Additional information as of Dec. 31, 2017: 1.Merchandise inventories as of Dec. 31, 2017 P305,000 2.Prepaid taxes & insurance P5,000 as of Dec. 31, 2017 3.Store rent for the month of Dec. 2017 remains unpaid P17,500 4.Depreciation on furnitures & Fixtures, 20% per year Instructions: a)prepare the adjusting journal entries b)prepare the worksheet c)Prepare the multi step Income Statement for the period
Additional information as of Dec. 31, 2017: 1.Merchandise inventories as of Dec. 31, 2017 P305,000 2.Prepaid taxes & insurance P5,000 as of Dec. 31, 2017 3.Store rent for the month of Dec. 2017 remains unpaid P17,500 4.Depreciation on furnitures & Fixtures, 20% per year Instructions: a)prepare the adjusting journal entries b)prepare the worksheet c)Prepare the multi step Income Statement for the period
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ZZZ Company shows On Dec. 31, 2017, account balances in their normal balances are as follows:
Accounts payable
300,000
Accounts Receivable
335,000
Brenda, Capital
1,000,000
Brenda Drawing
250,000
Cash
710,000
Furnitures & Fixtures
225,000
Store Rental Expenses
150,000
Taxes & insurance Expenses
25,000
Freight out
50,000
Office Salaries Expense
75,000
Purchases
1,060,000
Sales
1,525,000
Sales returns & allowances
25,000
Purchase Discounts
80,000
Transcribed Image Text:Additional information as of Dec. 31, 2017:
1.Merchandise inventories as of Dec. 31, 2017 P305,000
2.Prepaid taxes & insurance P5,000 as of Dec. 31, 2017
3.Store rent for the month of Dec. 2017 remains unpaid
P17,500
4.Depreciation on furnitures & Fixtures, 20% per year
Instructions:
a)prepare the adjusting journal entries
b)prepare the worksheet
c)Prepare the multi step Income Statement for the period
d)Prepare Statement of Changes in Capital
e)Prepare the report form of Statement of Financial
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