The unadjusted trial balance of E. SANTOS COMPANY for December 31, 20A follows:

Dr. Cr.

Cash P 504,000

Accounts Receivable 789,000

Prepaid Rent 144,000

Cooking Supplies 357,000

Land 530,000

Building 1,250,000

Accumulated Depreciation- Building P413,000

Cooking Equipment 870,000

Accumulated Depreciation- Cooking Equipment 212,000

Notes Payable 1,400,000

Accounts Payable 117,000

Santos, Capital 1,435,000

Santos , Withdrawals 240,000

Gourmet Cooking Revenues 2,256,000

Salaries Expense 619,000

Travel Expense 127,000

Advertising Expense 215,000

Insurance Expense 40,000

Utilities Expense 102,000

Miscellaneous Expense 46,000

Additional Information:

1.One-half of the prepaid rent has expired.

2. Cooking Supplies on hand at year-end amounted to P25,000.

3. Depreciation on the building and on the cooking equipment amounted to

P28,000 and P52,000, respectively.

4.Accrued salaries at year end amounted to P27,000.

5. Interest amounting to P252,000 has accrued on notes payable. Interest on

the notes is paid every January 1. The note matures on January 1, 20B.

REQUIRED:

1. Record the adjusting entries in the General Journal.

2. 8-column worksheet

3. Income Statement

4. Statement of Changes in Owners Equity

5. Balance Sheet

6. Closing Entries

7. Post-Closing Trial Balance

8. Opening Entry

9. Reversing entries if necessary.