equired:Journalize the transactionsSet up T accounts and post beginning account balances and transactions given above, adding T accounts necessaryJournalize and post closing entriesPrepare a trial balance for the month ending Prepare an income statement for the month ending (ignore taxes)Prepare a statement of retained earnings Prepare an ending balance sheet Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows; ACCOUNTDEBITCREDIT Accounts ReceivablePhp 2,160 Accounts Payable Php 3,070 Paid in capital – common stock 4,990 Cash3,910 Notes payable 600 Property, plant and equipment (at cost)6,200 Allowance for doubtful accounts 540 Inventories1,730 Accumulated depreciation 2,800 Prepaid expenses1,250 Retained earnings 2,250 Good will1,000 Estimated tax liability 750 Marketable Securities1,750 Accrued expense 1,000 Patents and trademarks500 Bonds payable 2,000 Investments1,500 Deferred Revenue1,000 Other liabilities – long term 1,000 20,00020,000 During the month of September, the following transactions occurred;Owner invested additional cash on common stock, Php 5,000.Purchased inventory on account Php 1,300.Advertising paid in cash Php 150.Paid employees salaries Php 300.Expired insurance, Php 250.Sold goods in cash, Php 2,940 and on credit, Php 2,810.Research and development expense paid in cash, Php 280.Paid certain accounts payable, Php 1,720.Selling, general administrative expenses paid on account, Php 255.Collected accounts receivable Php 1,510.Overhead and other expenses paid in cash Php 100.Rent paid in advance Php 250.Received cash for revenue applicable next period Php 650.Increased the current notes payable by Php 200.Sold goods for Php 1,500; returns and allowances, Php 200 and discounts, Php 100Physical Inventory showed ending balance of php 1,750Declared dividends paid Php 1,000Bad debts, Php 45.Depreciation expenses, Php 300Interest earned and bank charges incurred on savings account, Php 100 and Php 50 respectively. Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: Hi and thanks for your question! Unfortunately, it looks incomplete. Please resubmit the question in a correct format. We've credited a question back to your account. Apologies for the inconvenience. Ask Your Question Again 10 of 10 questions left until 2/18/21 Question Required: Journalize the transactions Set up T accounts and post beginning account balances and transactions given above, adding T accounts necessary Journalize and post closing entries Prepare a trial balance for the month ending Prepare an income statement for the month ending (ignore taxes) Prepare a statement of retained earnings Prepare an ending balance sheet Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows; ACCOUNT DEBIT CREDIT Accounts Receivable Php 2,160 Accounts Payable Php 3,070 Paid in capital – common stock 4,990 Cash 3,910 Notes payable 600 Property, plant and equipment (at cost) 6,200 Allowance for doubtful accounts 540 Inventories 1,730 Accumulated depreciation 2,800 Prepaid expenses 1,250 Retained earnings 2,250 Good will 1,000 Estimated tax liability 750 Marketable Securities 1,750 Accrued expense 1,000 Patents and trademarks 500 Bonds payable 2,000 Investments 1,500 Deferred Revenue 1,000 Other liabilities – long term 1,000 20,000 20,000 During the month of September, the following transactions occurred; Owner invested additional cash on common stock, Php 5,000. Purchased inventory on account Php 1,300. Advertising paid in cash Php 150. Paid employees salaries Php 300. Expired insurance, Php 250. Sold goods in cash, Php 2,940 and on credit, Php 2,810. Research and development expense paid in cash, Php 280. Paid certain accounts payable, Php 1,720. Selling, general administrative expenses paid on account, Php 255. Collected accounts receivable Php 1,510. Overhead and other expenses paid in cash Php 100. Rent paid in advance Php 250. Received cash for revenue applicable next period Php 650. Increased the current notes payable by Php 200. Sold goods for Php 1,500; returns and allowances, Php 200 and discounts, Php 100 Physical Inventory showed ending balance of php 1,750 Declared dividends paid Php 1,000 Bad debts, Php 45. Depreciation expenses, Php 300 Interest earned and bank charges incurred on savings account, Php 100 and Php 50 respectivel

