Complete the income statement for Vilrose Merchandisers The following ledger balances for April 2022 are taken from the books ofVilroseMerchandisers.Complete the journal entries by determining the correct account and amounts of numbered itemsenclosed in parenthesis.Input your answers by itemizing the number per date of transaction.Use one line per item.To input another item, press enter.See sample solved item for August 1.Use CAPITAL LETTERS for account titles and put peso sign (P) for all amounts.Vilrose, CapitalP300,000.00Vilrose, DrawingP55,000.00SalesP300,000.00Sales Returns and AllowancesP4,000.00Merchandise Inventory, EndP7,000.00PurchasesP250,000.00Freight-InP5,000.00Purchase Returns and Allowances P9,000.00Purchase DiscountP5,000.00Salaries ExpenseP17,000.00Insurance ExpenseP15,000.00Utilities ExpenseP3,000.00Bad Debts ExpenseP3,000.00Depreciation ExpenseP2,000.00Merchandise Inventory, Beginning P20,000.00Rent PayableP10,000.00Interest ExpenseP7,000.00 Net Sales(2)Gross ProfitOperating Expenses:Salaries ExpenseInsurance ExpenseUtilities ExpenseBad Debts ExpenseDepreciation ExpenseInterest Expense(6)VILROSE MERCHANDISERSIncome StatementFor the Year Ended April 30, 2022PPPPPP17,000.0015,000.003,000.003,000.002,000.007,000.00(1)(3)(4)(7)

Answered: Image /qna-images/answer/007ba976-77ff-4b8b-ade7-63c9e1582eb3.jpg

Merchandisers. e the journal entries by determining the correct account and amounts of nur in parenthesis. ur answers by itemizing the number per date of transaction. line per item. another item, press enter. ble solved item for August 1. ITAL LETTERS for account titles and put peso sign (P) for all amounts. Capital P 300,000.00

Merchandisers. e the journal entries by determining the correct account and amounts of nur in parenthesis. ur answers by itemizing the number per date of transaction. line per item. another item, press enter. ble solved item for August 1. ITAL LETTERS for account titles and put peso sign (P) for all amounts. Capital P 300,000.00

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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