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Requirements: 1. Prepare Financial Statements( Income statement and Statement of financial Position) using periodic inventory system, wherein merchandise inventory and net income is equivalent to 443,529 and 44,442 respectively. 2. Prepare closing entries in the general journal.

Requirements: 1. Prepare Financial Statements( Income statement and Statement of financial Position) using periodic inventory system, wherein merchandise inventory and net income is equivalent to 443,529 and 44,442 respectively. 2. Prepare closing entries in the general journal.

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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TIONX MERCHANDISING COMPANY Adjusted Trial Balance December 31, 2019 Account Title Debit Credit Balance Sheet P 154,929 29.933 Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Transportation Equipment Accum. Deprn-Off Egpt Accounts Payable Accrued Expenses Tionx, Capital 6,7000 153,333 P1,750 234,523 2.209 505,500 Income Statement Accounts Sales 85,262 Sales Discounts Purchases Purchase Discount Salaries Expense Supplies Expense Advertising Expense Rental Expense Depreciation Expense Fuel Expenses Totals 1,910 460,500 11.780 14,029 5,530 5,450 5,023 1,500 2,187 P 841,024 P 841,024
Transcribed Image Text:TIONX MERCHANDISING COMPANY Adjusted Trial Balance December 31, 2019 Account Title Debit Credit Balance Sheet P 154,929 29.933 Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Transportation Equipment Accum. Deprn-Off Egpt Accounts Payable Accrued Expenses Tionx, Capital 6,7000 153,333 P1,750 234,523 2.209 505,500 Income Statement Accounts Sales 85,262 Sales Discounts Purchases Purchase Discount Salaries Expense Supplies Expense Advertising Expense Rental Expense Depreciation Expense Fuel Expenses Totals 1,910 460,500 11.780 14,029 5,530 5,450 5,023 1,500 2,187 P 841,024 P 841,024
Requirements: i. Prepare Financial Statements( Income statement and Statement of financial Position) using periodic inventory system, wherein merchandise inventory and net income is equivalent to 443,529 and 44,442 respectively. 2. Prepare closing entries in the general journal.
Transcribed Image Text:Requirements: i. Prepare Financial Statements( Income statement and Statement of financial Position) using periodic inventory system, wherein merchandise inventory and net income is equivalent to 443,529 and 44,442 respectively. 2. Prepare closing entries in the general journal.
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