equired:Journalize the transactionsSet up T accounts and post beginning account balances and transactions given above, adding T accounts necessaryJournalize and post closing entriesPrepare a trial balance for the month ending Prepare an income statement for the month ending (ignore taxes)Prepare a statement of retained earnings Prepare an ending balance sheet Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows; ACCOUNTDEBITCREDIT Accounts ReceivablePhp 2,160 Accounts Payable Php 3,070 Paid in capital – common stock 4,990 Cash3,910 Notes payable 600 Property, plant and equipment (at cost)6,200 Allowance for doubtful accounts 540 Inventories1,730 Accumulated depreciation 2,800 Prepaid expenses1,250 Retained earnings 2,250 Good will1,000 Estimated tax liability 750 Marketable Securities1,750 Accrued expense 1,000 Patents and trademarks500 Bonds payable 2,000 Investments1,500 Deferred Revenue1,000 Other liabilities – long term 1,000 20,00020,000 During the month of September, the following transactions occurred;Owner invested additional cash on common stock, Php 5,000.Purchased inventory on account Php 1,300.Advertising paid in cash Php 150.Paid employees salaries Php 300.Expired insurance, Php 250.Sold goods in cash, Php 2,940 and on credit, Php 2,810.Research and development expense paid in cash, Php 280.Paid certain accounts payable, Php 1,720.Selling, general administrative expenses paid on account, Php 255.Collected accounts receivable Php 1,510.Overhead and other expenses paid in cash Php 100.Rent paid in advance Php 250.Received cash for revenue applicable next period Php 650.Increased the current notes payable by Php 200.Sold goods for Php 1,500; returns and allowances, Php 200 and discounts, Php 100Physical Inventory showed ending balance of php 1,750Declared dividends paid Php 1,000Bad debts, Php 45.Depreciation expenses, Php 300Interest earned and bank charges incurred on savings account, Php 100 and Php 50 respectively. Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: Hi and thanks for your question! Unfortunately, it looks incomplete. Please resubmit the question in a correct format. We've credited a question back to your account. Apologies for the inconvenience. Ask Your Question Again 10 of 10 questions left until 2/18/21 Question Required: Journalize the transactions Set up T accounts and post beginning account balances and transactions given above, adding T accounts necessary Journalize and post closing entries Prepare a trial balance for the month ending Prepare an income statement for the month ending (ignore taxes) Prepare a statement of retained earnings Prepare an ending balance sheet Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows; ACCOUNT DEBIT CREDIT Accounts Receivable Php 2,160 Accounts Payable Php 3,070 Paid in capital – common stock 4,990 Cash 3,910 Notes payable 600 Property, plant and equipment (at cost) 6,200 Allowance for doubtful accounts 540 Inventories 1,730 Accumulated depreciation 2,800 Prepaid expenses 1,250 Retained earnings 2,250 Good will 1,000 Estimated tax liability 750 Marketable Securities 1,750 Accrued expense 1,000 Patents and trademarks 500 Bonds payable 2,000 Investments 1,500 Deferred Revenue 1,000 Other liabilities – long term 1,000 20,000 20,000 During the month of September, the following transactions occurred; Owner invested additional cash on common stock, Php 5,000. Purchased inventory on account Php 1,300. Advertising paid in cash Php 150. Paid employees salaries Php 300. Expired insurance, Php 250. Sold goods in cash, Php 2,940 and on credit, Php 2,810. Research and development expense paid in cash, Php 280. Paid certain accounts payable, Php 1,720. Selling, general administrative expenses paid on account, Php 255. Collected accounts receivable Php 1,510. Overhead and other expenses paid in cash Php 100. Rent paid in advance Php 250. Received cash for revenue applicable next period Php 650. Increased the current notes payable by Php 200. Sold goods for Php 1,500; returns and allowances, Php 200 and discounts, Php 100 Physical Inventory showed ending balance of php 1,750 Declared dividends paid Php 1,000 Bad debts, Php 45. Depreciation expenses, Php 300 Interest earned and bank charges incurred on savings account, Php 100 and Php 50 respectivel

