II. The following information is obtained from a review of the record keeping process. Analyze the giveninformation and prepare a modified trial balance. Show your solutions. (**Ricanor Accounting ServicesTrial BalanceDec. 31, 2021DebitCreditCashP189,000284,60066,40040.000Accounts ReceivableSuppliesPrepaid InsuranceOffice EquipmentNotes PayableAccounts PayableRicanor. CapitalRicanor. WithdrawalsService IncomeSalaries ExpenseAdvertising Expense526,800P130,000195,400297,200100,000821,400348,70012.200P1.467.700TotalsP1.544.000a. An account receivable for P 24,300 was incorrectly added as P 23,400 when computing thebalance of the Accounts Receivable account.b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account.C.A debit posting of P15.000 to Notes Payable should have been made to Accounts Payable.d. A debit posting of P25,000 to Supplies was incorrectly posted as P2,500.C

The question is related to modified trial Balance as on December 31st, 2021. The unbalanced trial…

1. The following information is obtained from a review of the record keeping process. Analyze the given information and prepare a modified trial balance. Show your solutions. (* Ricanor Accounting Services Trial Balance Dec. 31, 2021 Debit Credit Cash P189,000 284,600 66,400 40.000 Accounts Receivable Supplies Prepaid Insurance Office Equipment 526,800 Notes Payable Accounts Payable Ricanor. Capital Ricanor. Wthdrawals Service Income P130,000 195,400 297.200 100,000 821,400 Salaries Expense Advertising Expense Totals 348,700 12.200 P1.467.700 P1.544.000 a. An account receivable for P 24,300 was incomectly added as P 23,400 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account. CA debit posting of P15.000 to Notes Payable should have been made to Accounts Payable. d. A debit posting of P25,000 to Supplies was incorectly posted as P2,500.

1. The following information is obtained from a review of the record keeping process. Analyze the given information and prepare a modified trial balance. Show your solutions. (* Ricanor Accounting Services Trial Balance Dec. 31, 2021 Debit Credit Cash P189,000 284,600 66,400 40.000 Accounts Receivable Supplies Prepaid Insurance Office Equipment 526,800 Notes Payable Accounts Payable Ricanor. Capital Ricanor. Wthdrawals Service Income P130,000 195,400 297.200 100,000 821,400 Salaries Expense Advertising Expense Totals 348,700 12.200 P1.467.700 P1.544.000 a. An account receivable for P 24,300 was incomectly added as P 23,400 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account. CA debit posting of P15.000 to Notes Payable should have been made to Accounts Payable. d. A debit posting of P25,000 to Supplies was incorectly posted as P2,500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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