Homework Help is Here – Start Your Trial Now!
Business
Accounting
Account Titles Cash in Bank Accounts Receivable Est. Uncollectible Accounts Supplies Inventory Office Equipment Acc. Dep'n-Office Equip Adjustments to Adjusted Trial Balance Trial Balance Debit 175,000.00 80,000.00 25,000.00 160,000.00 Credit 500.00 Michael Limsiaco Debit Worksheet December 31, 20A Adjustments Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Debit Balance Sheet Credit

Account Titles Cash in Bank Accounts Receivable Est. Uncollectible Accounts Supplies Inventory Office Equipment Acc. Dep'n-Office Equip Adjustments to Adjusted Trial Balance Trial Balance Debit 175,000.00 80,000.00 25,000.00 160,000.00 Credit 500.00 Michael Limsiaco Debit Worksheet December 31, 20A Adjustments Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Debit Balance Sheet Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Can you help me with this? 

Account Titles Cash in Bank Accounts Receivable Est. Uncollectible Accounts Supplies Inventory Office Equipment Acc. Dep'n-Office Equip Accounts Payable Accrued Salaries Expense Limsiaco, Capital Service Income Uncollectible Accounts Depreciation Expense Salaries Expense Supplies Used Total Net Profit Total Adjustments to Adjusted Trial Balance Trial Balance Debit 175,000.00 80,000.00 25,000.00 160,000.00 24,000.00 464,000.00 Credit 500.00 50,000.00 328,500.00 85,000.00 464,000.00 Michael Limsiaco Debit Worksheet December 31, 20A Adjustments Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Debit Balance Sheet Credit
Transcribed Image Text:Account Titles Cash in Bank Accounts Receivable Est. Uncollectible Accounts Supplies Inventory Office Equipment Acc. Dep'n-Office Equip Accounts Payable Accrued Salaries Expense Limsiaco, Capital Service Income Uncollectible Accounts Depreciation Expense Salaries Expense Supplies Used Total Net Profit Total Adjustments to Adjusted Trial Balance Trial Balance Debit 175,000.00 80,000.00 25,000.00 160,000.00 24,000.00 464,000.00 Credit 500.00 50,000.00 328,500.00 85,000.00 464,000.00 Michael Limsiaco Debit Worksheet December 31, 20A Adjustments Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Debit Balance Sheet Credit
The following omissions were discovered in the course of your examination: 1) 2) 3) 4) 5) 6) Cash received from a customer for services rendered was not recorded in the book. This was covered by Cash Sales Invoice #0132 dated December 31, 20A, P7,000. Estimated Uncollectible Accounts should be adjusted to equal to 1% of the outstanding accounts receivable. Office Equipment was acquired on July 1, 20A with an estimated life of 5 years without scrap value Payment to a supplier's account in the amount of P10,000 was inadvertently omitted. This was covered by Check Voucher# 018 dated December 31, 20A. Supplies that were actually on hand when physical counting was made, P10,000. Unpaid salaries of December 31, 20A, P14,000. Required: 1 Prepare an adjusted trial balance. (Use letter-sequencing in your adjusting entry) 2 Fill up the boxes 3 Prepare the Income Statement, Changes in Owner's Equity and Balance Sheet to the next sheet 1) 2) 3) 4) 5) 6) Journal entries here.
Transcribed Image Text:The following omissions were discovered in the course of your examination: 1) 2) 3) 4) 5) 6) Cash received from a customer for services rendered was not recorded in the book. This was covered by Cash Sales Invoice #0132 dated December 31, 20A, P7,000. Estimated Uncollectible Accounts should be adjusted to equal to 1% of the outstanding accounts receivable. Office Equipment was acquired on July 1, 20A with an estimated life of 5 years without scrap value Payment to a supplier's account in the amount of P10,000 was inadvertently omitted. This was covered by Check Voucher# 018 dated December 31, 20A. Supplies that were actually on hand when physical counting was made, P10,000. Unpaid salaries of December 31, 20A, P14,000. Required: 1 Prepare an adjusted trial balance. (Use letter-sequencing in your adjusting entry) 2 Fill up the boxes 3 Prepare the Income Statement, Changes in Owner's Equity and Balance Sheet to the next sheet 1) 2) 3) 4) 5) 6) Journal entries here.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

Hi! Can you please do the 2nd one?

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS