al entry, t-accounts, trial balance, and balance sheet

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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make a journal entry, t-accounts, trial balance, and balance sheet

K ED MM 40% I 2:33 PM
Capture16.J.
E. Tommy Abad is the owner of a small grocery. The trial balance on Novembe 30,
20CY is reproduced below.
Accounts
DR
CR
Cash
Accounts Receivable
Allow. for Impairment Loss
Furniture & Fixtures
Accum. Depreciation - Furn.& Fixt.
Office Equipment
Accum. Depreciation - Office Eqpmt.
Merchandise Inventory
Accounts Payable
T. Abad Capital
T Abad Personal
23,500
18,000
500
12,000
1,200
27,500
1,500
22,000
18,500
65,300
10,000
Sales
93,000
Purchases
Salaries Expense
Supplies Expense
Rent Expense
Utilities Expense
Miscellaneous Expense
21,000
19,000
1,000
13,000
8,000
5,000
P 180,000
P 180.000
The following summary transactions took place in December:
1. Cash sales, P 40,000 and paid freight of P 1,200.
2. Cash purchases, P 24,000 exclusive of freight of P 800.
3. Collection of accounts, P 5,600.
4. Payment of accounts, P 8,000.
5. Issued credit memo to a customer for merchandise returned, P 1,580.
6. Received a credit memo from a supplier for merchandise returned, P 2,000.
1. Payment of account P 4,000 with discount of 2%.
8. Collection of account P 4,500 with 3% discount.
9. Sales on account, P 12,000.
10. Purchases on account, P 8,600.
REQUIRED:
1. Journal entries (without explanation).
2. Post to the T accounts.
1 Preliminary trial balance as of December 31, 20CY
Transcribed Image Text:K ED MM 40% I 2:33 PM Capture16.J. E. Tommy Abad is the owner of a small grocery. The trial balance on Novembe 30, 20CY is reproduced below. Accounts DR CR Cash Accounts Receivable Allow. for Impairment Loss Furniture & Fixtures Accum. Depreciation - Furn.& Fixt. Office Equipment Accum. Depreciation - Office Eqpmt. Merchandise Inventory Accounts Payable T. Abad Capital T Abad Personal 23,500 18,000 500 12,000 1,200 27,500 1,500 22,000 18,500 65,300 10,000 Sales 93,000 Purchases Salaries Expense Supplies Expense Rent Expense Utilities Expense Miscellaneous Expense 21,000 19,000 1,000 13,000 8,000 5,000 P 180,000 P 180.000 The following summary transactions took place in December: 1. Cash sales, P 40,000 and paid freight of P 1,200. 2. Cash purchases, P 24,000 exclusive of freight of P 800. 3. Collection of accounts, P 5,600. 4. Payment of accounts, P 8,000. 5. Issued credit memo to a customer for merchandise returned, P 1,580. 6. Received a credit memo from a supplier for merchandise returned, P 2,000. 1. Payment of account P 4,000 with discount of 2%. 8. Collection of account P 4,500 with 3% discount. 9. Sales on account, P 12,000. 10. Purchases on account, P 8,600. REQUIRED: 1. Journal entries (without explanation). 2. Post to the T accounts. 1 Preliminary trial balance as of December 31, 20CY
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