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.

Name: Problem 11 (Adapted)The following information is for Mikaela Enterpri
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Description: Problem 11 (Adapted)The following information is for Mikaela Enterprises Ltd:Feb. 28Apr. 30P23,000Jan. 31Mar. 31Inventory at costP25,000P25,100P29,000Inventory at LCNRV24,50017,60020,00029,00022,60024,00035,00017,30026,500Purchases for the monthSale

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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