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

equired:Journalize the transactionsSet up T accounts and post beginning account balances and transactions given above, adding T accounts necessaryJournalize and post closing entriesPrepare a trial balance for the month ending Prepare an income statement for the month ending (ignore taxes)Prepare a statement of retained earnings Prepare an ending balance sheet Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows; ACCOUNTDEBITCREDIT Accounts ReceivablePhp 2,160 Accounts Payable Php 3,070 Paid in capital – common stock 4,990 Cash3,910 Notes payable 600 Property, plant and equipment (at cost)6,200 Allowance for doubtful accounts 540 Inventories1,730 Accumulated depreciation 2,800 Prepaid expenses1,250 Retained earnings 2,250 Good will1,000 Estimated tax liability 750 Marketable Securities1,750 Accrued expense 1,000 Patents and trademarks500 Bonds payable 2,000 Investments1,500 Deferred Revenue1,000 Other liabilities – long term 1,000 20,00020,000 During the month of September, the following transactions occurred;Owner invested additional cash on common stock, Php 5,000.Purchased inventory on account Php 1,300.Advertising paid in cash Php 150.Paid employees salaries Php 300.Expired insurance, Php 250.Sold goods in cash, Php 2,940 and on credit, Php 2,810.Research and development expense paid in cash, Php 280.Paid certain accounts payable, Php 1,720.Selling, general administrative expenses paid on account, Php 255.Collected accounts receivable Php 1,510.Overhead and other expenses paid in cash Php 100.Rent paid in advance Php 250.Received cash for revenue applicable next period Php 650.Increased the current notes payable by Php 200.Sold goods for Php 1,500; returns and allowances, Php 200 and discounts, Php 100Physical Inventory showed ending balance of php 1,750Declared dividends paid Php 1,000Bad debts, Php 45.Depreciation expenses, Php 300Interest earned and bank charges incurred on savings account, Php 100 and Php 50 respectively.

Oh no! Our expert couldn't answer your question.

Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience.

Here's what the expert had to say:

Hi and thanks for your question! Unfortunately, it looks incomplete. Please resubmit the question in a correct format. We've credited a question back to your account. Apologies for the inconvenience.

Ask Your Question Again

10 of 10 questions left

until 2/18/21

Question

Required:
Journalize the transactions
Set up T accounts and post beginning account balances and transactions given above, adding T accounts necessary
Journalize and post closing entries
Prepare a trial balance for the month ending
Prepare an income statement for the month ending (ignore taxes)
Prepare a statement of retained earnings
Prepare an ending balance sheet

Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows;

ACCOUNT
DEBIT
CREDIT

Accounts Receivable
Php 2,160

Accounts Payable

Php 3,070

Paid in capital – common stock

4,990

Cash
3,910

Notes payable

600

Property, plant and equipment (at cost)
6,200

Allowance for doubtful accounts

540

Inventories
1,730

Accumulated depreciation

2,800

Prepaid expenses
1,250

Retained earnings

2,250

Good will
1,000

Estimated tax liability

750

Marketable Securities
1,750

Accrued expense

1,000

Patents and trademarks
500

Bonds payable

2,000

Investments
1,500

Deferred Revenue

1,000

Other liabilities – long term

1,000

20,000
20,000

During the month of September, the following transactions occurred;
Owner invested additional cash on common stock, Php 5,000.
Purchased inventory on account Php 1,300.
Advertising paid in cash Php 150.
Paid employees salaries Php 300.
Expired insurance, Php 250.
Sold goods in cash, Php 2,940 and on credit, Php 2,810.
Research and development expense paid in cash, Php 280.
Paid certain accounts payable, Php 1,720.
Selling, general administrative expenses paid on account, Php 255.
Collected accounts receivable Php 1,510.
Overhead and other expenses paid in cash Php 100.
Rent paid in advance Php 250.
Received cash for revenue applicable next period Php 650.
Increased the current notes payable by Php 200.
Sold goods for Php 1,500; returns and allowances, Php 200 and discounts, Php 100
Physical Inventory showed ending balance of php 1,750
Declared dividends paid Php 1,000
Bad debts, Php 45.
Depreciation expenses, Php 300
Interest earned and bank charges incurred on savings account, Php 100 and Php 50 respectively.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.