Reference no: EM133014918

Question - Binibining Marikit Trading has the following balances befre adjustments at the year ended April 30, 2020.

Accounts Payable 110,000

Accounts Receivable 284,500

Accumulated Depreciation - Building 85,500

Accumulated Depreciation - Furniture and Fixtures 56,000

Cash 123,000

Building 535,000

Depreciation Expense - Building 0

Depreciation Expense - Furniture and Fixtures 0

Soriano, Drawing 50,000

Soriano, Capital ?

Furniture and Fixtures 280,000

Transportation - In 14,000

Interest Income 12,440

Interest Expense 7,560

Merchandise Inventory, April 1 150,000

Mortgage Payable 752,000

Store Salaries Expense 119,000

Prepaid Insurance 19,400

Sales 950,000

Purchases 714,000

Purchase Returns and Allowances 16,800

Sales Returns and Allowances 27,000

Sales Discount 13,600

Purchase Discount 8,900

Transportation Out 9,000

Office Salaries Expense 245,000

Gas, Water, Electricity, and Telephone Expenses 45,700

Given the following information:

1. Merchandise Inventory, April 30, Php210,000.

2. Depreciation for the year: building - Php20,000; Furniture and fixtures - Php15,000.

3. Insurance Expense for the year, Php8,600.00. 70% administrative; 30% selling.

4. Accrued Interest on mortgage payable is 8%.

5. Accrued store salaries expense, Php 10,000.

Required -

1. Journalize the adjusting entries.

2. Prepare a worksheet.

3. Prepare all the financial statements.

4. Prepare closing entries and post-closing trial balance.