Cash 130 115.00 Purchases 1 320.00 Notes Receivable 30 000.00 Freight-in 30 875.00 Purchase Returns and Accounts Receivable 98 750.00 2 585.00 Allowances Allowance for 4 835.00 Purchase Discount 20 000.00 Impairment Loss Merchandise 785 345.00 Sales Salaries 115 600.00 Inventory, 1/1 Prepaid Insurance Unused Supplies 18 000.00 6 000.00 Advertising Expense 3 750.00 Freight-out 12 260.00 Depreciation – Store Equipment Store Equipment 120 000.00 12 000.00 Accumulated Miscellaneous Selling Expenses Depreciation - Store Equipment Office Equipment 36 000.00 17 650.00 60 000.00 Office Salaries 65 900.00 Accumulated Depreciation – Office Equipment Accounts Payable Notes Payable 18 000.00 Rent Expense 48 000.00 371 535.00 Insurance Expense 50 000.00 Supplies Expense 9 000.00 8 650.00 Depreciation - Office Equipment 48 000.00 Impairment Loss Mr. Z, Capital 527 030.00 6 000.00 Mr. Z, Drawing 2 515.00 Miscellaneous General Sales 1 950 345.00 1 800.00 Expenses Sales Return 4 020.00 Interest Income 1 200.00 Sales Discount 20 800.00 Interest Expense 6 000.00 NOTE: Ending Inventory of Merchandise, 715 250 pesos

Cash 130 115.00 Purchases 1 320.00 Notes Receivable 30 000.00 Freight-in 30 875.00 Purchase Returns and Accounts Receivable 98 750.00 2 585.00 Allowances Allowance for 4 835.00 Purchase Discount 20 000.00 Impairment Loss Merchandise 785 345.00 Sales Salaries 115 600.00 Inventory, 1/1 Prepaid Insurance Unused Supplies 18 000.00 6 000.00 Advertising Expense 3 750.00 Freight-out 12 260.00 Depreciation – Store Equipment Store Equipment 120 000.00 12 000.00 Accumulated Miscellaneous Selling Expenses Depreciation - Store Equipment Office Equipment 36 000.00 17 650.00 60 000.00 Office Salaries 65 900.00 Accumulated Depreciation – Office Equipment Accounts Payable Notes Payable 18 000.00 Rent Expense 48 000.00 371 535.00 Insurance Expense 50 000.00 Supplies Expense 9 000.00 8 650.00 Depreciation - Office Equipment 48 000.00 Impairment Loss Mr. Z, Capital 527 030.00 6 000.00 Mr. Z, Drawing 2 515.00 Miscellaneous General Sales 1 950 345.00 1 800.00 Expenses Sales Return 4 020.00 Interest Income 1 200.00 Sales Discount 20 800.00 Interest Expense 6 000.00 NOTE: Ending Inventory of Merchandise, 715 250 pesos

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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