Below is the Makambing Trading Unadjusted Balance as of June 30, 2022 Accounts Payable Accounts Receivable 000 220,000 000 290,000 Accumulated Depreciation-Office & Store Equipment Accumulated Depreciation-Office & Store Furniture Accumulated Depreciation- Delivery Equipment Allowance for Bad Debts Cash Delivery Equipment General Expenses conswolla brisemu Interest Expense Interest Income K. Ambing, Capital K. Ambing, Withdrawals Merchandise Inventory answollA uns chaudu zalo 9,500 000 12,000 000, 15,000 00 4,500 000 25,000 000 250,000 002 29,500 082 2,560 080 1,980 08829,780 000 25,000 000 200,000 Requirements: 1.10 Column Working Trial Balance 2. Financial Statement Notes Payable Notes Receivable Office and Store Equipment Office and Store Furniture Office Supplies Prepaid Insurance Prepaid Rent Purchase Discounts Purchase Returns and Allowances Purchases a. Statementof Financial Position (Account Form) b. Statement of Owners' Equity c. Income Statement Rent Expenses Salaries and Wages Sales Sales Returns and Allowances Adjustment Data 1. The Allowance for Bad Debt is Estimated to be 10% of Gross Sales to 2. Of the Prepaid Insurance, P1,800 is applicable to the next accounting period. 3. The Balance of the Prepaid Rent account is for a one-month period, paid on O2 ad or baterale aids@ba not May 30 of the current year. 4. Office supplies unused is P5,900. 5. Fixed Assets are depreciated using straight line at the following information us a.Office and Store Equipment -Estimated Life 5 years Salvage value P5,000 b.Office and Store Furniture -Estimated life 5 years, no salvage value c. Delivery Equipment-Estimated life 10 years with P2,000 salvage value 6. Accrued expenses: Salaries P5,000, Interest on Notes Payable P300, Utilities P2,4000 7. Unsold Goods, P286,000 nosnos 30,000 49,000 150,000 200,000 9,900 5,800 12,000 1,500 2,500 490,000 120,000 153,000 887,000 2,000 TEKS DEUTO v4.1b
Below is the Makambing Trading Unadjusted Balance as of June 30, 2022 Accounts Payable Accounts Receivable 000 220,000 000 290,000 Accumulated Depreciation-Office & Store Equipment Accumulated Depreciation-Office & Store Furniture Accumulated Depreciation- Delivery Equipment Allowance for Bad Debts Cash Delivery Equipment General Expenses conswolla brisemu Interest Expense Interest Income K. Ambing, Capital K. Ambing, Withdrawals Merchandise Inventory answollA uns chaudu zalo 9,500 000 12,000 000, 15,000 00 4,500 000 25,000 000 250,000 002 29,500 082 2,560 080 1,980 08829,780 000 25,000 000 200,000 Requirements: 1.10 Column Working Trial Balance 2. Financial Statement Notes Payable Notes Receivable Office and Store Equipment Office and Store Furniture Office Supplies Prepaid Insurance Prepaid Rent Purchase Discounts Purchase Returns and Allowances Purchases a. Statementof Financial Position (Account Form) b. Statement of Owners' Equity c. Income Statement Rent Expenses Salaries and Wages Sales Sales Returns and Allowances Adjustment Data 1. The Allowance for Bad Debt is Estimated to be 10% of Gross Sales to 2. Of the Prepaid Insurance, P1,800 is applicable to the next accounting period. 3. The Balance of the Prepaid Rent account is for a one-month period, paid on O2 ad or baterale aids@ba not May 30 of the current year. 4. Office supplies unused is P5,900. 5. Fixed Assets are depreciated using straight line at the following information us a.Office and Store Equipment -Estimated Life 5 years Salvage value P5,000 b.Office and Store Furniture -Estimated life 5 years, no salvage value c. Delivery Equipment-Estimated life 10 years with P2,000 salvage value 6. Accrued expenses: Salaries P5,000, Interest on Notes Payable P300, Utilities P2,4000 7. Unsold Goods, P286,000 nosnos 30,000 49,000 150,000 200,000 9,900 5,800 12,000 1,500 2,500 490,000 120,000 153,000 887,000 2,000 TEKS DEUTO v4.1b
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
Topic Video
Question
Please answer the requirement 1&2
Transcribed Image Text:Below is the Makambing Trading Unadjusted Balance as of June 30, 2022 onde
000 220,000
290,000
9,500
12,000
15,000
4,500
25,000
250,000
29,500
2,560
1,980
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Office & Store Equipment
Accumulated Depreciation-Office & Store Furniture
Accumulated Depreciation- Delivery Equipment 10
Allowance for Bad Debts
Cash
Delivery Equipment
General Expenses sonswollA brisemure
Interest Expense
Interest Income
K. Ambing, Capital
K. Ambing, Withdrawals
Merchandise Inventory onewollA bris em
829,780
25,000
000 200,000
Requirements:
1. 10 Column Working Trial Balance
2. Financial Statement
Notes Payable
Notes Receivable
Office and Store Equipment
Office and Store Furniture
Office Supplies vid
Prepaid Insurance
Prepaid Rent
Purchase Discounts
Purchase Returns and Allowances
Purchases
a. Statementof Financial Position (Account Form)
b. Statement of Owners' Equity
c. Income Statement
Rent Expenses
Salaries and Wages
Adjustment Data
1. The Allowance for Bad Debt is Estimated to be 10% of Grøss Sales to XOI 9d of
2. Of the Prepaid Insurance, P1,800 is applicable to the next accounting period.
3. The Balance of the Prepaid Rent account is for a one-month period, paid on
May 30 of the current year.
4. Office supplies unused is P5,900.
5. Fixed Assets are depreciated using straight line at the following information
a.Office and Store Equipment -Estimated Life 5 years Salvage value P5,000
b.Office and Store Furniture -Estimated life 5 years, no salvage value
c. Delivery Equipment-Estimated life 10 years with P2,000 salvage value
Sales
Sales Returns and Allowances
vomi
6. Accrued expenses: Salaries P5,000, Interest on Notes Payable P300, Utilities P2,400 2000,24sinsled
7. Unsold Goods, P286,000
b68 10
30,000
49,000
150,000
200,000
9,900
5,800
12,000
1,500
2,500
490,000
120,000
153,000
887,000
2,000 M
bg
blont t
v4.1b
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