E. Litob, Capital P900,000