The following is a trial balance of Mrs. Arlene So, CPA for the month of December 20A. Mrs. Arlene So Trial Balance December 31, 20A Debit P 35,000 20,000 15,000 60,000 75,000 Credit Cash on Hand Accounts Receivable Office Supplies Office Equipment Furniture & Fixtures P 27,000 126,300 Accounts Payable A.So, Capital A.So, Drawing Accounting & Auditing Fees Other Income 10,000 85,000 5,000 3,500 10,500 2,300 12,000 P243,300 Taxes & Licenses Rent Expense Utilities Expense Salaries Expense Total P243,300 Prepare the following: 1. Simple Worksheet 2. Income statement 3. Statement of Changes in Owner's Equity

The following is a trial balance of Mrs. Arlene So, CPA for the month of December 20A. Mrs. Arlene So Trial Balance December 31, 20A Debit P 35,000 20,000 15,000 60,000 75,000 Credit Cash on Hand Accounts Receivable Office Supplies Office Equipment Furniture & Fixtures P 27,000 126,300 Accounts Payable A.So, Capital A.So, Drawing Accounting & Auditing Fees Other Income 10,000 85,000 5,000 3,500 10,500 2,300 12,000 P243,300 Taxes & Licenses Rent Expense Utilities Expense Salaries Expense Total P243,300 Prepare the following: 1. Simple Worksheet 2. Income statement 3. Statement of Changes in Owner's Equity

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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Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,000 Supplies Inventory 10,000 Tools 5,000 Shop Equipment 30,000 Accounts Payable 5,000 Notes Payable E. Dedumo, Capital E. Dedumo, Withdrawals 8,000 48,000 2,000 Repairs Income 40,000 Utilities Expense 3,000 Salaries and Wages 5,000 Taxes and Licenses 1,000 Total 101,000 101,000
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Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
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