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Accounts obtained from the books of accounts LMN Trading Company on December 31, 20X1 will enable you to make a multi-step statement of income. Accounts Debit Credit Cash in Bank Account Receivable 155,000 600,000 Allowance for Bad debts 45,000 Merchandise Inventory, Jan. 1 Equipment Acc. Dep. – Equipment Accounts Payable Abel Caro, Capital Abel Caro, Drawings Net Sales Net Purchases 150,000 300,000 110,000 180,000 650,000 50,000 1,300,000 630,000 210,000 Salaries and Wages

Accounts obtained from the books of accounts LMN Trading Company on December 31, 20X1 will enable you to make a multi-step statement of income. Accounts Debit Credit Cash in Bank Account Receivable 155,000 600,000 Allowance for Bad debts 45,000 Merchandise Inventory, Jan. 1 Equipment Acc. Dep. – Equipment Accounts Payable Abel Caro, Capital Abel Caro, Drawings Net Sales Net Purchases 150,000 300,000 110,000 180,000 650,000 50,000 1,300,000 630,000 210,000 Salaries and Wages

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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Accounts obtained from the books of accounts LMN Trading Company on December 31, 20X1 will enable you to make a multi-step statement of income. Accounts Debit Credit Cash in Bank 155,000 600,000 Account Receivable Allowance for Bad debts P 45,000 Merchandise Inventory, Jan. 1 Equipment Аcс. Dep. - Equipment Accounts Payable Abel Caro, Capital Abel Caro, Drawings Net Sales 150,000 300,000 110,000 180,000 650,000 50,000 1,300,000 Net Purchases Salaries and Wages Bad Debt Expense Depreciation Expense Rent Expense Utilities Expense 630,000 210,000 20,000 40,000 80,000 50,000 TОTALS P. 2,285.000 P 2,285.000
Transcribed Image Text:Accounts obtained from the books of accounts LMN Trading Company on December 31, 20X1 will enable you to make a multi-step statement of income. Accounts Debit Credit Cash in Bank 155,000 600,000 Account Receivable Allowance for Bad debts P 45,000 Merchandise Inventory, Jan. 1 Equipment Аcс. Dep. - Equipment Accounts Payable Abel Caro, Capital Abel Caro, Drawings Net Sales 150,000 300,000 110,000 180,000 650,000 50,000 1,300,000 Net Purchases Salaries and Wages Bad Debt Expense Depreciation Expense Rent Expense Utilities Expense 630,000 210,000 20,000 40,000 80,000 50,000 TОTALS P. 2,285.000 P 2,285.000
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