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

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

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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JFB Company Trial Balance December 31, 202A Account Title Debit Credit Cash 151,200 Accounts Receivable 2,500 Allowance for bad Debts 525 25,005 12,000 Notes receivable Merchandise Inventory Purchases 30,000 Purchase Returns and Allowances 2,000 Supplies Store Furniture Store Equipment 1,500 75,000 200,000 Accumulated Depreciation Accounts Payable Accrued Salaries Payable Notes Payable Kris Ang, Capital Kris Ang. Withdrawal 3,170 200,000 1,512 32,705 237,500 2,000 Sales 49,450 Sales Returns and Allowances 1,200 Bad debts expense Advertising expense Rent Expense Salaries expense Supplies Expense 525 1,000 5,000 1,512 1,000 1,800 2,500 4,500 Utilities expense Wages expense Maintenance expense Freight out Freight in Depreciation expense 750 1,500 3,170 Miscellaneous expense 3,200 Total 526,862 526,862 Additional Information: a. Supplies physical inventory, December 31, 202A is P450. b. Merchandise Inventory end is P20,000. c. Interest is 10% per annum. Notes receivable is dated October 1, 202A. d. Returned merchandise by the customer amounting to P500 was received on December 31, 202A. Already included in the inventory count but not yet recorded, e. Advertising material left on hand is P500, Required: 1. Enter the trial balance on a worksheet and complete the worksheet using the data provided for adjusting entries. 2. Prepare the Income Statement and Balance Sheet. 3. From the worksheet, journalize the adjusting entries. 4. Prepare the closing entries 5. Prepare the post-closing trial balance 6. Prepare the reversing entries
Transcribed Image Text:JFB Company Trial Balance December 31, 202A Account Title Debit Credit Cash 151,200 Accounts Receivable 2,500 Allowance for bad Debts 525 25,005 12,000 Notes receivable Merchandise Inventory Purchases 30,000 Purchase Returns and Allowances 2,000 Supplies Store Furniture Store Equipment 1,500 75,000 200,000 Accumulated Depreciation Accounts Payable Accrued Salaries Payable Notes Payable Kris Ang, Capital Kris Ang. Withdrawal 3,170 200,000 1,512 32,705 237,500 2,000 Sales 49,450 Sales Returns and Allowances 1,200 Bad debts expense Advertising expense Rent Expense Salaries expense Supplies Expense 525 1,000 5,000 1,512 1,000 1,800 2,500 4,500 Utilities expense Wages expense Maintenance expense Freight out Freight in Depreciation expense 750 1,500 3,170 Miscellaneous expense 3,200 Total 526,862 526,862 Additional Information: a. Supplies physical inventory, December 31, 202A is P450. b. Merchandise Inventory end is P20,000. c. Interest is 10% per annum. Notes receivable is dated October 1, 202A. d. Returned merchandise by the customer amounting to P500 was received on December 31, 202A. Already included in the inventory count but not yet recorded, e. Advertising material left on hand is P500, Required: 1. Enter the trial balance on a worksheet and complete the worksheet using the data provided for adjusting entries. 2. Prepare the Income Statement and Balance Sheet. 3. From the worksheet, journalize the adjusting entries. 4. Prepare the closing entries 5. Prepare the post-closing trial balance 6. Prepare the reversing entries
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