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PREPARE BALANCE SHEET FOR THE FOLLOWING TRANSACTIONS

PREPARE BALANCE SHEET FOR THE FOLLOWING TRANSACTIONS

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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N 50% 4G TM 6:41 BALANCE SHEET... PREPARE BALANCE SHEET FOR THE FOLLOWING TRANSACTIONS CASH 49,500 ACCOUNTS RECEIVABLE 125,000 SUPPLIES 1,500 PREPAID INSURANCE 12,000 EQUIPMENT 70,000 BUILDING 420,000 LAND 111,500 ACCOUNTS PAYABLE 80,000 NOTES PAYABLE 170,000 COMMON STOCK 410,000 RETAINED EARNINGS 65,000 DIVIDENDS 20,000 SERVICE REVENUE 174,000 INTEREST REVENUE 1,000 52,000 17,000 SALARIES EXPENSE ADVERTISING EXPENSE INSURANCE EXPENSE 5,000 UTILITIES EXPENSE 13,750 INTEREST EXPENSE 2,750 2. Don Pedro's Accounting Firm has the following account balances: Cash, P5,000; Accounts Receivable, P2,000; Prepaid Rent P1,500; Supplies, P850; Equipment, P6,000; Trucks, P15,000; Accounts Payable, P2,500; Common Stock, P20,000; Retained Earnings P7,850. Business transactions during August are presented as follows: 1. Company received cash from clients for services, P4,500 2. Don Pedro paid to creditors P500, 3. Paid office rent for the month of December, P750, 4. Company billed client for accounting services on account, P5,200 5. Supplies were purchased on account, P650, 6. Company received cash from clients billed previously, P6,000 7. Don Pedro received an invoice for office equipment repair services from Office Extra for December (the invoice will be paid next month), P850, 8. Don Pedro paid monthly salaries, P2,700, 9. Utilities expense were paid, P280 10. Miscellaneous expense were paid, P350, 11. Dividends were paid, P550.
Transcribed Image Text:N 50% 4G TM 6:41 BALANCE SHEET... PREPARE BALANCE SHEET FOR THE FOLLOWING TRANSACTIONS CASH 49,500 ACCOUNTS RECEIVABLE 125,000 SUPPLIES 1,500 PREPAID INSURANCE 12,000 EQUIPMENT 70,000 BUILDING 420,000 LAND 111,500 ACCOUNTS PAYABLE 80,000 NOTES PAYABLE 170,000 COMMON STOCK 410,000 RETAINED EARNINGS 65,000 DIVIDENDS 20,000 SERVICE REVENUE 174,000 INTEREST REVENUE 1,000 52,000 17,000 SALARIES EXPENSE ADVERTISING EXPENSE INSURANCE EXPENSE 5,000 UTILITIES EXPENSE 13,750 INTEREST EXPENSE 2,750 2. Don Pedro's Accounting Firm has the following account balances: Cash, P5,000; Accounts Receivable, P2,000; Prepaid Rent P1,500; Supplies, P850; Equipment, P6,000; Trucks, P15,000; Accounts Payable, P2,500; Common Stock, P20,000; Retained Earnings P7,850. Business transactions during August are presented as follows: 1. Company received cash from clients for services, P4,500 2. Don Pedro paid to creditors P500, 3. Paid office rent for the month of December, P750, 4. Company billed client for accounting services on account, P5,200 5. Supplies were purchased on account, P650, 6. Company received cash from clients billed previously, P6,000 7. Don Pedro received an invoice for office equipment repair services from Office Extra for December (the invoice will be paid next month), P850, 8. Don Pedro paid monthly salaries, P2,700, 9. Utilities expense were paid, P280 10. Miscellaneous expense were paid, P350, 11. Dividends were paid, P550.
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