Harold King Trading Unadjusted Trial Balance December 31, 2020 Account Titles Debit Credit Cash in Bank 980,000 Cash on Hand 20,500 Accounts Receivable 120,000 Allowance for Bad Debts 8,000 Notes Receivable 100,000 Merchandise Inventory, Jan 1, 2020 500,000 Prepaid Interest 7,500 Land 1,000,000 Building 2,000,000 Store Equipment 140,000 Accumulated Depreciation, Store Equipment 32,000.00 Office Furniture & Fixtures 200,000 Accumulated Depreciation, Office Furniture & Fix. 30,000 Accounts Payable 620,400 VAT Payable 140,000 Unearned Rent Revenue 240,000 Notes Payable 500,000 Loans Payable (2 year-loan dated December 1, 2020) 2,500,000 King, Capital 777,000 King, Personal 120,000 Sales 4,980,800 Sales Discount 49,800 Sales Returns and Allowances 6,000 Purchases 3,180,000 Purchase Discounts 63,600 Purchase Returns & Allowances 30,000 Freight In 70,000 Freight Out 40,000 Sales Salaries Expense 585,000 Office Salaries Expense 624,000 Store Supplies Expense 20,000 Office Supplies Expense 15,000 Store Utilities Expense 84,000 Office Utilities Expense 60,000 Total 9,921,800 9,921,800 Additional information on 31 December 2020 a) Merchandise on hand on December 31, 2020 amounts to P855,000. b) Store Supplies and Office Supplies used during 2020 amounts to P18,000 and P12,000, respectively. c) Store Equipment were all acquired last yeat and is estimated to be usefull for 7 years with estimated salvage value of 20% of the cost. d) Office Furniture has an estimated useful life of 10 years with salvage value of 25% of cost. e) The building was constructed last year and the business started occupying it on January 1 this year. The store occupies 60% of the space, the rest are offices. It will be used for 25 years with estimated salvage value of P50,000. f) The business lease out a small portion of the land for P20,000 per month, paid in advance for 12 months, starting March 1, 2020. g) Acrrued salaries on December 31, 2020: Sales Slaries, P3,750 and Office Salaries, P4,000. h) The Loan Payable is a 2-year promissory note dated 01 December 2020 with 6% interest payble when the principal is due. i) The Notes Paybale is a 90-day note discounted on 16 November 2020 at Union Bank at 6%. j) A customer's note for P100,000 was received in settlement of an account on 16 December 2020. This note is a 60-day, 6% note k) Allowance for Bad Debts should 10% of Accounts Receivable. Bad Debts is treated as administrative expense. Question: What is the adjustments in a Ten-column worksheet?
Harold King Trading Unadjusted Trial Balance December 31, 2020 Account Titles Debit Credit Cash in Bank 980,000 Cash on Hand 20,500 Accounts Receivable 120,000 Allowance for Bad Debts 8,000 Notes Receivable 100,000 Merchandise Inventory, Jan 1, 2020 500,000 Prepaid Interest 7,500 Land 1,000,000 Building 2,000,000 Store Equipment 140,000 Accumulated Depreciation, Store Equipment 32,000.00 Office Furniture & Fixtures 200,000 Accumulated Depreciation, Office Furniture & Fix. 30,000 Accounts Payable 620,400 VAT Payable 140,000 Unearned Rent Revenue 240,000 Notes Payable 500,000 Loans Payable (2 year-loan dated December 1, 2020) 2,500,000 King, Capital 777,000 King, Personal 120,000 Sales 4,980,800 Sales Discount 49,800 Sales Returns and Allowances 6,000 Purchases 3,180,000 Purchase Discounts 63,600 Purchase Returns & Allowances 30,000 Freight In 70,000 Freight Out 40,000 Sales Salaries Expense 585,000 Office Salaries Expense 624,000 Store Supplies Expense 20,000 Office Supplies Expense 15,000 Store Utilities Expense 84,000 Office Utilities Expense 60,000 Total 9,921,800 9,921,800 Additional information on 31 December 2020 a) Merchandise on hand on December 31, 2020 amounts to P855,000. b) Store Supplies and Office Supplies used during 2020 amounts to P18,000 and P12,000, respectively. c) Store Equipment were all acquired last yeat and is estimated to be usefull for 7 years with estimated salvage value of 20% of the cost. d) Office Furniture has an estimated