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The accounts and their balances in the ledger of May Vera Novelty Store on December 31, 2019 are as follows: Cash on Hand P 4,400 Cash In Bank 84,500 Accounts Receivable 30,200 38,400 Merchandise Inventory Supplies On Hand Prepaid Insurance Store Equipment Accumulated Depreciation - Store Equipment Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Withholding Taxes Payable Mortgage Payable (due 2021) Sales Returns and Allowance 2,170 2,500 17,000 4,500 5,200 1,600 30,900 5,500 60,000 3,000 Sales Discount 3,400

The accounts and their balances in the ledger of May Vera Novelty Store on December 31, 2019 are as follows: Cash on Hand P 4,400 Cash In Bank 84,500 Accounts Receivable 30,200 38,400 Merchandise Inventory Supplies On Hand Prepaid Insurance Store Equipment Accumulated Depreciation - Store Equipment Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Withholding Taxes Payable Mortgage Payable (due 2021) Sales Returns and Allowance 2,170 2,500 17,000 4,500 5,200 1,600 30,900 5,500 60,000 3,000 Sales Discount 3,400

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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37,300 230,300 Output Tax Purchases 5,000 Purchase Returns & Allowances 7,960 Purchase Discount 26,800 Input Tax Freight In 2,000 24,600 6,800 6,000 Sales Salaries Delivery Expense Rent Expense Miscellaneous Selling Expense A partial following 1,250 13,600 Office Salaries 1,360 Telephone and Telegraph 7,720 Gain on Sale of Land 300 Interest Expense Vera, Capital 44,700 12,000 Vera, Personal 310,600 Sales The data for the year end adjustments on December 31, are as follows: Instru 1. Merchandise inventory on hand, P41,600. Answ 2. Supplies unused, P1,120. a) T 3. Allowance for bad debts to be set up at 5% of accounts receivable. b) 4. Prepaid insurance is for one year dated April 1. 5. Depreciation for store equipment, 1% and for office equipment, 5%. a 6. Accrued sales salaries, P460 and office salaries, P210. 7. Set up VAT Payable by closing Input Tax against Output Tax. d) F be Direction: 1. In an eight-column worksheet, prepare the trial balance on the first CLOSI money columns. Aft served its make the 2. Prepare the adjusting entries on the next two money columns. for closin
Transcribed Image Text:37,300 230,300 Output Tax Purchases 5,000 Purchase Returns & Allowances 7,960 Purchase Discount 26,800 Input Tax Freight In 2,000 24,600 6,800 6,000 Sales Salaries Delivery Expense Rent Expense Miscellaneous Selling Expense A partial following 1,250 13,600 Office Salaries 1,360 Telephone and Telegraph 7,720 Gain on Sale of Land 300 Interest Expense Vera, Capital 44,700 12,000 Vera, Personal 310,600 Sales The data for the year end adjustments on December 31, are as follows: Instru 1. Merchandise inventory on hand, P41,600. Answ 2. Supplies unused, P1,120. a) T 3. Allowance for bad debts to be set up at 5% of accounts receivable. b) 4. Prepaid insurance is for one year dated April 1. 5. Depreciation for store equipment, 1% and for office equipment, 5%. a 6. Accrued sales salaries, P460 and office salaries, P210. 7. Set up VAT Payable by closing Input Tax against Output Tax. d) F be Direction: 1. In an eight-column worksheet, prepare the trial balance on the first CLOSI money columns. Aft served its make the 2. Prepare the adjusting entries on the next two money columns. for closin
Exercise 24 The accounts and their balances in the ledger of May Vera Novelty Store on December 31, 2019 are as follows: Cash on Hand P 4,400 Cash In Bank 84,500 Accounts Receivable 30,200 38,400 Merchandise Inventory Supplies On Hand Prepaid Insurance Store Equipment Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Withholding Taxes Payable Mortgage Payable (due 2021) Sales Returns and Allowance Sales Discount 2,170 2,500 17,000 4,500 5,200 1,600 30,900 5,500 60,000 3,000 3,400 21
Transcribed Image Text:Exercise 24 The accounts and their balances in the ledger of May Vera Novelty Store on December 31, 2019 are as follows: Cash on Hand P 4,400 Cash In Bank 84,500 Accounts Receivable 30,200 38,400 Merchandise Inventory Supplies On Hand Prepaid Insurance Store Equipment Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Withholding Taxes Payable Mortgage Payable (due 2021) Sales Returns and Allowance Sales Discount 2,170 2,500 17,000 4,500 5,200 1,600 30,900 5,500 60,000 3,000 3,400 21
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