the following data, you are aske prepare a balance sheet using the report aber 31, 2020 for the Magic Shop Enterprises. This is the first year of operation of ash

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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III. From the following data, you are asked to prepare a balance sheet using the report form presentation as of
December 31, 2020 for the Magic Shop Enterprises. This is the first year of operation of Magic Shop.
Cash
P4,000
Equipment
Accumulated Depreciation
Notes Payable (payable on June 15, 2022)
Supplies
Net Income
Jin, Drawing
Jin, Capital
Accounts Payable
16,000
500
12,000
200
11,400
10,200
?
3,000
Transcribed Image Text:III. From the following data, you are asked to prepare a balance sheet using the report form presentation as of December 31, 2020 for the Magic Shop Enterprises. This is the first year of operation of Magic Shop. Cash P4,000 Equipment Accumulated Depreciation Notes Payable (payable on June 15, 2022) Supplies Net Income Jin, Drawing Jin, Capital Accounts Payable 16,000 500 12,000 200 11,400 10,200 ? 3,000
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