useful life of 10 years with salvage value of 25% of cost. e) The building was constructed last year and the business started occupying it on January 1 this year. The store occupies 60% of the space, the rest are offices. It will be used for 25 years with estimated salvage value of P50,000. f) The business lease out a small portion of the land for P20,000 per month, paid in advance for 12 months, starting March 1, 2020. g) Acrrued salaries on December 31, 2020: Sales Slaries, P3,750 and Office Salaries, P4,000. h) The Loan Payable is a 2-year promissory note dated 01 December 2020 with 6% interest payble when the principal is due. i) The Notes Paybale is a 90-day note discounted on 16 November 2020 at Union Bank at 6%. j) A customer's note for P100,000 was received in settlement of an account on 16 December 2020. This note is a 60-day, 6% note k) Allowance for Bad Debts should 10% of Accounts Receivable. Bad Debts is treated as administrative expense. Question: What is the adjustments in a Ten-column worksheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Harold King Trading |
Unadjusted |
December 31, 2020 |
Account Titles | Debit | Credit | ||
Cash in Bank | 980,000 | |||
Cash on Hand | 20,500 | |||
120,000 | ||||
Allowance for |
8,000 | |||
Notes Receivable | 100,000 | |||
Merchandise Inventory, Jan 1, 2020 | 500,000 | |||
Prepaid Interest | 7,500 | |||
Land | 1,000,000 | |||
Building | 2,000,000 | |||
Store Equipment | 140,000 | |||
32,000.00 | ||||
Office Furniture & Fixtures | 200,000 | |||
Accumulated Depreciation, Office Furniture & Fix. | 30,000 | |||
Accounts Payable | 620,400 | |||
VAT Payable | 140,000 | |||
Unearned Rent Revenue | 240,000 | |||
Notes Payable | 500,000 | |||
Loans Payable (2 year-loan dated December 1, 2020) | 2,500,000 | |||
King, Capital | 777,000 | |||
King, Personal | 120,000 | |||
Sales | 4,980,800 | |||
Sales Discount | 49,800 | |||
Sales Returns and Allowances | 6,000 | |||
Purchases | 3,180,000 | |||
Purchase Discounts | 63,600 | |||
Purchase Returns & Allowances | 30,000 | |||
Freight In | 70,000 | |||
Freight Out | 40,000 | |||
Sales Salaries Expense | 585,000 | |||
Office Salaries Expense | 624,000 | |||
Store Supplies Expense | 20,000 | |||
Office Supplies Expense | 15,000 | |||
Store Utilities Expense | 84,000 | |||
Office Utilities Expense | 60,000 | |||
Total | 9,921,800 | 9,921,800 | ||
Additional information on 31 December 2020 | ||||
a) | Merchandise on hand on December 31, 2020 amounts to P855,000. | |||
b) | Store Supplies and Office Supplies used during 2020 amounts to P18,000 and P12,000, respectively. | |||
c) | Store Equipment were all acquired last yeat and is estimated to be usefull for 7 years with estimated salvage value of 20% of the cost. | |||
d) | Office Furniture has an estimated useful life of 10 years with salvage value of 25% of cost. | |||
e) | The building was constructed last year and the business started occupying it on January 1 this year. The store occupies 60% of the space, the rest are offices. It will be used for 25 years with estimated salvage value of P50,000. | |||
f) | The business lease out a small portion of the land for P20,000 per month, paid in advance for 12 months, starting March 1, 2020. | |||
g) | Acrrued salaries on December 31, 2020: Sales Slaries, P3,750 and Office Salaries, P4,000. | |||
h) | The Loan Payable is a 2-year promissory note dated 01 December 2020 with 6% interest payble when the principal is due. | |||
i) | The Notes Paybale is a 90-day note discounted on 16 November 2020 at Union Bank at 6%. | |||
j) | A customer's note for P100,000 was received in settlement of an account on 16 December 2020. This note is a 60-day, 6% note | |||
k) | Allowance for Bad Debts should 10% of Accounts Receivable. Bad Debts is treated as administrative expense. |
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What is the adjustments in a Ten-column worksheet?
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