Unadjusted Trial Balance December 31, 2022 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]. 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. These taxes are due to be paid on January 15, 2023. Unadjusted Trial Balance December 31, 2022 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]. 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. These taxes are due to be paid on January 15, 2023