Worksheet, Financial Statements, and compliance with accounting requirements (Periodic Inventory) The preliminary trial balance of Cagayan Traders, a trading business owned by Cecil Laguna is presented below: Cagayan Traders Trial Balance December 31, 208 Debit Account Titles Credit P295,000 Cash on Hand 1,000 Petty Cash Fund 50,000 Accounts Receivable Estimated Uncollectible Accounts P 1,000 Merchandise Inventory 125,000 Fumiture & Fixtures 175,000 Accumulated Depreciation 23,000 Accounts Payable 20,000 C. Laguna, Capita 1,183,700 C. Laguna, Drawing 2,000 Sales 1,430,000 Sales Returns & Allowances 1,500 Purchase 1,630,000 Freight-in 800 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. A 10-column worksheet 2. 5. Closing Entries Statement of Comprehensive Income 6. Post-closing trial balance 3. Statement of Financial Position 4. 7. Opening Entry Statement of Changes in Owner's Equity 8. Reversing Entry