Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Debit Credit P 16,500.00 Cash Accounts Receivable 7,500.00 Allowance for doubtful accounts. P 150.00 Note Receivable 5,527.50 Unused Supplies 3,000.00 9| Page Prepaid rent 5,000.00 Photocopying Equipment 30,000.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5,000.00 Accumulated Depreciation - Furniture & Fixtures Accounts payable Loan payable Notes payable Salaries Payable Unearned Photocopying Revenues Mercado, Capital Mercado, Drawing Photocopying Revenues Taxes and Licenses Expense Salaries expense Supplies expense Utilities expense Rent expense Depreciation Expense Bad debts expense Totals Requirements: 450.00 75.00 2,500.00 50,000.00 5,000.00 816.67 1,800.00 10,000.00 500.00 24,227.50 2,000.00 4,800.00 7,000.00 2,500.00 5,000.00 525.00 166.67 P95,019.17 P95.019.17 1. Prepare Financial Statements: a) Income Statement / Profit & Loss Statement b) Statement of changes in Equity c) Balance Sheet / Statement of Financial Position 2. Prepare closing entries in the general journal. 3. Post the closing entries in the general ledger. (you can use "T" Account Form)
Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Debit Credit P 16,500.00 Cash Accounts Receivable 7,500.00 Allowance for doubtful accounts. P 150.00 Note Receivable 5,527.50 Unused Supplies 3,000.00 9| Page Prepaid rent 5,000.00 Photocopying Equipment 30,000.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5,000.00 Accumulated Depreciation - Furniture & Fixtures Accounts payable Loan payable Notes payable Salaries Payable Unearned Photocopying Revenues Mercado, Capital Mercado, Drawing Photocopying Revenues Taxes and Licenses Expense Salaries expense Supplies expense Utilities expense Rent expense Depreciation Expense Bad debts expense Totals Requirements: 450.00 75.00 2,500.00 50,000.00 5,000.00 816.67 1,800.00 10,000.00 500.00 24,227.50 2,000.00 4,800.00 7,000.00 2,500.00 5,000.00 525.00 166.67 P95,019.17 P95.019.17 1. Prepare Financial Statements: a) Income Statement / Profit & Loss Statement b) Statement of changes in Equity c) Balance Sheet / Statement of Financial Position 2. Prepare closing entries in the general journal. 3. Post the closing entries in the general ledger. (you can use "T" Account Form)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Follow the instructions. Typewritten for an upvote. No upvote for handwritten. PLEASE SKIP IF YOU HAVE ALREADY DONE THIS. Thank you
Transcribed Image Text:Learning Task #3: Complete the accounting cycle using the adjusted trial balance below.
JM PHOTOCOPYING CENTER
Adjusted Trial Balance
December 31, 2020
Account Title
Debit
Credit
Cash
P 16,500.00
Accounts Receivable
7,500.00
Allowance for doubtful accounts
P 150.00
Note Receivable
5,527.50
Unused Supplies
3,000.00
9| Page
Prepaid rent
5,000.00
Photocopying Equipment
30,000.00
Accumulated Depreciation - Photocopying Equipment
Furniture and Fixtures.
5,000.00
Accumulated Depreciation - Furniture & Fixtures
Accounts payable
Loan payable
Notes payable
Salaries Payable
Unearned Photocopying Revenues
Mercado, Capital
Mercado, Drawing
Photocopying Revenues
Taxes and Licenses Expense
Salaries expense
Supplies expense
Utilities expense
Rent expense
Depreciation Expense
Bad debts expense
Totals
Requirements:
450.00
75.00
2,500.00
50,000.00
5,000.00
816.67
1,800.00
10,000.00
24,227.50
P95.019.17
500.00
2,000.00
4,800.00
7,000.00
2,500.00
5,000.00
525.00
166.67
P95,019.17
1. Prepare Financial Statements:
a) Income Statement / Profit & Loss Statement
b) Statement of changes in Equity
c) Balance Sheet / Statement of Financial Position
2. Prepare closing entries in the general journal.
3. Post the closing entries in the general ledger. (you can use "T" Account Form)
4. Create Post-closing Trial balance.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education