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The trial balance of VILLAR REALTY for June 30, 2019 VILLAR REALTY Trial Balance June 30, 2019 DEBIT CREDIT Cash P 650,000 100,000 108,000 28,800 Accounts Receivable Prepaid Rent Prepaid insurance on Automobile Supplies on Hand office Equipment Accumulated Depreciation-Office Equipment 9,000 90,000 P 21,600 Automobile 240,000 Accumulated Depreciation- Automobile 60,000 Accounts Payabie Notes Payable Unearned Management Fees M Villar, Capital M Villar, drawing 10,800 150,000 46,800 1,337,400 705, 000 Sales commissions Revenue 900,000 Management Service Revenue Salaries Expense Advertising Expense Automobile Expense Miscellaneous Expense 72,000 599,400 9,000 53,400 60.000 22598.600 P2.59R.600 TOTAL PREPARE a ten - column work sheet for the year ended June 30, 2019 using the following Data for adjustments: a. Insurance expense on automobile for the year is P14,400 b. Rent expense for the year is P72,000 C. Depreciation expense is: Office equipment, P10,800, automobile P43,000 d. Salaries incurred but unpaid as of June 30 amounts to P 9,990 e. Supplies on hand as of June 30 P 3,000 f. The unearned management fees were received and recorded on April 1, 2019 The advance payment covered 6 month's management of an apartment building E Accrued interest on notes payable, P15,000. Prepare the following financial statements: a. Income Statement b. Balance sheet . Statament of ouners equity

The trial balance of VILLAR REALTY for June 30, 2019 VILLAR REALTY Trial Balance June 30, 2019 DEBIT CREDIT Cash P 650,000 100,000 108,000 28,800 Accounts Receivable Prepaid Rent Prepaid insurance on Automobile Supplies on Hand office Equipment Accumulated Depreciation-Office Equipment 9,000 90,000 P 21,600 Automobile 240,000 Accumulated Depreciation- Automobile 60,000 Accounts Payabie Notes Payable Unearned Management Fees M Villar, Capital M Villar, drawing 10,800 150,000 46,800 1,337,400 705, 000 Sales commissions Revenue 900,000 Management Service Revenue Salaries Expense Advertising Expense Automobile Expense Miscellaneous Expense 72,000 599,400 9,000 53,400 60.000 22598.600 P2.59R.600 TOTAL PREPARE a ten - column work sheet for the year ended June 30, 2019 using the following Data for adjustments: a. Insurance expense on automobile for the year is P14,400 b. Rent expense for the year is P72,000 C. Depreciation expense is: Office equipment, P10,800, automobile P43,000 d. Salaries incurred but unpaid as of June 30 amounts to P 9,990 e. Supplies on hand as of June 30 P 3,000 f. The unearned management fees were received and recorded on April 1, 2019 The advance payment covered 6 month's management of an apartment building E Accrued interest on notes payable, P15,000. Prepare the following financial statements: a. Income Statement b. Balance sheet . Statament of ouners equity

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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villar realty account worksheet

