11 (Adapted) The following information is for Mikaela Enterprises Ltd: Jan. 31 Feb. 28 Apr. 30 P23,000 Mar. 31 Inventory at cost Inventory at LCNRV P25,000 P25,100 P29,000 24,500 17,600 20,000 29,000 22,600 24,000 35,000 17,300 26,500 40,000 Purchases for the month Sales for the month Requirements: 1. Using the above infomation, prepare a monthly income statement for the month of February, March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method. 2 Prepare the joumal entry that is needed to establish the valuation account on January 31. Also, prepare the journal entries to adjust it at the end of each month after that.
11 (Adapted) The following information is for Mikaela Enterprises Ltd: Jan. 31 Feb. 28 Apr. 30 P23,000 Mar. 31 Inventory at cost Inventory at LCNRV P25,000 P25,100 P29,000 24,500 17,600 20,000 29,000 22,600 24,000 35,000 17,300 26,500 40,000 Purchases for the month Sales for the month Requirements: 1. Using the above infomation, prepare a monthly income statement for the month of February, March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method. 2 Prepare the joumal entry that is needed to establish the valuation account on January 31. Also, prepare the journal entries to adjust it at the end of each month after that.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Problem 11 (Adapted)
The following information is for Mikaela Enterprises Ltd:
Feb. 28
Apr. 30
P23,000
Jan. 31
Mar. 31
Inventory at cost
P25,000
P25,100
P29,000
Inventory at LCNRV
24,500
17,600
20,000
29,000
22,600
24,000
35,000
17,300
26,500
Purchases for the month
Sales for the month
40,000
Requirements:
1. Using the above infomation, prepare a monthly income statement for the month of February,
March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method.
2. Prepare the joumal entry that is needed to establish the valuation account on January 31. Also,
prepare the journal entries to adjust it at the end of each month after that.
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