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FINANCIAL ACCOUNTING
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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Quiz Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Debit P16.500.00 7.500.00 Account Title Credit Cash Accounts Receivable Allowance for doubtful accounts Note Receivable Unused Supplies Prepaid rent Photocopying Equipment Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures Accumulated Depreciation - Fumiture & Fixtures Accounts payable Loan payable Notes payable Salaries Payable Uneamed 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: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and Statement of Financial Position 2. Closing entries: Prepare closing entries in the general journal: 2. Post the closing entries in the general ledger and; 3. Creating Post-closing Trial balance. P 150.00 5.527.50 3,000.00 5.000.00 30.000.00 450.00 5,000.00 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 P 95,019.17 P 95,019.17
Transcribed Image Text:Quiz Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Debit P16.500.00 7.500.00 Account Title Credit Cash Accounts Receivable Allowance for doubtful accounts Note Receivable Unused Supplies Prepaid rent Photocopying Equipment Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures Accumulated Depreciation - Fumiture & Fixtures Accounts payable Loan payable Notes payable Salaries Payable Uneamed 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: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and Statement of Financial Position 2. Closing entries: Prepare closing entries in the general journal: 2. Post the closing entries in the general ledger and; 3. Creating Post-closing Trial balance. P 150.00 5.527.50 3,000.00 5.000.00 30.000.00 450.00 5,000.00 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 P 95,019.17 P 95,019.17
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