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Accounting
Required: Balance Sheet

Required: Balance Sheet

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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Balance Sheet

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.
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.
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