A trail balance of Nayan Storage at the end of its accounting period appeared as follows: NAYAN STORAGE Trail Balance December 31, 200_ P 2,330 970 1,450 410 Cash Account Receivable - M. Soriano Prepaid Insurance Office Supplies Office Equipment Accumulated T 1,780 TY depreciation- office equipment Trucks P 450 15,000 Accumulated depreciation- trucks Building Accumulated depreciation- building 1, 500 45,500 4,550 Land 20,000 Accounts Payable Unearned Storage Fees Mortgage Payable Julius Nayan, capital Julius Nayan, personal Storage Income Office Salaries Expense Truck Drivers' Wages Gas, oil, and repairs 1,050 750 15,000 44,500 2,000 40,750 5,500 10,600 3,010 P108,550 P108,550 Adjustment Data: 1. It is estimated that 10% of the accounts receivable is proven to be uncollectible, 2. An examination of insurance policies showed that P650 o insurance expired. 3. Actual count of office supplies showed a balance of P110. 4. Fixed assets are 15% depreciated annually. 5. Storage fees earned amounted to P450. 6. Accrued expenses: office salaries, truck drivers' wages, P4, 200. NGA Required: 1. Adjusting journal entries 2. 10-column worksheet COLLEGE

A trail balance of Nayan Storage at the end of its accounting period appeared as follows: NAYAN STORAGE Trail Balance December 31, 200_ P 2,330 970 1,450 410 Cash Account Receivable - M. Soriano Prepaid Insurance Office Supplies Office Equipment Accumulated T 1,780 TY depreciation- office equipment Trucks P 450 15,000 Accumulated depreciation- trucks Building Accumulated depreciation- building 1, 500 45,500 4,550 Land 20,000 Accounts Payable Unearned Storage Fees Mortgage Payable Julius Nayan, capital Julius Nayan, personal Storage Income Office Salaries Expense Truck Drivers' Wages Gas, oil, and repairs 1,050 750 15,000 44,500 2,000 40,750 5,500 10,600 3,010 P108,550 P108,550 Adjustment Data: 1. It is estimated that 10% of the accounts receivable is proven to be uncollectible, 2. An examination of insurance policies showed that P650 o insurance expired. 3. Actual count of office supplies showed a balance of P110. 4. Fixed assets are 15% depreciated annually. 5. Storage fees earned amounted to P450. 6. Accrued expenses: office salaries, truck drivers' wages, P4, 200. NGA Required: 1. Adjusting journal entries 2. 10-column worksheet COLLEGE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please see attached pictures. How much is the total assets in the statement of financial position as of December 31, 2022?
Selected accounts from Han Corporation’s trial balance are as follows. Han Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $160,000 Short-Term Marketable Securities 145,000 Accounts Receivable 25,000 Inventories 90,000 Other Current Assets 20,000 Land 330,000 Buildings 300,000 Accumulated Depreciation-Buildings $40,000 Equipment 144,000 Accumulated Depreciation-Equipment 15,000 Goodwill 40,000 Other Intangible Assets 20,000 Prepare the detailed schedule showing the Property, Plant, and Equipment. Property, Plant, and Equipment, Net $fill in the blank 2 fill in the blank 4 fill in the blank 6 Gross Property, Plant, and Equipment $fill in the blank 7 fill in the blank 9 Total Property, Plant, and Equipment, Net $fill in the blank 10
1. Use the HUWING Uaun dubut the company's dujustments to complete a to-CoIUITI WUIK STEEL a. Unrecorded depreciation on the trucks at the end of the year is $6,859. b. Total amount of accrued interest expense at year-end is $8,000. c. Cost of unused supplies still available at year-end is $1,100. 2a. Prepare the year-end closing entries for Dylan Delivery Company as of December 31. 2b. Determine the capital amount to be reported on its year-end balance sheet. Note: The S. Dylan, Capital account balance was $260,373 on December 31 of the prior year. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Use the following information about the company's adjustments to complete a 10-column work sheet. DYLAN DELIVERY COMPANY Work Sheet For Year Ended December 31 Balance Sheet and Statement Unadjusted Trial Balance Adjustments Account Title Debit Credit Debit Credit Adjusted Trial Balance Debit Income Statement Credit Debit Credit Debit of Owner's Equity…
Same question.....
Please do not give solution in image format thanku
Please do not provide answer in image formate thank you. ash Paid for Operating Expenses The following information was obtained from Knox Company's income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records: Operating expenses for 20-2 $347,450 Depreciation expense for 20-2 22,780 (Included in operating expenses.) 20-2 20-1 Supplies and prepayments $9,730 $7,120 Accrued and withheld payroll taxes 2,670 3,410 Compute the amount of cash paid for operating expenses in 20-2.
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
Selected accounts from Han Corporation's trial balance are as follows. Han Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $180,000 Short-Term Marketable Securities 140,000 Accounts Receivable 27,000 Inventories 90,000 Other Current Assets 20,000 Land 320,000 Buildings 300,000 Accumulated Depreciation-Buildings $40,000 Equipment 143,000 Accumulated Depreciation-Equipment 10,000 Goodwill 40,000 Other Intangible Assets 20,000 Prepare the detailed schedule showing the Property, Plant, and Equipment. Property, Plant, and Equipment, Net Gross Property, Plant, and Equipment Total Property, Plant, and Equipment, Net
On March 31, 2022, the balances of accounts appearing in the ledger of April Furnishings Company, afurniture wholesales, are as follows:Accumulated Depreciation-Building$419,000Administrative Expenses302,000Building1,397,000Cash98,000Cost of Merchandise Sold2,123,000Interest Expense6,000April, Capital887,000April, Drawing98,000Merchandise Inventory $547,000Notes Payable140,000Office Supplies11,000Salaries Payable4,000Sales3,582,000Selling Expenses400,000Store Supplies50,000Create create a multi step income statement.
Accounting
The following items are taken from the financial statements of the Riverbed Service for the year ending December 31, 2020: Accounts payable $ 18400 Accounts receivable 11000 Accumulated depreciation – equipment 27800 Advertising expense 20900 Cash 15000 Owner’s capital (1/1/20) 100600 Owner's drawings 13800 Depreciation expense 12300 Insurance expense 3100 Note payable, due 6/30/21 69200 Prepaid insurance (12-month policy) 6200 Rent expense 16900 Salaries and wages expense 31800 Service revenue 132300 Supplies 4100 Supplies expense 5900 Equipment 207300 What is the balance that would be reported for owner’s equity at December 31, 2020?
I need the debit and credit of the accounts Information given Land- 6,304, 800 Notes payable- 5,569,240 PPE-