Prepare the following:1. 10 column worksheet2. Income statement3. Balance sheet4. Capital statement5. Closing entries6. Post-closing trial balance SOUTH WESTERN REAL ESTATE BROKERSTRIAL BALANCEJune 30,2020CashP 650,000Accounts Receivable100,000Prepaid Rent108,000Prepaid InsuranceSuppliesOffice EquipmentAccumulated Depreciation-Office Equipt.28,8009,00090,00021,600Service Vehicle240,000Acc. Depreciation-Service VehicleAccounts Payable60,00010,800Notes Payable150,000Unearned Management Service IncomeM. Velarde, Capital46,8001,337,400M. Velarde, Drawing705,000Commission Income900,000Management Service IncomeSalaries Expense72,000599,400Advertising ExpenseFuel & Oil Expenses9,00053,400Miscellaneous Expenses6,000TotalsP 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 5,400Servicde Vehicle, P 24,000c) Salaries incurred but unpaid at June 30, P 9,000d) Supplies inventory on June 30, P3,000e) The unearned management income was received and recorded on April 1, 2020. Theadvance payment covered a six-month management fee of a condo unit.f) Accrued Interest on notes payable is P10,000Required:1. Complete the worksheet2. Prepare a multiple-step income statement with complete heading3. Prepare a classified balance sheet complete with heading4. Prepare a capital statement5. Prepare closing entries6. Prepare a post-closing trial balance

Name: Prepare the following:1. 10 column worksheet2. Income statement3. Bala
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Description: Prepare the following:1. 10 column worksheet2. Income statement3. Balance sheet4. Capital statement5. Closing entries6. Post-closing trial balance SOUTH WESTERN REAL ESTATE BROKERSTRIAL BALANCEJune 30,2020CashP 650,000Accounts Receivable100,000Prepai

Final Accounts: It provides the profitability and financial position of an enterprise to the users…

Business

Accounting

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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