MUKISLAP DRY CLEANERS Trial Balance June 30, 2008 Account Debit Credit Account Titles No. 101 112 126 157 125.320 P. 105,360 48.440 259,500 Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Revenue Mukislap, Capital P 158,780 17,300 362,540 P 538,620 201 206 301 Balance P 538,620 The July transactions were as follows: 8 Collected P49,360 in cash on June 30 accounts receivable. 9 Paid employee salaries P21,000. 11 Received P43,250 in cash for services rendered. 14 Paid June 30 creditors P107,500 on account. 17 Purchased supplies on account P5,540. 22 Billed customers for services rendered, P47,000. 30 Paid employee salaries P31,140, utilities P13,840 and repairs P6,920 31 Withdrew P7,000 cash for personal use of owner. July Instructions: (a) Journalize the accounts using additional account titles: Mukislap, Drawing; Dry Cleaning Revenue; Repair Expense; Salaries Expense; Utilities Expense. (b) Post to the ledger accounts. (c) Prepare a trial balance on July 31, 2008. Jare Sro

MUKISLAP DRY CLEANERS Trial Balance June 30, 2008 Account Debit Credit Account Titles No. 101 112 126 157 125.320 P. 105,360 48.440 259,500 Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Revenue Mukislap, Capital P 158,780 17,300 362,540 P 538,620 201 206 301 Balance P 538,620 The July transactions were as follows: 8 Collected P49,360 in cash on June 30 accounts receivable. 9 Paid employee salaries P21,000. 11 Received P43,250 in cash for services rendered. 14 Paid June 30 creditors P107,500 on account. 17 Purchased supplies on account P5,540. 22 Billed customers for services rendered, P47,000. 30 Paid employee salaries P31,140, utilities P13,840 and repairs P6,920 31 Withdrew P7,000 cash for personal use of owner. July Instructions: (a) Journalize the accounts using additional account titles: Mukislap, Drawing; Dry Cleaning Revenue; Repair Expense; Salaries Expense; Utilities Expense. (b) Post to the ledger accounts. (c) Prepare a trial balance on July 31, 2008. Jare Sro

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
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