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Exercise 4 – 2 (257AP) LESS TRUCKING SERVICE Trial Balance December 31, 20CY Debit Ассounts Credit Cash 35,600 REQUIREMENTS: Accounts Receivable 7,900 1. 10-column worksheet Allowance for Bad Debts 600 Office Supplies 3,200 2. Income Statement Prepaid Insurance Land 5,140 3. Balance Sheet 1,000,000 3,950,000 4. Closing Entries 5. Post-closing Trial Building Accumulated Depreciation – Bldg. Service Trucks Accumulated Depreciation – Serv. Trucks Office Equipment Accumulated Depreciation – off. Equip. Accounts Payable Mortgage Payable Penny Less, Capital Penny Less, Drawing Income from Trucking Service 50,000 Balance 1,400,000 100,000 165,000 5,000 8,900 200,000 25,000 4,000 5 Office Salaries Truck Driver's Wages | Gas, oil and repairs 53,000 195,000 26,000 Adjustment Data: 1. The allowance for bad debts should be increased to 10% of accounts receivable. 2. Office supplies still on hand is Pl, 200. 3. Prepaid insurance is an insurance policy for 5 years taken on October 1 this уear. 4. Building is depreciated at 10% and so does service truck; office equipment shall be depreciated P500 more. 5. Accrued office salaries P1, 300 and truck driver's wages P2, 000. 6. Gas, oil and repairs used are P21, 000.

Exercise 4 – 2 (257AP) LESS TRUCKING SERVICE Trial Balance December 31, 20CY Debit Ассounts Credit Cash 35,600 REQUIREMENTS: Accounts Receivable 7,900 1. 10-column worksheet Allowance for Bad Debts 600 Office Supplies 3,200 2. Income Statement Prepaid Insurance Land 5,140 3. Balance Sheet 1,000,000 3,950,000 4. Closing Entries 5. Post-closing Trial Building Accumulated Depreciation – Bldg. Service Trucks Accumulated Depreciation – Serv. Trucks Office Equipment Accumulated Depreciation – off. Equip. Accounts Payable Mortgage Payable Penny Less, Capital Penny Less, Drawing Income from Trucking Service 50,000 Balance 1,400,000 100,000 165,000 5,000 8,900 200,000 25,000 4,000 5 Office Salaries Truck Driver's Wages | Gas, oil and repairs 53,000 195,000 26,000 Adjustment Data: 1. The allowance for bad debts should be increased to 10% of accounts receivable. 2. Office supplies still on hand is Pl, 200. 3. Prepaid insurance is an insurance policy for 5 years taken on October 1 this уear. 4. Building is depreciated at 10% and so does service truck; office equipment shall be depreciated P500 more. 5. Accrued office salaries P1, 300 and truck driver's wages P2, 000. 6. Gas, oil and repairs used are P21, 000.

FINANCIAL ACCOUNTING
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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Exercise 4 – 2 (257AP) LESS TRUCKING SERVICE Trial Balance December 31, 20CY Debit Ассounts Credit Cash 35,600 REQUIREMENTS: Accounts Receivable 7,900 1. 10-column worksheet Allowance for Bad Debts 600 Office Supplies 3,200 2. Income Statement Prepaid Insurance Land 5,140 3. Balance Sheet 1,000,000 3,950,000 4. Closing Entries 5. Post-closing Trial Building Accumulated Depreciation – Bldg. Service Trucks Accumulated Depreciation – Serv. Trucks Office Equipment Accumulated Depreciation – off. Equip. Accounts Payable Mortgage Payable Penny Less, Capital Penny Less, Drawing Income from Trucking Service 50,000 Balance 1,400,000 100,000 165,000 5,000 8,900 200,000 25,000 4,000 5 Office Salaries Truck Driver's Wages | Gas, oil and repairs 53,000 195,000 26,000 Adjustment Data: 1. The allowance for bad debts should be increased to 10% of accounts receivable. 2. Office supplies still on hand is Pl, 200. 3. Prepaid insurance is an insurance policy for 5 years taken on October 1 this уear. 4. Building is depreciated at 10% and so does service truck; office equipment shall be depreciated P500 more. 5. Accrued office salaries P1, 300 and truck driver's wages P2, 000. 6. Gas, oil and repairs used are P21, 000.
Transcribed Image Text:Exercise 4 – 2 (257AP) LESS TRUCKING SERVICE Trial Balance December 31, 20CY Debit Ассounts Credit Cash 35,600 REQUIREMENTS: Accounts Receivable 7,900 1. 10-column worksheet Allowance for Bad Debts 600 Office Supplies 3,200 2. Income Statement Prepaid Insurance Land 5,140 3. Balance Sheet 1,000,000 3,950,000 4. Closing Entries 5. Post-closing Trial Building Accumulated Depreciation – Bldg. Service Trucks Accumulated Depreciation – Serv. Trucks Office Equipment Accumulated Depreciation – off. Equip. Accounts Payable Mortgage Payable Penny Less, Capital Penny Less, Drawing Income from Trucking Service 50,000 Balance 1,400,000 100,000 165,000 5,000 8,900 200,000 25,000 4,000 5 Office Salaries Truck Driver's Wages | Gas, oil and repairs 53,000 195,000 26,000 Adjustment Data: 1. The allowance for bad debts should be increased to 10% of accounts receivable. 2. Office supplies still on hand is Pl, 200. 3. Prepaid insurance is an insurance policy for 5 years taken on October 1 this уear. 4. Building is depreciated at 10% and so does service truck; office equipment shall be depreciated P500 more. 5. Accrued office salaries P1, 300 and truck driver's wages P2, 000. 6. Gas, oil and repairs used are P21, 000.
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