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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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FARAH KHUPIT MERCHANDISING For the year Ended December 31, 2020 P 100,000.00 101,000.00 Cash Accounts Receivable Allowance for Bad Debts P 7,000.00 465,000.00 80,000.00 Notes Receivable Merchandise Inventory Office Supplies Prepaid Insurance 5,000.00 15,000.00 Furniture and Fixture 28,000.00 Accum. Depreciation Furniture and Fixtures Accounts Payable Notes Payable 8,000.00 60,000.00 54,000.00 105,000.00 461,600.00 Mortgage Payable Farah Khupit Capital Farah Khupit Drawing Sales 30,000.00 888,000.00 51,000.00 38,000.00 550,000.00 25,000.00 Return and Allowances Sales Discount Purchases Freight In Purchases Return and Allowances 92,000.00 18,000.00 Purchases Discount 123,000.00 8,900.00 Sales Salaries Expenses Utilities Expense Store Office Salaries Utilities Expense - Office Bad Debts Expense 90,000.00 10,200.00 3,000.00 5,500.00 Office Supplies Expense Interest Expense 10,000.00 Interest Income 25,000.00 Rent Income 20,000.00 Totals P 1,738,600.00 P 1,738,600.00 ========= ============= Adjusting Transactions/Entries: 1. Office supplies Expense for the year is P 1,000.00 2. Annual Depreciation of store furniture and fixture P 2,500.00 3. Store Insurance Expense for the year is P 8,000.00 4. Unpaid sales salaries at year ended is P 17,000.00 5. A physical count of the merchandise inventory at year-end showed unsold merchandise Amounting to P 60,000.00
Transcribed Image Text:FARAH KHUPIT MERCHANDISING For the year Ended December 31, 2020 P 100,000.00 101,000.00 Cash Accounts Receivable Allowance for Bad Debts P 7,000.00 465,000.00 80,000.00 Notes Receivable Merchandise Inventory Office Supplies Prepaid Insurance 5,000.00 15,000.00 Furniture and Fixture 28,000.00 Accum. Depreciation Furniture and Fixtures Accounts Payable Notes Payable 8,000.00 60,000.00 54,000.00 105,000.00 461,600.00 Mortgage Payable Farah Khupit Capital Farah Khupit Drawing Sales 30,000.00 888,000.00 51,000.00 38,000.00 550,000.00 25,000.00 Return and Allowances Sales Discount Purchases Freight In Purchases Return and Allowances 92,000.00 18,000.00 Purchases Discount 123,000.00 8,900.00 Sales Salaries Expenses Utilities Expense Store Office Salaries Utilities Expense - Office Bad Debts Expense 90,000.00 10,200.00 3,000.00 5,500.00 Office Supplies Expense Interest Expense 10,000.00 Interest Income 25,000.00 Rent Income 20,000.00 Totals P 1,738,600.00 P 1,738,600.00 ========= ============= Adjusting Transactions/Entries: 1. Office supplies Expense for the year is P 1,000.00 2. Annual Depreciation of store furniture and fixture P 2,500.00 3. Store Insurance Expense for the year is P 8,000.00 4. Unpaid sales salaries at year ended is P 17,000.00 5. A physical count of the merchandise inventory at year-end showed unsold merchandise Amounting to P 60,000.00
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