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Comprehensive Problem: Service Entity Mr. Kim Namjoon started his massage and therapy center, AY SPA!, on February 1, 2022. The account balances as of December 31, 2022 are as follows (in peso): 101 Cash 111 121 131 151 152 Accumulated Depreciation - Equipment 201 203 206 301 302 311 401 512 621 639 641 642 655 670 690 Miscellaneous Expense Accounts Receivable Repair Supplies Prepaid Insurance Repair Equipment Accounts Payable Salaries Payable Unearned Service Revenue K. Namjoon, Capital K. Namjoon, Drawings Income Summary Service Revenue Depreciation Expense - Equipment Salaries Expense Rent Expense Doubtful Accounts Expense Insurance Expense Repair Supplies Expense Utilities Expense 19,000 12,400 29,200 2,400 95,500 Jan 2 5 9 15 20 21 25 26 27 28 30 10,000 8,000 62,500 15,000 210,000 50,000 54,000 13,000 During January 2023, the following summary transactions were completed: Received P5,200 cash from customers on account Received P19,000 cash for services rendered in January Paid P6,200 as rent for January Performed services on account and billed customer for P6,000 Purchased supplies on account, P4,800 Mr. Namjoon withdrew P2,800 for personal use Paid creditors on account, P7,200 Paid utilities for P1,850 Paid miscellaneous for P350 Paid salaries for P8,000 Received P5,200 from customers for services to be rendered in February

Comprehensive Problem: Service Entity Mr. Kim Namjoon started his massage and therapy center, AY SPA!, on February 1, 2022. The account balances as of December 31, 2022 are as follows (in peso): 101 Cash 111 121 131 151 152 Accumulated Depreciation - Equipment 201 203 206 301 302 311 401 512 621 639 641 642 655 670 690 Miscellaneous Expense Accounts Receivable Repair Supplies Prepaid Insurance Repair Equipment Accounts Payable Salaries Payable Unearned Service Revenue K. Namjoon, Capital K. Namjoon, Drawings Income Summary Service Revenue Depreciation Expense - Equipment Salaries Expense Rent Expense Doubtful Accounts Expense Insurance Expense Repair Supplies Expense Utilities Expense 19,000 12,400 29,200 2,400 95,500 Jan 2 5 9 15 20 21 25 26 27 28 30 10,000 8,000 62,500 15,000 210,000 50,000 54,000 13,000 During January 2023, the following summary transactions were completed: Received P5,200 cash from customers on account Received P19,000 cash for services rendered in January Paid P6,200 as rent for January Performed services on account and billed customer for P6,000 Purchased supplies on account, P4,800 Mr. Namjoon withdrew P2,800 for personal use Paid creditors on account, P7,200 Paid utilities for P1,850 Paid miscellaneous for P350 Paid salaries for P8,000 Received P5,200 from customers for services to be rendered in February

FINANCIAL ACCOUNTING
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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6:34 101 Cash 111 Accounts Receivable 121 Repair Supplies 131 Prepaid Insurance 151 Repair Equipment 152 Accumulated Depreciation - Equipment 201 Accounts Payable 203 Salaries Payable 206 Unearned Service Revenue 301 302 311 Income Summary 401 Service Revenue 512 Depreciation Expense - Equipment 621 Salaries Expense 639 Rent Expense 641 Doubtful Accounts Expense 642 Insurance Expense 655 Repair Supplies Expense 670 Utilities Expense 690 Miscellaneous Expense Comprehensive Problem: Service Entity Mr. Kim Namjoon started his massage and therapy center, AY SPA!, on February 1, 2022. The account balances as of December 31, 2022 are as follows (in peso): K. Namjoon, Capital K. Namjoon, Drawings Jan . 2.00 KB/S 2 5 9 15 20 21 25 26 27 28 30 19,000 12,400 29,200 2,400 95,500 ||| 10,000 8,000 62,500 15,000 210,000 50,000 54,000 During January 2023, the following summary transactions were completed: Received P5,200 cash from customers on account Received P19,000 cash for services rendered in January Paid P6,200 as rent for January Performed services on account and billed customer for P6,000 . .... ...l C72 13,000 Purchased supplies on account, P4,800 Mr. Namjoon withdrew P2,800 for personal use Paid creditors on account, P7,200 Paid utilities for P1,850 Paid miscellaneous for P350 Paid salaries for P8,000 Received P5,200 from customers for services to be rendered in February
