Below are the adjusted account balances of MAGALING Repair Services for the year

December 31, 2015.

ACCOUNT TITLES
Debit
Credit
Cash in bank
P
500,000
Cash on hand
25,000
Accounts receivable
200,000
Allowance for doubtful accounts
P
4,500
Notes receivable
60,000
Interest receivable
2,000
Unused supplies
8,000
Prepaid insurance
12,000
Building
1,500,000
Accumulated depreciation- building
450,000
Equipment
75,000
Accumulated depreciation- equipment
15,000
Furniture and fixtures
50,000
Accumulated depreciation- furniture and fixtures
10,000
Tools
20,000
Accounts payable
45,000
Notes payable
80,000
Interest payable
1,500
Salaries payable
14,000
Utilities payable
3,500
Kayako, capital
1,607,500
Kayako, personal
25,000
Repair revenues
475,000
Commission income
12,000
Interest income
3,200
Salaries and wages expense
90,000
Tools expense
13,500
Supplies expense
4,000
Insurance expense
4,000
Utilities expense
40,000
Doubtful accounts expense
3,000
Depreciation- building
75,000
Depreciation- equipment
7,500
Depreciation- furniture and fixtures
5,000
Interest expense
2,200
1. Prepare the financial statements.
2. Journalize the year-end Closing entries.
3. Prepare the Post Closing Trial Balance.