Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Account Title Credit Debit P 16.500.00 Cash Accounts Receivable 7.500.00 Allowance for doubtful accounts 150.00 Note Receivable 5.527.50 3.000.00 Unused Supplies Prepaid rent 5.000.00 Photocopying Equipment 30,000.00 450.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5.000.00 Accumulated Depreciation - Furniture & Fixtures 75.00 Accounts payable 2.500.00 Loan payable 50,000.00 Notes payable 5.000.00 Salaries Payable 816.67 Unearned Photocopying Revenues 1,800.00 Mercado, Capital 10,000.00 Mercado, Drawing 500.00 Photocopying Revenues 24,227.50 Taxes and Licenses Expense 2.000.00 Salaries expense 4,800.00 Supplies expense 7.000.00 Utilities expense 2.500.00 Rent expense 5.000.00 Depreciation Expense 525.00 Bad debts expense 166.67 Totals P 95,019.17 P 95,019.17 Requirements: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and Statement of Financial Position

Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Account Title Credit Debit P 16.500.00 Cash Accounts Receivable 7.500.00 Allowance for doubtful accounts 150.00 Note Receivable 5.527.50 3.000.00 Unused Supplies Prepaid rent 5.000.00 Photocopying Equipment 30,000.00 450.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5.000.00 Accumulated Depreciation - Furniture & Fixtures 75.00 Accounts payable 2.500.00 Loan payable 50,000.00 Notes payable 5.000.00 Salaries Payable 816.67 Unearned Photocopying Revenues 1,800.00 Mercado, Capital 10,000.00 Mercado, Drawing 500.00 Photocopying Revenues 24,227.50 Taxes and Licenses Expense 2.000.00 Salaries expense 4,800.00 Supplies expense 7.000.00 Utilities expense 2.500.00 Rent expense 5.000.00 Depreciation Expense 525.00 Bad debts expense 166.67 Totals P 95,019.17 P 95,019.17 Requirements: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and Statement of Financial Position

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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Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

Complete the accounting cycle using the adjusted trial balance below.
JM PHOTOCOPYING CENTER
Adjusted Trial Balance
December 31, 2019
Account Title
Debit
Credit
Cash
P 16.500.00
Accounts Receivable
7.500.00
Allowance for doubtful accounts
P 150.00
Note Receivable
5,527.50
3.000.00
Unused Supplies
Prepaid rent
5.000.00
Photocopying Equipment
30,000.00
450.00
Accumulated Depreciation - Photocopying
Equipment
Furniture and Fixtures
5.000.00
Accumulated Depreciation - Furniture & Fixtures
75.00
Accounts payable
2.500.00
Loan payable
50,000.00
Notes payable
5.000.00
Salaries Payable
816.67
Unearned Photocopying Revenues
1,800.00
Mercado, Capital
10,000.00
Mercado, Drawing
500.00
Photocopying Revenues
24,227.50
Taxes and Licenses Expense
2,000.00
Salaries expense
4.800.00
Supplies expense
7,000.00
Utilities expense
2,500.00
Rent expense
5,000.00
525.00
Depreciation Expense
Bad debts expense
166.67
P 95,019.17 P 95,019.17
Totals
Requirements:
1. Prepare Financial Statements: Profit and loss Statement, Statement of
changes in Equity and Statement of Financial Position
2. Closing entries: Prepare closing entries in the general journal: 2. Post the
closing entries in the general ledger and; 3. Creating Post-closing Trial
balance.

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