FB Company Trial Balance December 31, 202A Account Title Debit Credit Cash 151,200 Accounts Receivable 2,500 Allowance for bad Debts 525 Notes receivable 25,005 Merchandise Inventory 12,000 Purchases 30,000 Purchase Returns and Allowances 2,000 Supplies 1,500 Store Furniture 75,000 Store Equipment 200,000 Accumulated Depreciation 3,170 Accounts Payable 200,000 Accrued Salaries Payable 1,512 Notes Payable 32,705 Kris Ang, Capital 237,500 Kris Ang, Withdrawal 2,000 Sales 49,450 Sales Returns and Allowances 1,200 Bad debts expense 525 Advertising expense 1,000 Rent Expense 5,000 Salaries expense 1,512 Supplies Expense 1,000 Utilities expense 1,800 Wages expense 2,500 Maintenance expense 4,500 Freight out 750 Freight in 1,500 Depreciation expense 3,170 Miscellaneous expense 3,200 Total 526,862 526,862 Additional Information: Supplies physical inventory, December 31, 202A is P450. Merchandise Inventory end is P20,000. Interest is 10% per annum. Notes receivable is dated October 1, 202A. Returned merchandise by the customer amounting to P500 was received on December 31, 202A. Already included in the inventory count but not yet recorded. Advertising material left on hand is P500. Required: Enter the trial balance on a worksheet and complete the worksheet using the data provided for adjusting entries. Prepare the Income Statement and Balance Sheet. From the worksheet, journalize the adjusting entries. Prepare the closing entries Prepare the post-closing trial balance Prepare the reversing entries

FB Company Trial Balance December 31, 202A Account Title Debit Credit Cash 151,200 Accounts Receivable 2,500 Allowance for bad Debts 525 Notes receivable 25,005 Merchandise Inventory 12,000 Purchases 30,000 Purchase Returns and Allowances 2,000 Supplies 1,500 Store Furniture 75,000 Store Equipment 200,000 Accumulated Depreciation 3,170 Accounts Payable 200,000 Accrued Salaries Payable 1,512 Notes Payable 32,705 Kris Ang, Capital 237,500 Kris Ang, Withdrawal 2,000 Sales 49,450 Sales Returns and Allowances 1,200 Bad debts expense 525 Advertising expense 1,000 Rent Expense 5,000 Salaries expense 1,512 Supplies Expense 1,000 Utilities expense 1,800 Wages expense 2,500 Maintenance expense 4,500 Freight out 750 Freight in 1,500 Depreciation expense 3,170 Miscellaneous expense 3,200 Total 526,862 526,862 Additional Information: Supplies physical inventory, December 31, 202A is P450. Merchandise Inventory end is P20,000. Interest is 10% per annum. Notes receivable is dated October 1, 202A. Returned merchandise by the customer amounting to P500 was received on December 31, 202A. Already included in the inventory count but not yet recorded. Advertising material left on hand is P500. Required: Enter the trial balance on a worksheet and complete the worksheet using the data provided for adjusting entries. Prepare the Income Statement and Balance Sheet. From the worksheet, journalize the adjusting entries. Prepare the closing entries Prepare the post-closing trial balance Prepare the reversing entries

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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JFB Company
Trial Balance
December 31, 202A


Account Title	Debit	Credit
Cash	151,200
Accounts Receivable	2,500
Allowance for bad Debts		525
Notes receivable	25,005
Merchandise Inventory	12,000
Purchases	30,000
Purchase Returns and Allowances		2,000
Supplies	1,500
Store Furniture	75,000
Store Equipment	200,000
Accumulated Depreciation		3,170
Accounts Payable		200,000
Accrued Salaries Payable		1,512
Notes Payable		32,705
Kris Ang, Capital		237,500
Kris Ang, Withdrawal	2,000
Sales		49,450
Sales Returns and Allowances	1,200
Bad debts expense	525
Advertising expense	1,000
Rent Expense	5,000
Salaries expense	1,512
Supplies Expense	1,000
Utilities expense	1,800
Wages expense	2,500
Maintenance expense	4,500
Freight out	750
Freight in	1,500
Depreciation expense	3,170
Miscellaneous expense	3,200
Total	526,862	526,862

Additional Information:

Supplies physical inventory, December 31, 202A is P450.
Merchandise Inventory end is P20,000.
Interest is 10% per annum. Notes receivable is dated October 1, 202A.
Returned merchandise by the customer amounting to P500 was received on December 31, 202A. Already included in the inventory count but not yet recorded.
Advertising material left on hand is P500.

Required:

Enter the trial balance on a worksheet and complete the worksheet using the data provided for adjusting entries.
Prepare the Income Statement and Balance Sheet.
From the worksheet, journalize the adjusting entries.
Prepare the closing entries
Prepare the post-closing trial balance
Prepare the reversing entries

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