Chaner 5- Completion of the Accounting Cycle PROBLEMS 5-1. Villar Realty had the following trial balance for June 30, 2011 as followS. VILLAR REALTY Trial Balance June 30, 2011 Debit Credit 650,000 100,000 108,000 28,800 9,000 90,000 Cash Accounts Receivable Prepaid Rent Prepaid Insurance on Automobile Supplies on Hand Office Equipment Accumulated Depreciation Office Equip. Automobile 21,600 240,000 Accumulated Depreciation- Automobile Accounts Payable Notes Payable Unearned Management Fees M. Villar, Capital M. Villar, Drawing Sales Commissions Revenue 60,000 10,800 150,000 46,800 1,337,400 705,000 900,000 72,000 Management Service Revenue Salaries Expense Advertising Expense Automobile Expense Miscellaneous Expense Total 599,400 9,000 53,400 6,000 P 2,598,600 P 2,598,600
Transcribed Image Text:Chaner 5- Completion of the Accounting Cycle PROBLEMS 5-1. Villar Realty had the following trial balance for June 30, 2011 as followS. VILLAR REALTY Trial Balance June 30, 2011 Debit Credit 650,000 100,000 108,000 28,800 9,000 90,000 Cash Accounts Receivable Prepaid Rent Prepaid Insurance on Automobile Supplies on Hand Office Equipment Accumulated Depreciation Office Equip. Automobile 21,600 240,000 Accumulated Depreciation- Automobile Accounts Payable Notes Payable Unearned Management Fees M. Villar, Capital M. Villar, Drawing Sales Commissions Revenue 60,000 10,800 150,000 46,800 1,337,400 705,000 900,000 72,000 Management Service Revenue Salaries Expense Advertising Expense Automobile Expense Miscellaneous Expense Total 599,400 9,000 53,400 6,000 P 2,598,600 P 2,598,600
The trial balance of VILLAR REALTY for June 30, 2019 VILLAR REALTY Trial Balance June 30, 2019 DEBIT P 650,000 100,000 108,000 28,800 9,000 90,000 CREDIT Cash Accounts Receivable Prepaid Rent Prepaid insurance on Automobile Supplies on Hand Office Equipment Accumulated Depreciation-Office Equipment P21,600 Automobile 240,000 Accumulated Depreciation- Automobile 60,000 Accounts Payable Notes Payable Unearned Management Fees M Villar, Capital M Villar, drawing 10,800 150,000 46,800 1,337,400 705, 000 Sales commissions Revenue 900,000 Management Service Revenue salaries Expense Advertising Expense Automobile Expense 72,000 599,400 9,000 53,400 50.000 22598,600 P2.598,600 Miscellaneous Expense TOTAL PREPARE a ten - column work sheet for the year ended June 30, 2019 using the following Data for adjustments: a. Insurance expense on automobile for the year is P14,400 b. Rent expense for the year is P72,000 C. Depreciation expense is: Office equipment, P10,800, automobile P43,000 d. Salaries incurred but unpaid as of June 30 amounts to P 9,990 e. Supplies on hand as of June 30 P 3,000 f. The unearned management fees were received and recorded on April 1, 2019 The advance payment covered 6 month's management of an apartment building E Accrued interest on notes payable, P15,000. Prepare the following financial statements: a. Income Statement b. Balance sheet c. Statement of awners equity
Transcribed Image Text:The trial balance of VILLAR REALTY for June 30, 2019 VILLAR REALTY Trial Balance June 30, 2019 DEBIT P 650,000 100,000 108,000 28,800 9,000 90,000 CREDIT Cash Accounts Receivable Prepaid Rent Prepaid insurance on Automobile Supplies on Hand Office Equipment Accumulated Depreciation-Office Equipment P21,600 Automobile 240,000 Accumulated Depreciation- Automobile 60,000 Accounts Payable Notes Payable Unearned Management Fees M Villar, Capital M Villar, drawing 10,800 150,000 46,800 1,337,400 705, 000 Sales commissions Revenue 900,000 Management Service Revenue salaries Expense Advertising Expense Automobile Expense 72,000 599,400 9,000 53,400 50.000 22598,600 P2.598,600 Miscellaneous Expense TOTAL PREPARE a ten - column work sheet for the year ended June 30, 2019 using the following Data for adjustments: a. Insurance expense on automobile for the year is P14,400 b. Rent expense for the year is P72,000 C. Depreciation expense is: Office equipment, P10,800, automobile P43,000 d. Salaries incurred but unpaid as of June 30 amounts to P 9,990 e. Supplies on hand as of June 30 P 3,000 f. The unearned management fees were received and recorded on April 1, 2019 The advance payment covered 6 month's management of an apartment building E Accrued interest on notes payable, P15,000. Prepare the following financial statements: a. Income Statement b. Balance sheet c. Statement of awners equity
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