Zaylo Company Trial Balance December 31, 2019 Debit Credit P850 Supplies Prepaid Insurance Salaries Payable Unearned Revenue 2,400 P800 750 950 Supplies Expense Insurance Expense Salaries Expense 600 1,800 Service Revenue 2,000 Instructions: Answer the following questions, assuming the year starts January 1. a) The amount of P950 in Supplies Expense is the result of an adjusting entry and P500 of supplies were purchased in March. What was the balance in Supplies on January 1?
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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