Transcribed Image Text:The trial balance of Mabilis Repair Shop appears below the end of its calendar year:
MABILIS REPAIR SHOP
Trial Balance
December 31, 2020
Debit
Credit
Cash on Hand
Accounts Receivable
P
10,000
25,000
Estimated Uncollectible Accounts
750
Notes Receivable
7,000
30,000
Shop Equipment
Accumulated Depreciation – Shop Equipment
Furniture and Fixture
Accumulated Depreciation - Furniture and Fixture
Accounts Payable
Notes Payable
Leynes, Capital
Leynes, Drawing
Service Income
2,000
8,000
5,00
11,000
12,000
44,750
1,000
30,000
Salaries Expense
Rent Expense
Supplies Expense
Taxes and Licenses
8,000
8,000
4,000
1,500
3,000
P 105,500
Light and Water Expense
Total
P 105,500
Additional Information:
1. Unpaid taxes, P600.
2. Accrued salaries, P3,000
3. Accrued interest on notes payable, P200.
4. Unpaid light and water, P500.
5. Supplies on hand, P1,000.
6. Bad debts expense is estimated to be 5% of Accounts Receivable.
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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