The unadjusted Trial Balance of FDNACCT Trading is presented below: FDNACCT Trading Unadjusted Trial Balance December 31, 2022 Account Title Debit Credit Cash P 562,490 Accounts Receivable 112,000 Allowance for Bad Debts P 4,000 Notes Receivable 4,800 Merchandise Inventory, Beginning 89,500 Prepaid Store Insurance Expense 6,300 Prepaid Locker Rent Expense 900 Store Furniture & Fixtures 16,000 Accumulated Depreciation Store & Furniture & Fixtures 500 Office Furniture & Furniture 15,000 Accumulated Depreciation Office Furniture & Fixtures 900 Accounts Payable 54,000 Notes Payable 180,000 Unearned Commission 2,400 Repairs Payable 1,310 FDNACCT, Capital 521,900 FDNACCT, Drawing 30,000 Sales 583,200 Sales Return & Allowances 5,020 Sales Discount 2,880 Purchases 242,000 Freight In 6,000 Purchase Return & Allowances 3,000 Purchase Discount 2,000 Advertising Expense 8,100 Sales Salaries Expense 60,000 Office Salaries Expense 33,400 Rent Expense 96,800 Utilities Expense 54,400 Interest Expense 600 Interest Income 3,000 Repairs Expense 10,020 Totals ? ?

Additional data needed for adjustments: 1. Increase the allowance for doubtful accounts to 5% of Accounts Receivable. 2. The notes received from the customers consists of: a) 30-day, 9% note for P4,000 dated December 11, 2022 b) 60-day P800 note dated December 6, 2022 No interest has been collected on these notes. 3. The business has paid on January 1, 2022 store insurance premium of P6,300 for a two-year policy effective on that date. 4. It is company policy for all furniture & fixtures to be depreciated over a useful life of 5 years. Of those on hand and assigned to the store, P6,000 were acquired only on December 1, 2022. The remaining store furniture & fixture, as well as the office furniture & fixture will be depreciated according to normal company policy. 5. Sales salaries of P550 has accrued as of December 31. 6. On November 1, 2022, the business paid for a three-month rental locker contract for P900. The locker is used for storage of store inventory. 7. The notes payable represents a 60-day, 18% note dated December 11, 2022 for which no interest has yet been paid. 8. The business received commission P2,400 but only one-third of this has been earned by the company. 9. Merchandise unsold, per physical count of December 31, 2022, amounted to three-fourth of the beginning inventory. 10. Utilities of P5,250 for the month of December have not been recorded. This will be paid on January 15, 2023. INSTRUCTIONS: 1. Check the accuracy of the data provided by preparing a Trial Balance in the first two columns of a 10- column worksheet [WS]. Make sure that the total debits and the total credits are equal. 2. Complete the adjustments section of the worksheet [WS] by using the additional data for adjustment indicated above. 3. Determine the debit and credit balance of Adjusted Trial Balance [WS]. 4. Determine the net income or net loss and complete the worksheet [WS]. 5. Prepare a natural form Statement of Profit or Loss for the year ended December 31, 2022 [SPL]. 6. Prepare a Statement of Owners Equity for the year ended December 31, 2022 [SOE]. 7. Prepare a report form Statement of Financial Position as of December 31, 2022 [SFP]. 8. Journalize and post the adjusting entries on December 31, 2022 using the general journal and the general ledger [GJ and GL]. 9. Journalize and post the closing entries on December 31, 2022 using the general journal and the general ledger [GJ and GL]. 10. Prepare a post-closing Trial Balance as of December 31, 2022 [PCTB]. 11. Journalize and post the necessary reversing entries on January 1, 2023 using the general journal and the general ledger [GJ and GL].