what isAccumulated Depreciation-F&F, Accumulated Depreciation-Eqpt,, Depreciation Expense-F&F, Depreciation Expense-Eqptl,
what isAccumulated Depreciation-F&F, Accumulated Depreciation-Eqpt,, Depreciation Expense-F&F, Depreciation Expense-Eqptl,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
what isAccumulated
Transcribed Image Text:Description of the Task:
Sy General Services is owned and operated by Mr. Enre Sy, which has been
operating for a year now. He wanted to know the status of his business's financial
standing to check if there's a profit or loss. He hired a bookkeeper to do the accounting
task since there is no proper documentation of all its business transactions. Your task
as a bookkeeper is to journalize all the undocumented transactions, prepare a general
ledger for each account and prepare the adjusted trial balance so that the income
statement can be prepared and help Mr. Sy to decide whether to continue his business
operation or not. Below are the transactions of Sy General Services for December 2020.
Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the
business.
02
Bought supplies P700 on account.
03 Rendered services P1,100 on account.
On December 31, 2020 Sy General Services has an estimated uncollectible 1% of its
accounts receivable.
WADERS
Required:
1. Journalize the transactions.
2. Post the journal entries to the ledgers.
3. Prepare the unadjusted trial balance.
4. Prepare an adjusting journal entry.
5. Prepare the adjusted trial balance.
Prin
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Transcribed Image Text:1 of 3
Sy General Services
Chart of Accounts
Account Number
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
Account Name/Account Title
Cash
Supplies
Accounts Receivable
Allowance for Bad Debts
Furniture and Fixtures
Accumulated Depreciation-F&F
Equipment
Accumulated Depreciation-Eqpt.
Accounts Payable
Notes Payable
Sy, Capital
Sy, Drawings
Service Income
Salaries Expense
Rent Expense
Utilities Expense
Bad Debts Expense
Depreciation Expense-F&F
Depreciation Expense-Eqpt.
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