Prepare the closing entries Cash P4,650 Accounts Receivables 5,200 Supplies 640 Accounts Payable P2,500 Unearned Revenue 200 Capital 5,000 Drawings 2,000 Miscellaneous Expense 400 Service Revenue 7,640 Salaries Expense 1,650 Representation Expense 350 Supplies Expense 3,050 Salaries Payable 600

Prepare the closing entries Cash P4,650 Accounts Receivables 5,200 Supplies 640 Accounts Payable P2,500 Unearned Revenue 200 Capital 5,000 Drawings 2,000 Miscellaneous Expense 400 Service Revenue 7,640 Salaries Expense 1,650 Representation Expense 350 Supplies Expense 3,050 Salaries Payable 600

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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Question

Prepare the closing entries

Cash P4,650
Accounts Receivables 5,200
Supplies 640
Accounts Payable P2,500
Unearned Revenue 200
Capital 5,000
Drawings 2,000
Miscellaneous Expense 400
Service Revenue 7,640
Salaries Expense 1,650
Representation Expense 350
Supplies Expense 3,050
Salaries Payable 600

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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