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SOUTH WESTERN REAL ESTATE BROKERS TRIAL BALANCE June 30,2020 Cash P 650,000 Accounts Receivable 100,000 Prepaid Rent 108,000 Prepaid Insurance 28,800 Supplies Office Equipment Accumulated Depreciation-Office Equipt. 9,000 90,000 21,600 Service Vehicle 240,000 Acc. Depreciation-Service Vehicle Accounts Payable 60,000 10,800 Notes Payable 150,000 Unearned Management Service Income M. Velarde, Capital 46,800 1,337,400 M. Velarde, Drawing 705,000 Commission Income 900,000 Management Service Income Salaries Expense 72,000 599,400 Advertising Expense Fuel & Oil Expenses 9,000 53,400 Miscellaneous Expenses 6,000 Totals P 2,598,600 P 2,598,600

SOUTH WESTERN REAL ESTATE BROKERS TRIAL BALANCE June 30,2020 Cash P 650,000 Accounts Receivable 100,000 Prepaid Rent 108,000 Prepaid Insurance 28,800 Supplies Office Equipment Accumulated Depreciation-Office Equipt. 9,000 90,000 21,600 Service Vehicle 240,000 Acc. Depreciation-Service Vehicle Accounts Payable 60,000 10,800 Notes Payable 150,000 Unearned Management Service Income M. Velarde, Capital 46,800 1,337,400 M. Velarde, Drawing 705,000 Commission Income 900,000 Management Service Income Salaries Expense 72,000 599,400 Advertising Expense Fuel & Oil Expenses 9,000 53,400 Miscellaneous Expenses 6,000 Totals P 2,598,600 P 2,598,600

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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Prepare the following:

1. 10 column worksheet

2. Income statement

3. Balance sheet

4. Capital statement

5. Closing entries

6. Post-closing trial balance

 

SOUTH WESTERN REAL ESTATE BROKERS TRIAL BALANCE June 30,2020 Cash P 650,000 Accounts Receivable 100,000 Prepaid Rent 108,000 Prepaid Insurance Supplies Office Equipment Accumulated Depreciation-Office Equipt. 28,800 9,000 90,000 21,600 Service Vehicle 240,000 Acc. Depreciation-Service Vehicle Accounts Payable 60,000 10,800 Notes Payable 150,000 Unearned Management Service Income M. Velarde, Capital 46,800 1,337,400 M. Velarde, Drawing 705,000 Commission Income 900,000 Management Service Income Salaries Expense 72,000 599,400 Advertising Expense Fuel & Oil Expenses 9,000 53,400 Miscellaneous Expenses 6,000 Totals P 2,598,600 P 2,598,600
Transcribed Image Text:SOUTH WESTERN REAL ESTATE BROKERS TRIAL BALANCE June 30,2020 Cash P 650,000 Accounts Receivable 100,000 Prepaid Rent 108,000 Prepaid Insurance Supplies Office Equipment Accumulated Depreciation-Office Equipt. 28,800 9,000 90,000 21,600 Service Vehicle 240,000 Acc. Depreciation-Service Vehicle Accounts Payable 60,000 10,800 Notes Payable 150,000 Unearned Management Service Income M. Velarde, Capital 46,800 1,337,400 M. Velarde, Drawing 705,000 Commission Income 900,000 Management Service Income Salaries Expense 72,000 599,400 Advertising Expense Fuel & Oil Expenses 9,000 53,400 Miscellaneous Expenses 6,000 Totals P 2,598,600 P 2,598,600
The following data for Southwestern Real Estate Brokers require adjustments on June 30, 2020: a) Insurance expense on Service Vehicle is P7,200. b) Depreciation expense for the year follows: Office Equipment, P 5,400 Servicde Vehicle, P 24,000 c) Salaries incurred but unpaid at June 30, P 9,000 d) Supplies inventory on June 30, P3,000 e) The unearned management income was received and recorded on April 1, 2020. The advance payment covered a six-month management fee of a condo unit. f) Accrued Interest on notes payable is P10,000 Required: 1. Complete the worksheet 2. Prepare a multiple-step income statement with complete heading 3. Prepare a classified balance sheet complete with heading 4. Prepare a capital statement 5. Prepare closing entries 6. Prepare a post-closing trial balance
Transcribed Image Text:The following data for Southwestern Real Estate Brokers require adjustments on June 30, 2020: a) Insurance expense on Service Vehicle is P7,200. b) Depreciation expense for the year follows: Office Equipment, P 5,400 Servicde Vehicle, P 24,000 c) Salaries incurred but unpaid at June 30, P 9,000 d) Supplies inventory on June 30, P3,000 e) The unearned management income was received and recorded on April 1, 2020. The advance payment covered a six-month management fee of a condo unit. f) Accrued Interest on notes payable is P10,000 Required: 1. Complete the worksheet 2. Prepare a multiple-step income statement with complete heading 3. Prepare a classified balance sheet complete with heading 4. Prepare a capital statement 5. Prepare closing entries 6. Prepare a post-closing trial balance
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