234 567 08Ccountname should appear.Account NameDr or CrBS/SFP or ISe.g. Cash1.Dividend incomeCash overdraftBS/SFPMerchandise inventoryPrepaid suppliesUnearned rent incomeAdan, DrawingsPurchasesSales9.Sales DiscountsCost of Sales10• Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise,(Publishing and Printing) Bakakeng Sur, Baguio CityII. Using T- account analysis: Compute for the ending balance or carrying amountof the following: Cash, Accounts Receivable, Building, Equipment, Notes PayableLucas has the foilowing balances on his book:CashP50,000AccumulativeDepreciation-BuildingAccount Receivable200,000AccumulativeDepreciation-BuildingNotes Payable100,000BuildingEquipmentCash collectionsCash paymentAllowance for bad debtsSource: Ferer R.C. et.al. (2017). Fundamentals of AACcountancy, Business and Management part 1, Bandolin Enterprise,(Publishing and Printing) Bakakeng Sur, Baguio CityIII. Crítical Thinking.Rubrics in Checking Essays: Content = 30%, Understanding/Application = 25%,Original Thinking = 25%, Structure = 10% and Grammar = 10%.%3D1. Why do we nieed to use Journal and Ledger in recording businesstransactions? Explain. (10 points)

Hi student Since there are multiple questions, we will answer only first question.

Account Name Dr or Cr BS/SFP or IS e.g. Cash BS/SFP 1. Dividend income 2. Cash overdraft 3. Merchandise inventory 4. Prepaid supplies 5. Unearned rent income 9. Adan, Drawings Purchases 7. Sales Cost of Sales Sales Discounts Source: Ferrer RC. el.al. (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise, (Publishing and Printing) Bakakeng Sur, Baguio City

Account Name Dr or Cr BS/SFP or IS e.g. Cash BS/SFP 1. Dividend income 2. Cash overdraft 3. Merchandise inventory 4. Prepaid supplies 5. Unearned rent income 9. Adan, Drawings Purchases 7. Sales Cost of Sales Sales Discounts Source: Ferrer RC. el.al. (2017). Fundamentals of Accountancy, Business and Management part 1, Bandolin Enterprise, (Publishing and Printing) Bakakeng Sur, Baguio City

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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Solve the general ledger T-accounts. I need a cash, accounts receivable, inventory, land,accounts payable,notes payable,sales revenue, gain on sale of land and cost of goods sold
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