P 58,850 32,400 2,500 Service Fee Income 19,000 2,575 238,000 5,950 Sales Salaries 432,000 21,600 Store Supplies Expense 15,000 50,000 Utilities Expense 600 Mel, Capital Membership Fee Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Unexpired Insurance Furniture & Fixtures Accumulated Depn. - Furniture Equipment Accumulated Depn. - Equipment Accounts Payable Notes Payable Unearned Commissions Jay, Capital Jay, Personal 40,000 945,900 1,530,500 300,160 108,970 644,000 346,000 150,000 3,400 2,090 310,850 10,610 5,455 15,000 Advertising Expense Taxes and Licenses Rent Office Salaries Office Supplies Expense Interest Expense 60,000 Interest Income 3,600 Loss on Foreign Exchange Partnership agreement calls for the following: Monthly salary allowance of P5,000 for Mel and P7,500 for Jay, 12% interest on capital balances, and residual profit to be shared equally.

P 58,850 32,400 2,500 Service Fee Income 19,000 2,575 238,000 5,950 Sales Salaries 432,000 21,600 Store Supplies Expense 15,000 50,000 Utilities Expense 600 Mel, Capital Membership Fee Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Unexpired Insurance Furniture & Fixtures Accumulated Depn. - Furniture Equipment Accumulated Depn. - Equipment Accounts Payable Notes Payable Unearned Commissions Jay, Capital Jay, Personal 40,000 945,900 1,530,500 300,160 108,970 644,000 346,000 150,000 3,400 2,090 310,850 10,610 5,455 15,000 Advertising Expense Taxes and Licenses Rent Office Salaries Office Supplies Expense Interest Expense 60,000 Interest Income 3,600 Loss on Foreign Exchange Partnership agreement calls for the following: Monthly salary allowance of P5,000 for Mel and P7,500 for Jay, 12% interest on capital balances, and residual profit to be shared equally.

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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COMPLETE THE WORKSHEET