In need of answer for question number 2. 37,300230,300Output TaxPurchases5,000Purchase Returns & Allowances7,960Purchase Discount26,800Input TaxFreight In2,00024,6006,8006,000Sales SalariesDelivery ExpenseRent ExpenseMiscellaneous Selling ExpenseA partialfollowing1,25013,600Office Salaries1,360Telephone and Telegraph7,720Gain on Sale of Land300Interest ExpenseVera, Capital44,70012,000Vera, Personal310,600SalesThe data for the year end adjustments on December 31, are as follows:Instru1. Merchandise inventory on hand, P41,600.Answ2. Supplies unused, P1,120.a) T3. Allowance for bad debts to be set up at 5% of accounts receivable.b)4. Prepaid insurance is for one year dated April 1.5. Depreciation for store equipment,1% and for office equipment, 5%.a6. Accrued sales salaries, P460 and office salaries, P210.7. Set up VAT Payable by closing Input Tax against Output Tax.d) FbeDirection: 1. In an eight-column worksheet, prepare the trial balance on the firstCLOSImoney columns.Aftserved itsmake the2. Prepare the adjusting entries on the next two money columns.for closin Exercise 24The accounts and their balances in the ledger of May Vera Novelty Store on December31, 2019 are as follows:Cash on HandP 4,400Cash In Bank84,500Accounts Receivable30,20038,400Merchandise InventorySupplies On HandPrepaid InsuranceStore EquipmentAccumulated Depreciation- Store EquipmentOffice EquipmentAccumulated Depreciation - Office EquipmentAccounts PayableWithholding Taxes PayableMortgage Payable (due 2021)Sales Returns and AllowanceSales Discount2,1702,50017,0004,5005,2001,60030,9005,50060,0003,0003,40021

Since, you have specifically asked for part 2, so we will solve the same for you.

The accounts and their balances in the ledger of May Vera Novelty Store on December 31, 2019 are as follows: Cash on Hand P 4,400 Cash In Bank 84,500 Accounts Receivable 30,200 38,400 Merchandise Inventory Supplies On Hand Prepaid Insurance Store Equipment Accumulated Depreciation - Store Equipment Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Withholding Taxes Payable Mortgage Payable (due 2021) Sales Returns and Allowance 2,170 2,500 17,000 4,500 5,200 1,600 30,900 5,500 60,000 3,000 Sales Discount 3,400