Please answer, I really need help Please prepare the following:1. Worksheet2. Adjusting entries using 2 columns3. Income Statement4. Closing entries5. Balance Sheet - Pre6. Closing entries7. Balance Sheet - Final 2. A trial balance of Caloocan's Repair Shop at the end of the accountingperiod appeared as follows:CashAccounts receivablePrepaid rentPrepaid advertisementRepair suppliesFurnitureRepair toolsAccounts payableNotes payableVico Sotto, CapitalVico Sotto, DrawingsServices feesOffice salaries expenseMaintenance expenseUtility expenseAdjustment Data:1.2.34.Caloocan's Repair ShopTrial BalanceDecember 31, 20195.67.тот AL120,00053,00018,0004,000Accrued expenses:a. Office salariesb. Maintenance expensec. Utility expense13,00032,00059,00012,0009,3006,4007,500336,200Depreciation:a. Furniture- Date of Purchase: March 1, 2019.Estimated Useful life - 4 years;b. Repair tools - Date of Purchase: Jan. 1, 2019.Estimated Useful life 3 years.15% of Accounts receivable is uncollectible.An examination of Prepaid rent showed that 4 months havealready expired. It was paid for 6 months.Prepaid advertisement is for 4 months. Paid on Nov. 1, 2019.Actual count of Repair supplies showed a zero balance.Accrued service fees amounted to P17,000.32,0008,000199,40094,800P6,200;P7,000;P8,000.336,200

Worksheet - The worksheet includes unadjusted Trial Balance, Adjustments, and Adjusted Trial…

2. A trial balance of Caloocan's Repair Shop at the end of the accounting period appeared as follows: Cash Accounts receivable Prepaid rent Prepaid advertisement Repair supplies Furniture Repair tools Accounts payable Notes payable Vico Sotto, Capital Vico Sotto, Drawings Services fees Office salaries expense Maintenance expense Utility expense Adjustment Data: 1. 2. Caloocan's Repair Shop Trial Balance December 31, 2019 3 4. 5. 6 7. тот A L 120,000 53,000 18,000 4,000 13,000 32,000 Accrued expenses: a. Office salaries b. Maintenance expense c. Utility expense 59,000 12,000 9,300 6,400 7,500 336,200 Depreciation: a. Furniture- Date of Purchase: March 1, 2019. Estimated Useful life - 4 years; b. Repair tools - Date of Purchase: Jan. 1, 2019. Estimated Useful life - 3 years. 15% of Accounts receivable is uncollectible. An examination of Prepaid rent showed that 4 months have already expired. It was paid for 6 months. Prepaid advertisement is for 4 months. Paid on Nov. 1, 2019. Actual count of Repair supplies showed a zero balance. Accrued service fees amounted to P17,000. 32,000 8,000 199,400 P6,200; P7,000; P8,000. 94,800 336,200

2. A trial balance of Caloocan's Repair Shop at the end of the accounting period appeared as follows: Cash Accounts receivable Prepaid rent Prepaid advertisement Repair supplies Furniture Repair tools Accounts payable Notes payable Vico Sotto, Capital Vico Sotto, Drawings Services fees Office salaries expense Maintenance expense Utility expense Adjustment Data: 1. 2. Caloocan's Repair Shop Trial Balance December 31, 2019 3 4. 5. 6 7. тот A L 120,000 53,000 18,000 4,000 13,000 32,000 Accrued expenses: a. Office salaries b. Maintenance expense c. Utility expense 59,000 12,000 9,300 6,400 7,500 336,200 Depreciation: a. Furniture- Date of Purchase: March 1, 2019. Estimated Useful life - 4 years; b. Repair tools - Date of Purchase: Jan. 1, 2019. Estimated Useful life - 3 years. 15% of Accounts receivable is uncollectible. An examination of Prepaid rent showed that 4 months have already expired. It was paid for 6 months. Prepaid advertisement is for 4 months. Paid on Nov. 1, 2019. Actual count of Repair supplies showed a zero balance. Accrued service fees amounted to P17,000. 32,000 8,000 199,400 P6,200; P7,000; P8,000. 94,800 336,200

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4E: Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet...

See similar textbooks

Similar questions

SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…
Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurance
NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. Tools
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
Accounts Receivable Calculations The following amounts were reported for Cotton, Newton, and Miller Companies: Required: Next Level Compute the missing amounts.
Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B. Revenue C. Accounts payable D. Accounts receivable
a list of each customer account and thre balance owed is a:
"Identifying general and subsidiary ledgers C2For each account, indicate whether it appears in the general ledger or the subsidiary ledger.a. Accounts Receivable—Martinb. Interest Expensec. Prepaid Rentd. Accounts Payable—Juliee. Notes Payablef. Store Supplies
Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete the table below for these accounts. The information for the first account has been entered as an example. Account Type of Account Normal Balance Increase Decrease Accounts Payable Liability Credit Credit Debit Accounts Receivable SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 1 SelectCreditDebitItem 2 SelectCreditDebitItem 3 SelectCreditDebitItem 4 Accumulated Depreciation SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 5 SelectCreditDebitItem 6 SelectCreditDebitItem 7 SelectCreditDebitItem 8 Cash SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 9 SelectCreditDebitItem 10 SelectCreditDebitItem 11 SelectCreditDebitItem 12 Common Stock SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 13 SelectCreditDebitItem 14 SelectCreditDebitItem 15 SelectCreditDebitItem 16 Depreciation Expense SelectAssetContra AssetEquityExpenseLiabilityRevenueItem 17…
Assessment Directionis: Prepare tht journal entry fur ech trannactiun Use the follewing account rumbers for pooting vofarmmoc. Write your anawora on a noprate sheet of paper. Ansria Revenue 101 Cash 401 Service Roventae 102 Accounts Reccivable ExpenLeK 501 Salarice Expense Rent Expenne S03 Utlities Experse S04 Advertisinng Expense Miscellaneous Expenne 103 Supplica 104 Service Vahicie 502 Linbility 201 Arcounta Payaıle Owner's Equity 505 Angelie, Capital Angelie, Drowingn 301 302 Micbelle Angelie catabliahed Angelie'n Advartiaing Buoiness. The following are that trandactionn for the whole month of October 2019. Michele Angclic deposited P250,000 under the name of the buaines She aoquired a service vebkcln in the amount of F195,000 an aocount. Ot 1. She aoquired supplles for cash worth P57.000. Sho recolved Pg7,500 coalı for palnted ulgna. 10 Sho paid the nonth'a rent amounting to P25,000. 11 Sho pulnted signa for Mundo Mobile an accDunt for P170,000. 12 She pald PS5,000 on account from…
2. According to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear.Items DEBIT CREDITOffice EquipmentCreditorsInsuranceCashRent payableDebtorsSalesRent receivableDrawingsMotor vehiclesLoan from CUMB BhdCapitalWagesPremisesCarriage inwards