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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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Speedy Ironing Services Unadjusted Trial Balance September 30, 2020 Debit P 23,450.00 Cash 2,000.00 Accounts Receivable 600.00 Prepaid Advertising Ironing Supplies Ironing Equipment 100.00 600.00 Accounts Payable 150.00 Unearned Ironing Revenue Capital, Linda Santos 100.00 15,000.00 Withdrawals, Linda Santos 300.00 Ironing Revenue 17,000.00 Rent Expense 5,000.00 Telephone Expense 200.00 P.32.250.00 P 32,250.00 One month of scheduled advertising appeared in the school newspaper in the amount of P150. b. An inventory of Ironing supplies revealed approximately P50 on hand. c. Depreciation was taken on equipment with a useful life of 5 years. Ironing equipment costs P600, d. On Thursday, October 1, Linda would pay her first employee, who worked Tuesday and Thursdays, P120 for the week. c. Ironing services for one of the two students who had paid in advance had been performed as of 9/30/2019. f. On Tuesday, September 29, services had been finished for 2 students who promised to pay P50 each on 10/5/2019 Performance Task 1: Prepare the journal entries to record the following adjustment information of September 30, 2019, and at the same time Prepare the Adjusted Trial Balance. Write your answer in a two-column journal for the journal entries and in an 8-column worksheet for the Unadjusted Trial Balance, Adjustment Column and Adjusted Trial Balance. Adjustments Account Titles Trial Balance Debit (Dr) Credit (Cr) Adjusted Trial Balance Debit (Dr) Credit (Cr) Debit (Dr) Credit (Cr) P Credit B
Transcribed Image Text:Speedy Ironing Services Unadjusted Trial Balance September 30, 2020 Debit P 23,450.00 Cash 2,000.00 Accounts Receivable 600.00 Prepaid Advertising Ironing Supplies Ironing Equipment 100.00 600.00 Accounts Payable 150.00 Unearned Ironing Revenue Capital, Linda Santos 100.00 15,000.00 Withdrawals, Linda Santos 300.00 Ironing Revenue 17,000.00 Rent Expense 5,000.00 Telephone Expense 200.00 P.32.250.00 P 32,250.00 One month of scheduled advertising appeared in the school newspaper in the amount of P150. b. An inventory of Ironing supplies revealed approximately P50 on hand. c. Depreciation was taken on equipment with a useful life of 5 years. Ironing equipment costs P600, d. On Thursday, October 1, Linda would pay her first employee, who worked Tuesday and Thursdays, P120 for the week. c. Ironing services for one of the two students who had paid in advance had been performed as of 9/30/2019. f. On Tuesday, September 29, services had been finished for 2 students who promised to pay P50 each on 10/5/2019 Performance Task 1: Prepare the journal entries to record the following adjustment information of September 30, 2019, and at the same time Prepare the Adjusted Trial Balance. Write your answer in a two-column journal for the journal entries and in an 8-column worksheet for the Unadjusted Trial Balance, Adjustment Column and Adjusted Trial Balance. Adjustments Account Titles Trial Balance Debit (Dr) Credit (Cr) Adjusted Trial Balance Debit (Dr) Credit (Cr) Debit (Dr) Credit (Cr) P Credit B
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