59. Presented below is the adjusted trial balance of an Entity for the year ended December 31, 2020: * Entity A Adjusted Trail Balance December 31, 2021 Account Titles Cash in Bank Accounts Receivable Debit Credit P 78,000 35,000 Estimated Uncollectible Account P 480 Unused Supplies Merchandise Inventory, Jan. 1 Accounts Payable Entity, Capital Entity, Drawing 2,500 10,000 13,000 46,500 15,000 Sales 168,500 Purchases Salaries Expense Supplies Used Rent Expense 70,000 15,000 480 2,500 P228, 480 P229, 480 Total Note: Merchandise Inventory, End is PS, 000. In preparing a Post-Closing Trial Balance, the total debits and credits is A. P107,500 O B. P120,500 C. P140,500 D. P145,500
59. Presented below is the adjusted trial balance of an Entity for the year ended December 31, 2020: * Entity A Adjusted Trail Balance December 31, 2021 Account Titles Cash in Bank Accounts Receivable Debit Credit P 78,000 35,000 Estimated Uncollectible Account P 480 Unused Supplies Merchandise Inventory, Jan. 1 Accounts Payable Entity, Capital Entity, Drawing 2,500 10,000 13,000 46,500 15,000 Sales 168,500 Purchases Salaries Expense Supplies Used Rent Expense 70,000 15,000 480 2,500 P228, 480 P229, 480 Total Note: Merchandise Inventory, End is PS, 000. In preparing a Post-Closing Trial Balance, the total debits and credits is A. P107,500 O B. P120,500 C. P140,500 D. P145,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:59. Presented below is the adjusted
trial balance of an Entity for the year
ended December 31, 2020: *
Entity A
Adjusted Trail Balance
December 31, 2021
Account Titles
Debit
Credit
Cash in Bank
P 78,000
Accounts Receivable
35,000
Estimated Uncollectible Account
P
480
Unused Supplies
Merchandise Inventory, Jan. 1
Accounts Payable
Entity, Capital
Entity, Drawing
2,500
10,000
13,000
46,500
15,000
Sales
168,500
Purchases
70,000
Salaries Expense
Supplies Used
15,000
480
Rent Expense
Total
2,500
P228, 480
P229, 480
Note: Merchandise Inventory, End is PS, 000.
In preparing a Post-Closing Trial Balance, the total debits and credits is
O A. P107,500
O B. P120,500
O C. P140,500
O D. P145,500
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