please make your answers clear III. WHAT HAVE I LEARNEDEVALUATION/POSTTEST:Complete the accountng cycle using the adjusted trial balance below.JM PHOTOCOPYING CENTERAdjusted Trial BalanceDecember 31.2019Account TitleDebitCreditCashP16,50000Accounts Receivable7.50000Allowance for doubtful accountsP 150.00Note Receivable5,527.50Unused Supplies3,000.00Prepaid rent5.00000Photocopying EquipmentAccumulated Depreciation - Photocopying Equipment30 000.00450,00Furnifure and Fixtures5,000.00Accumulated Depreciation- Fumiture & Fixtures75,00Accounts payable2.500.00Loan payableNotes payableSalaries Payable50,000.005,000.00816.67Uneamed Photocopying RevenuesMercado, Capital1,800.0010,000.00Mercado, Drawng500.00Photocopying RevenuesTaxes and Licerses Experse24,227.502,000.00Salaries expense4,800.00Supplies experse7,000.00Utilities expense2,50000Rent expense5,000.00Depreciation Experse525.00Bad debts experse166.67TotalsP 95,019.17P 95,019.17Requirements:1. Prepare Financial Statements: Profit and loss Statement, Statement of changesn Equity and Statement of Financial Position2. Closing entries: Prepare closing entries in the general journal: 2. Post the closingentries in the general ledger and; 3. Creating Post-closing Trial balance.

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Description: please make your answers clear III. WHAT HAVE I LEARNEDEVALUATION/POSTTEST:Complete the accountng cycle using the adjusted trial balance below.JM PHOTOCOPYING CENTERAdjusted Trial BalanceDecember 31.2019Account TitleDebitCreditCashP16,50000Accounts R

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1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and Statement of Financial Position 2. Closing entries: Prepare closing entries in the general journal: 2. Post the closing entries in the general ledger and: 3. Creating Post-closing Trial balance.

1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and Statement of Financial Position 2. Closing entries: Prepare closing entries in the general journal: 2. Post the closing entries in the general ledger and: 3. Creating Post-closing Trial balance.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 4.7C

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