Prepare its adjusted trial balance, income statement, and balance sheet on the worksheet.

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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Prepare the adjustments of the trial balance.

Prepare its adjusted trial balance, income statement, and balance sheet on the worksheet.

Formulate a post-closing entries, post-adjusted trial balance and Reversing entries as well.

JFB Company
Trial Balance
December 31, 202A
Account Title
Debit
Credit
Cash
151,200
Accounts Receivable
2,500
Allowance for bad Debts
525
25,005
12,000
Notes receivable
Merchandise Inventory
Purchases
30,000
Purchase Returns and Allowances
2,000
Supplies
Store Furniture
Store Equipment
1,500
75,000
200,000
Accumulated Depreciation
Accounts Payable
Accrued Salaries Payable
Notes Payable
Kris Ang, Capital
Kris Ang. Withdrawal
3,170
200,000
1,512
32,705
237,500
2,000
Sales
49,450
Sales Returns and Allowances
1,200
Bad debts expense
Advertising expense
Rent Expense
Salaries expense
Supplies Expense
525
1,000
5,000
1,512
1,000
1,800
2,500
4,500
Utilities expense
Wages expense
Maintenance expense
Freight out
Freight in
Depreciation expense
750
1,500
3,170
Miscellaneous expense
3,200
Total
526,862
526,862
Additional Information:
a. Supplies physical inventory, December 31, 202A is P450.
b. Merchandise Inventory end is P20,000.
c. Interest is 10% per annum. Notes receivable is dated October 1, 202A.
d. Returned merchandise by the customer amounting to P500 was received on
December 31, 202A. Already included in the inventory count but not yet
recorded,
e. Advertising material left on hand is P500,
Required:
1. Enter the trial balance on a worksheet and complete the worksheet using the
data provided for adjusting entries.
2. Prepare the Income Statement and Balance Sheet.
3. From the worksheet, journalize the adjusting entries.
4. Prepare the closing entries
5. Prepare the post-closing trial balance
6. Prepare the reversing entries
Transcribed Image Text:JFB Company Trial Balance December 31, 202A Account Title Debit Credit Cash 151,200 Accounts Receivable 2,500 Allowance for bad Debts 525 25,005 12,000 Notes receivable Merchandise Inventory Purchases 30,000 Purchase Returns and Allowances 2,000 Supplies Store Furniture Store Equipment 1,500 75,000 200,000 Accumulated Depreciation Accounts Payable Accrued Salaries Payable Notes Payable Kris Ang, Capital Kris Ang. Withdrawal 3,170 200,000 1,512 32,705 237,500 2,000 Sales 49,450 Sales Returns and Allowances 1,200 Bad debts expense Advertising expense Rent Expense Salaries expense Supplies Expense 525 1,000 5,000 1,512 1,000 1,800 2,500 4,500 Utilities expense Wages expense Maintenance expense Freight out Freight in Depreciation expense 750 1,500 3,170 Miscellaneous expense 3,200 Total 526,862 526,862 Additional Information: a. Supplies physical inventory, December 31, 202A is P450. b. Merchandise Inventory end is P20,000. c. Interest is 10% per annum. Notes receivable is dated October 1, 202A. d. Returned merchandise by the customer amounting to P500 was received on December 31, 202A. Already included in the inventory count but not yet recorded, e. Advertising material left on hand is P500, Required: 1. Enter the trial balance on a worksheet and complete the worksheet using the data provided for adjusting entries. 2. Prepare the Income Statement and Balance Sheet. 3. From the worksheet, journalize the adjusting entries. 4. Prepare the closing entries 5. Prepare the post-closing trial balance 6. Prepare the reversing entries
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