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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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