Chapter 9Section 9.2Exercises1. The simplified work sheet for P. Tang and Company, shown below with the trialbalance figures already entered, is provided in the Workbook.Ba|A.Work SheetP. Tang and CompanyYear Ended Dec. 31, 20–4PrTRIAL BALANCEADJUSTMENTSINCOME STATEMENTBALANCE SHEETACCOUNTSDRCRDRCRDRCRDRCR180019500100017502200021000BankAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAutomobileAccounts PayableP.Tang, CapitalP.Tang, DrawingsFees EarnedCar ExpenseGeneral ExpenseMiscellaneous ExpenseRent ExpenseWages Expense4360540401500603003800295070072002200018700 – ||8700 –A. Using the additional information given below, complete the eight-columnwork sheet.B. Journalize the adjusting entries in a two-column general journal.C. Post the adjusting entries to the T-account ledger provided in theWorkbook and take off an adjusted trial balance.OptionalD. Prepare an income statement and a classified balance sheet.Additional Information1. The value of the supplies on hand at the year-end amounted to $700.2. The prepaid insurance at the year-end was calculated at $800.3. Late-arriving invoices pertaining to the 20-4 fiscal period were:Car ExpenseGeneral Expense$ 75100Total$175Jance fis-

The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Work Sheet P. Tang and Compal TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT ACCOUNTS DR CR DR CR DR CR DR CR 1800 19500 1000 1750 22000 21000 Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable P. Tang, Capital P. Tang, Drawings Fees Earned Car Expense General Expense Miscellaneous Expense Rent Expense Wages Expense 4360 54 040 - 15000 60300 3800 2950 700 7200 22000 118700 118700 plote the eight-column

Work Sheet P. Tang and Compal TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT ACCOUNTS DR CR DR CR DR CR DR CR 1800 19500 1000 1750 22000 21000 Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable P. Tang, Capital P. Tang, Drawings Fees Earned Car Expense General Expense Miscellaneous Expense Rent Expense Wages Expense 4360 54 040 - 15000 60300 3800 2950 700 7200 22000 118700 118700 plote the eight-column

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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Net Income? Ali Mamat Enterprise Trial Balance as at 31 December 2019 Particulars Sales Purchases Salaries Motor expenses Rent Insurance General expenses Premises Motor vehicles Account receivables Account payable Cash at bank Cash in hand Drawings Capital TOTAL Debit (RM) Credit (RM) 190,576 119,832 56,527 2,416 1,894 372 85 95,420 16,594 26,740 16,519 342 8,425 345.166 16,524 138,066 345.166
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
QUESTION 1 a) You are the accounts executive for BFC Enterprise. You are responsible to prepare the monthly receivables and payables control accounts for the business. Following are balances from the company’s record at 1 February 2020. Dr RM Cr RM Debtor ledger control account 54,000 1,000 Creditor ledger control account 200 43,000 The following information is extracted in February 2020 from the company’s records: RM Credit sales 251,000 Cash sales 34,000 Credit purchases…
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Do its Trial Balance
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