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Read Only - You can't save changes to t... V Problem 1 The following is the post-closing trial balance of Abagon Shop dated February 1, 2020: Debit Credit Cash 120,000 Accounts Receivable 280,000 Allowance for doubtful accounts 2,800 Unused shop supplies 800 Shop Equipment 240,000 Accumulated depreciation- shop equipment 48,000 Accounts payable 88,800 Notes payable 100,000 Accrued interest payable 1,200 Abangon, Capital 400,000 TOTAL 640.800 640,800 For the month of February, the following are the transactions of Abagon, Shop. Abangon withdrew P100,000 cash from the business for her personal use. Paid P12,000 insurance premium. Paid 24,000 rent. Total service rendered to various customers, P140,000, 40% of total sales are on cash basis and the balance on open account 9 Received promissory note from customer to replace P40,000 accounts receivable. 15 Collected in cash P164,000 of accounts receivable. 20 Paid the notes payable of P100,000 plus the P2,400 interest. 23 Purchased P2,400 shop supplies on cash basis. 25 Paid salaries, P24,000 After the end of the month. The following information are available to effect adjustments. a. The insurance in number 3 for P12,000 is applicable for six months starting February. b. The rent of P24,000 paid in number 5 is for 3 months, starting February. C. The note receivable is number 9 is earning 12% interest per year. The note is dated February 1, and is due on April 30