Transcribed Image Text:6:34 101 Cash 111 Accounts Receivable 121 Repair Supplies 131 Prepaid Insurance 151 Repair Equipment 152 Accumulated Depreciation - Equipment 201 Accounts Payable 203 Salaries Payable 206 Unearned Service Revenue 301 302 311 Income Summary 401 Service Revenue 512 Depreciation Expense - Equipment 621 Salaries Expense 639 Rent Expense 641 Doubtful Accounts Expense 642 Insurance Expense 655 Repair Supplies Expense 670 Utilities Expense 690 Miscellaneous Expense Comprehensive Problem: Service Entity Mr. Kim Namjoon started his massage and therapy center, AY SPA!, on February 1, 2022. The account balances as of December 31, 2022 are as follows (in peso): K. Namjoon, Capital K. Namjoon, Drawings Jan . 2.00 KB/S 2 5 9 15 20 21 25 26 27 28 30 19,000 12,400 29,200 2,400 95,500 ||| 10,000 8,000 62,500 15,000 210,000 50,000 54,000 During January 2023, the following summary transactions were completed: Received P5,200 cash from customers on account Received P19,000 cash for services rendered in January Paid P6,200 as rent for January Performed services on account and billed customer for P6,000 . .... ...l C72 13,000 Purchased supplies on account, P4,800 Mr. Namjoon withdrew P2,800 for personal use Paid creditors on account, P7,200 Paid utilities for P1,850 Paid miscellaneous for P350 Paid salaries for P8,000 Received P5,200 from customers for services to be rendered in February
6:34 0.32 KB/S 1. Record the transactions in a 2-column General Journal. 2. Prepare the 4-column General Ledger, including the beginning balances. 3. Prepare the Unadjusted Trial Balance. 4. Consider the following adjusting entries (using asset and liability method, if applicable): a. Unearned Service Revenue of P3,500 is earned . .... .... 72 b. Depreciation is P19,100 per year c. Accrued but unpaid salaries were P7,000 d. Insurance policy is for one year, dated May 1, 2022 e. On January 31, 2023, P11,500 of Repair Supplies were on hand. b. Statement of Changes in Owner's Equity c. Balance Sheet or Statement of Financial Position d. Statement of Cash Flows 8. Prepare the Closing Entries and post them. 9. Prepare the Post-Closing Trial Balance. 5. Prepare the Adjusted Trial Balance 6. Prepare a 10-column Worksheet (utilize only 10 out of 12 columns) 7. In separate short bond papers, prepare the following financial statements: a. Income Statement or Statement of Financial Performance |||
Transcribed Image Text:6:34 0.32 KB/S 1. Record the transactions in a 2-column General Journal. 2. Prepare the 4-column General Ledger, including the beginning balances. 3. Prepare the Unadjusted Trial Balance. 4. Consider the following adjusting entries (using asset and liability method, if applicable): a. Unearned Service Revenue of P3,500 is earned . .... .... 72 b. Depreciation is P19,100 per year c. Accrued but unpaid salaries were P7,000 d. Insurance policy is for one year, dated May 1, 2022 e. On January 31, 2023, P11,500 of Repair Supplies were on hand. b. Statement of Changes in Owner's Equity c. Balance Sheet or Statement of Financial Position d. Statement of Cash Flows 8. Prepare the Closing Entries and post them. 9. Prepare the Post-Closing Trial Balance. 5. Prepare the Adjusted Trial Balance 6. Prepare a 10-column Worksheet (utilize only 10 out of 12 columns) 7. In separate short bond papers, prepare the following financial statements: a. Income Statement or Statement of Financial Performance |||
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