Using the Beauty Delivery Services worksheet that you prepared in your combined written works and performance task #1, prepare the following: 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position (Balance Sheet) 4. Closing Entries

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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BEAUTY DELIVERY SERVICES
Unadjusted Trial Balance
December 31, 2019
Cash
126,800
28,200
Accounts Receivable
Supplies
17,800
Prepaid Insurance
38,000
Land
960,000
1,640,000
Buildings
Accum. Depreciation- buildings
379,200
Equipment
1,060,000
Accum. Depreciation - equipment
336,000
Accounts Payable
Unearned Delivery Fees
Mortgage Payable
43,200
42,000
1,160,000
Beauty, Capital
Delivery Fees Earned
Salary Expense
1,432,600
669,200
173,400
Telephone Expense
Utilities Expense
Repairs Expense
2,400
7,000
8,600
Total
4,062,200
4,062,200
Adjustments:
a. Supplies used PS,400
b. Expired insurance, P12,000
c. Depreciation on building, P10,000
d. Depreciation on equipment, P18,000
e. Unearned delivery fees earned this month, P26,000
1. Salaries earned but not yet paid, P3,600
E. Interest on the mortgage, P4,200
h. Delivery fees earned but not recorded and not received, P10,000
Transcribed Image Text:BEAUTY DELIVERY SERVICES Unadjusted Trial Balance December 31, 2019 Cash 126,800 28,200 Accounts Receivable Supplies 17,800 Prepaid Insurance 38,000 Land 960,000 1,640,000 Buildings Accum. Depreciation- buildings 379,200 Equipment 1,060,000 Accum. Depreciation - equipment 336,000 Accounts Payable Unearned Delivery Fees Mortgage Payable 43,200 42,000 1,160,000 Beauty, Capital Delivery Fees Earned Salary Expense 1,432,600 669,200 173,400 Telephone Expense Utilities Expense Repairs Expense 2,400 7,000 8,600 Total 4,062,200 4,062,200 Adjustments: a. Supplies used PS,400 b. Expired insurance, P12,000 c. Depreciation on building, P10,000 d. Depreciation on equipment, P18,000 e. Unearned delivery fees earned this month, P26,000 1. Salaries earned but not yet paid, P3,600 E. Interest on the mortgage, P4,200 h. Delivery fees earned but not recorded and not received, P10,000
Using the Beauty Delivery Services worksheet that you prepared in your combined written works and
performance task #1, prepare the following:
1. Income Statement
2. Statement of Changes in Equity
3. Statement of Financial Position (Balance Sheet)
4. Closing Entries
Transcribed Image Text:Using the Beauty Delivery Services worksheet that you prepared in your combined written works and performance task #1, prepare the following: 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position (Balance Sheet) 4. Closing Entries
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