The preliminary trial balance of Gola Traders, a trading business owned by Rich Warren is presented below: Gola Traders Trial Balance December 31, 2020 Account Titles Debit Credit Cash on Hand P295,000 Petty Cash Fund 1,000 Accounts Receivable 50,000 Estimated Uncollectible Accounts P1,000 Merchandise Inventory 125,000 Furniture & Fixtures 175,000 Accumulated Depreciation 23,000 Accounts Payable 20,000 R. Warren, Capital 1,183,700 R. Warren, Drawing 2,000 20 Sales 1,430,000 Sales Returns & Allowances 1,500 Purchases 1,630,000 Freight-In 80 Purchase Returns & Allowances 1,600 Salaries and Wages 240,000 Taxes and Licenses 14,000 Rental Expense 110,000 Insurance Expense 15,000 Total 2,659,300 2,659,300 The following facts were ascertained at the end of the period. a) Merchandise Inventory, December 31 was P985,000. b) The estimated uncollectible account should be increased by 3% of Credit Sales. Credit sales during the period amounted to P30,000. c) Unrecorded depreciation of furniture & fixtures, P35,000. d) Unexpired portion on insurance premium, P12,000. e) Unpaid rental for the month, P10,000. Required: 1. Adjusting Entries 2. Income Statement 3. Balance Sheet 4. Statement of Changes in Owner's Equity 5. Closing Entries 6. Post-closing trial balance 7. Opening Entry 8. Reversing Entry