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Recording Business Transactions 227 d. The balance of Advertising Expense is P3,000, but it is listed as P4,000 on the trial balance. e. A P6,000 debit to Accounts Receivable was posted as P600. f. The balance of Utilities Expense is understated by P600. g- A P13,000 debit to the Withdrawal account was posted as a debit to Lorna Rodriguez, Capital. h. A P1,000 purchase of supplies on account was neither journalized nor posted. i. A P56,000 credit to Service Revenue was not posted. j. Office furniture should be listed in the amount of P13,000. Palace Copy Center Trial Balance October 31, 2007 P 38,000 Cash 20,000 Accounts receivable Supplies 5,000 23,000 Office furniture 460,000 Land P 20,000 Accounts payable 183,000 Note payable Lorna Rodriguez, capital 295,000 Lorna Rodriguez, withdrawals 37,000 Service revenue 49,000 Salary expense 10,000 Rent expense 6,000 Advertising expense 4,000 Utilities expense 2,000 Property tax expense 1,000 Total P606,000 P547.000 Required Prepare the correct trial balance at October 31. Journal entries are not mquired

Recording Business Transactions 227 d. The balance of Advertising Expense is P3,000, but it is listed as P4,000 on the trial balance. e. A P6,000 debit to Accounts Receivable was posted as P600. f. The balance of Utilities Expense is understated by P600. g- A P13,000 debit to the Withdrawal account was posted as a debit to Lorna Rodriguez, Capital. h. A P1,000 purchase of supplies on account was neither journalized nor posted. i. A P56,000 credit to Service Revenue was not posted. j. Office furniture should be listed in the amount of P13,000. Palace Copy Center Trial Balance October 31, 2007 P 38,000 Cash 20,000 Accounts receivable Supplies 5,000 23,000 Office furniture 460,000 Land P 20,000 Accounts payable 183,000 Note payable Lorna Rodriguez, capital 295,000 Lorna Rodriguez, withdrawals 37,000 Service revenue 49,000 Salary expense 10,000 Rent expense 6,000 Advertising expense 4,000 Utilities expense 2,000 Property tax expense 1,000 Total P606,000 P547.000 Required Prepare the correct trial balance at October 31. Journal entries are not mquired

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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Recording Business Transactions 227 d. The balance of Advertising Expense is P3,000, but it is listed as P4,000 on the trial balance. e. A P6,000 debit to Accounts Receivable was posted as P600. f. The balance of Utilities Expense is understated by P600. g- A P13,000 debit to the Withdrawal account was posted as a debit to Lorna Rodriguez, Capital. h. A P1,000 purchase of supplies on account was neither journalized nor posted. i. A P56,000 credit to Service Revenue was not posted. j. Office furniture should be listed in the amount of P13,000. Palace Copy Center Trial Balance October 31, 2007 P 38,000 Cash 20,000 Accounts receivable Supplies 5,000 23,000 Office furniture 460,000 Land P 20,000 Accounts payable 183,000 Note payable Lorna Rodriguez, capital 295,000 Lorna Rodriguez, withdrawals 37,000 Service revenue 49,000 Salary expense 10,000 Rent expense 6,000 Advertising expense 4,000 Utilities expense 2,000 Property tax expense 1,000 Total P606,000 P547.000 Required Prepare the correct trial balance at October 31. Journal entries are not mquired
Transcribed Image Text:Recording Business Transactions 227 d. The balance of Advertising Expense is P3,000, but it is listed as P4,000 on the trial balance. e. A P6,000 debit to Accounts Receivable was posted as P600. f. The balance of Utilities Expense is understated by P600. g- A P13,000 debit to the Withdrawal account was posted as a debit to Lorna Rodriguez, Capital. h. A P1,000 purchase of supplies on account was neither journalized nor posted. i. A P56,000 credit to Service Revenue was not posted. j. Office furniture should be listed in the amount of P13,000. Palace Copy Center Trial Balance October 31, 2007 P 38,000 Cash 20,000 Accounts receivable Supplies 5,000 23,000 Office furniture 460,000 Land P 20,000 Accounts payable 183,000 Note payable Lorna Rodriguez, capital 295,000 Lorna Rodriguez, withdrawals 37,000 Service revenue 49,000 Salary expense 10,000 Rent expense 6,000 Advertising expense 4,000 Utilities expense 2,000 Property tax expense 1,000 Total P606,000 P547.000 Required Prepare the correct trial balance at October 31. Journal entries are not mquired
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