- Financial Statement- Statement of Performance- Statement Equity- Statement of Financial Position The following are the balances of the ledger accounts of Balagbag Transit owned andoperated by Marcelino Banzon, after three months of operations ended March 31, 2001:Office Supplies ExpenseTrucksCashGas & Oil Exp.Accounts PayableDepreciation Expense - Furniture & EquipmentMortgage PayableRepairs & Maintenance ExpensePrepaid InsuranceOffice Supplies UnusedFurniture & EquipmentFares EarnedUtility ExpenseAccumulated Depreciation - TrucksAccumulated Depreciation - Furniture & EquipmentRent ExpenseBanzon, CapitalDepreciation Expense - TrucksSalary ExpenseInterest ExpensePInsurance ExpenseBanzon, DrawingSalaries Payable300750,00053,50015,00010,000700250,0008,0004,7505008,500145,0004,00072,0002,40012,000436,60015,00025,0007,0001,25015,0004,500

Statement of performance shows all incomes and expenses of the business and at the end, it shows net…

Answered: Financial Statement - Statement of…

Business

Finance

Financial Statement - Statement of Performance - Statement Equity - Statement of Financial Position

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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