Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011: The owner provided P30,000 cash as initial investment to the business on November 1, 2011. Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date. Purchased office supplies worth P60,000 for cash during the period. Rendered services worth P280,000 for cash during the period. Paid utilities expense of P4,000. The owner withdrew a total of P100,000 cash from the business during the period. Additional information: Unused office supplies on December 31, 2011 amounted to P5,000. With the given information: Prepare the unadjusted trial balance. Provide the adjusting entries. Complete the worksheet [unadjusted trial balance, adjustments, adjusted trial balance, balance sheet and income statement]
Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011: The owner provided P30,000 cash as initial investment to the business on November 1, 2011. Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date. Purchased office supplies worth P60,000 for cash during the period. Rendered services worth P280,000 for cash during the period. Paid utilities expense of P4,000. The owner withdrew a total of P100,000 cash from the business during the period. Additional information: Unused office supplies on December 31, 2011 amounted to P5,000. With the given information: Prepare the unadjusted trial balance. Provide the adjusting entries. Complete the worksheet [unadjusted trial balance, adjustments, adjusted trial balance, balance sheet and income statement]
Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011: The owner provided P30,000 cash as initial investment to the business on November 1, 2011. Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date. Purchased office supplies worth P60,000 for cash during the period. Rendered services worth P280,000 for cash during the period. Paid utilities expense of P4,000. The owner withdrew a total of P100,000 cash from the business during the period. Additional information: Unused office supplies on December 31, 2011 amounted to P5,000. With the given information: Prepare the unadjusted trial balance. Provide the adjusting entries. Complete the worksheet [unadjusted trial balance, adjustments, adjusted trial balance, balance sheet and income statement]
Ms. P put up an accounting firm on November 1, 2011. The registered name of the business is “P Accounting Firm.” The following were the transactions during the months of November and December 2011:
The owner provided P30,000 cash as initial investment to the business on November 1, 2011.
Obtained a 12%, one year, bank loan for P50,000 on November 1, 2011. Principal and interest are due at maturity date.
Purchased office supplies worth P60,000 for cash during the period.
Rendered services worth P280,000 for cash during the period.
Paid utilities expense of P4,000.
The owner withdrew a total of P100,000 cash from the business during the period.
Additional information:
Unused office supplies on December 31, 2011 amounted to P5,000.
With the given information:
Prepare the unadjusted trial balance.
Provide the adjusting entries.
Complete the worksheet [unadjusted trial balance, adjustments, adjusted trial balance, balance sheet and income statement]
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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