ASSIMILATION ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable TOTAL Р Merchandise Inventory Prepaid Expenses Furniture Acc. Dep.-Fumiture Transportation Equipment Acc. Dep. – Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital Debit 123,153 10,000 659,340 132.200 774,307 3.200 900,000 1,400,000 4,002,200 Requirement 2: Prepare Statement of Financial Position as of Dec. 31, 2016. A Account Form B. Report Form Credit 15,000 45,000 140,000 960,300 234,000 4,000 2,600 1,300 2,600,000 4,002,200

ASSIMILATION ABM Company POST-CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Cash in Bank Petty Cash Fund Account Receivable Allowance for Bad debts Notes Receivable TOTAL Р Merchandise Inventory Prepaid Expenses Furniture Acc. Dep.-Fumiture Transportation Equipment Acc. Dep. – Transpo Equipment Accounts Payable Notes Payable-Non Current SSS, Philhealth, HDMF Payable Withholding Taxes Payable Accrued Expenses Pinky Ramos, Capital Debit 123,153 10,000 659,340 132.200 774,307 3.200 900,000 1,400,000 4,002,200 Requirement 2: Prepare Statement of Financial Position as of Dec. 31, 2016. A Account Form B. Report Form Credit 15,000 45,000 140,000 960,300 234,000 4,000 2,600 1,300 2,600,000 4,002,200

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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Subject: accounting
Prepare adjusting journal entries to reconcile the book and bank balances
C O O O Using a perpetual inventory system, how should a company record the sale of inventory costing $540 for $1,100 on account? Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Accounts Payable Inventory Inventory Gain. Sales Revenue O Accounts Receivable. Sales Revenues. Gain O None of these answer choices are correct. ! 1 F1 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q A 2 N I F2 W #3 3 80 F3 E X $ 4 S D a F4 R C 1,100 LL 1,100 сторо 540 5 J *540 1,100 F 540 560 F5 T V ^ 6 540 1,100 1,100 540 1,100 MacBook Air G 540 560 F6 Y & 7 B J F7 H * 00 U 8 DII FB J N ( 9 1 F9 K M ) Save All Answers O O F10 <