2. A trial balance of Caloocan's Repair Shop at the end of the accounting period appeared as follows: Cash Accounts receivable Prepaid rent Prepaid advertisement Repair supplies Furniture Repair tools Accounts payable Notes payable Vico Sotto, Capital Vico Sotto, Drawings Services fees Office salaries expense Maintenance expense Utility expense Adjustment Data: 1. 2. Caloocan's Repair Shop Trial Balance December 31, 2019 3 4. 5. 6 7. тот A L 120,000 53,000 18,000 4,000 13,000 32,000 Accrued expenses: a. Office salaries b. Maintenance expense c. Utility expense 59,000 12,000 9,300 6,400 7,500 336,200 Depreciation: a. Furniture- Date of Purchase: March 1, 2019. Estimated Useful life - 4 years; b. Repair tools - Date of Purchase: Jan. 1, 2019. Estimated Useful life - 3 years. 15% of Accounts receivable is uncollectible. An examination of Prepaid rent showed that 4 months have already expired. It was paid for 6 months. Prepaid advertisement is for 4 months. Paid on Nov. 1, 2019. Actual count of Repair supplies showed a zero balance. Accrued service fees amounted to P17,000. 32,000 8,000 199,400 P6,200; P7,000; P8,000. 94,800 336,200
2. A trial balance of Caloocan's Repair Shop at the end of the accounting period appeared as follows: Cash Accounts receivable Prepaid rent Prepaid advertisement Repair supplies Furniture Repair tools Accounts payable Notes payable Vico Sotto, Capital Vico Sotto, Drawings Services fees Office salaries expense Maintenance expense Utility expense Adjustment Data: 1. 2. Caloocan's Repair Shop Trial Balance December 31, 2019 3 4. 5. 6 7. тот A L 120,000 53,000 18,000 4,000 13,000 32,000 Accrued expenses: a. Office salaries b. Maintenance expense c. Utility expense 59,000 12,000 9,300 6,400 7,500 336,200 Depreciation: a. Furniture- Date of Purchase: March 1, 2019. Estimated Useful life - 4 years; b. Repair tools - Date of Purchase: Jan. 1, 2019. Estimated Useful life - 3 years. 15% of Accounts receivable is uncollectible. An examination of Prepaid rent showed that 4 months have already expired. It was paid for 6 months. Prepaid advertisement is for 4 months. Paid on Nov. 1, 2019. Actual count of Repair supplies showed a zero balance. Accrued service fees amounted to P17,000. 32,000 8,000 199,400 P6,200; P7,000; P8,000. 94,800 336,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer, I really need help
Please prepare the following:
1. Worksheet
2. Adjusting entries using 2 columns
3. Income Statement
4. Closing entries
5. Balance Sheet - Pre
6. Closing entries
7. Balance Sheet - Final
Transcribed Image Text:2. A trial balance of Caloocan's Repair Shop at the end of the accounting
period appeared as follows:
Cash
Accounts receivable
Prepaid rent
Prepaid advertisement
Repair supplies
Furniture
Repair tools
Accounts payable
Notes payable
Vico Sotto, Capital
Vico Sotto, Drawings
Services fees
Office salaries expense
Maintenance expense
Utility expense
Adjustment Data:
1.
2.
3
4.
Caloocan's Repair Shop
Trial Balance
December 31, 2019
5.
6
7.
тот AL
120,000
53,000
18,000
4,000
Accrued expenses:
a. Office salaries
b. Maintenance expense
c. Utility expense
13,000
32,000
59,000
12,000
9,300
6,400
7,500
336,200
Depreciation:
a. Furniture- Date of Purchase: March 1, 2019.
Estimated Useful life - 4 years;
b. Repair tools - Date of Purchase: Jan. 1, 2019.
Estimated Useful life 3 years.
15% of Accounts receivable is uncollectible.
An examination of Prepaid rent showed that 4 months have
already expired. It was paid for 6 months.
Prepaid advertisement is for 4 months. Paid on Nov. 1, 2019.
Actual count of Repair supplies showed a zero balance.
Accrued service fees amounted to P17,000.
32,000
8,000
199,400
94,800
P6,200;
P7,000;
P8,000.
336,200
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