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following data were taken from the incomplete accounting records maintanied b Account Balances January 1 December 31

following data were taken from the incomplete accounting records maintanied b Account Balances January 1 December 31

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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How much is the Cost of Sales?

Compute for the Cost of Sales * December 31 Account Balances January 1 4,560 5,940 9,720 600 6,790 8,610 Cash Accounts receivable Merchandise Inventory 10,850 Prepaid expenses Equipment, net Accounts payable Loans payable Accrued expenses 750 9,550 6,990 4,000 450 8,500 7,330 2,750 560 Transactions per CASHBOOK during 2016: RECEIPTS: From Customers 67,950 4,000 From Bank loan Other income 800 PAYMENTS To trade creditors 51,860 5,250 8,140 2,000 2,000 To bank loan For various expenses Purchase of equipment To owner for drawings Additional Information: Purchase returns amounted to P1,530. Goods received from suppliers on December 20, 2016, P850, was not invoiced to and recorded by the shop until January 2017.5 9ni Sales returns during the year were P2,500. Bad debts written off directly against accounts receivable were P1,080. The only change in the equipment was the purchase of a new computer on June 30, 2016. dob iste Depreciation charges are credited to the fixed asset account from the month following the purchase. Your answer
Transcribed Image Text:Compute for the Cost of Sales * December 31 Account Balances January 1 4,560 5,940 9,720 600 6,790 8,610 Cash Accounts receivable Merchandise Inventory 10,850 Prepaid expenses Equipment, net Accounts payable Loans payable Accrued expenses 750 9,550 6,990 4,000 450 8,500 7,330 2,750 560 Transactions per CASHBOOK during 2016: RECEIPTS: From Customers 67,950 4,000 From Bank loan Other income 800 PAYMENTS To trade creditors 51,860 5,250 8,140 2,000 2,000 To bank loan For various expenses Purchase of equipment To owner for drawings Additional Information: Purchase returns amounted to P1,530. Goods received from suppliers on December 20, 2016, P850, was not invoiced to and recorded by the shop until January 2017.5 9ni Sales returns during the year were P2,500. Bad debts written off directly against accounts receivable were P1,080. The only change in the equipment was the purchase of a new computer on June 30, 2016. dob iste Depreciation charges are credited to the fixed asset account from the month following the purchase. Your answer
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