Accounts Receivable Equipment Accounts Payable re the transactions of Jab Less Services. ab invested P125,000 in the business Purchased equipment from X. Co.; P35,000 on account tendered services on account to various customers P75,000 "aid salary for the month P15,000 Paid utilities for the month P2,300 tion: reciation of equipment is P1,000 tful accounts at year end are estimated to be P800 Service Income Salary Expense Utilities Expense

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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Jab Less Services
Chart of Accounts
Jab, Capital
Service Income
Salary Expense
Utilities Expense
Give the adjusting entries
Prepare a 10-column worksheet
Cash
Accounts Receivable
Equipment
Accounts Payable
Presented below are the transactions of Jab Less Services.
2017
Sept. 1
Jab invested P125,000 in the business
7
Purchased equipment from X. Co., P35,000 on account
9
Rendered services on account to various customers P75,000
Paid salary for the month P15,000
30
30
Paid utilities for the month P2,300
Additional information:
E.
Depreciation of equipment is P1,000
b. Doubtful accounts at year end are estimated to be P800
Requirements:
Journalize the transactions
34-35
21-25
26-33
Post them to the T-accounts
36-40
Transcribed Image Text:Jab Less Services Chart of Accounts Jab, Capital Service Income Salary Expense Utilities Expense Give the adjusting entries Prepare a 10-column worksheet Cash Accounts Receivable Equipment Accounts Payable Presented below are the transactions of Jab Less Services. 2017 Sept. 1 Jab invested P125,000 in the business 7 Purchased equipment from X. Co., P35,000 on account 9 Rendered services on account to various customers P75,000 Paid salary for the month P15,000 30 30 Paid utilities for the month P2,300 Additional information: E. Depreciation of equipment is P1,000 b. Doubtful accounts at year end are estimated to be P800 Requirements: Journalize the transactions 34-35 21-25 26-33 Post them to the T-accounts 36-40
X
Presented below
Cash
Accounts Receivable
Notes Receivable
Merchandise Inventory
Prepaid Rent
Office Supplies
Prepaid Insurance
Furniture and Fixtures
Accumulated Depreciation-Furniture and Fixtures
Office Equipment
Accumulated Depreciation-Office Equipment
Accounts Payable
Notes Payable
Mortgage Payable
Yenar, Capital
Yenar, Drawing
112,500
Sales
Sales Returns and Allowances
150,000
Sales Discount
142,500
Purchases
1,687,500
Freight-in
25,500
Purchase Returns and Allowances
Purchase Discount
Salaries Expense
270,000
Utilities Expense
450,000
Advertising Expense
56,250
27,000
Delivery Expense
Interest Expense
1,800
Total
P 4,641,000
Additional pieces of information determined for December 31, 2017 are as follows:
a.
Depreciation of Furniture and Fixtures is P27,000 and that of office equipment is P33,750
b.
Office supplies used during the year amounted to P5,000
C. Insurance expired during the year is P6,000
d. Ending inventory amounted to P15,000
e. Doubtful accounts at year-end are estimated to be P 4,500
f
Rent expired during the year is P 66,000
g. Unpaid salaries at year-end amounted to P 54,000
Required:
1
Prepare a 10-column worksheet
2. Prepare the closing entries
3.
Prepare the post-closing trial balance
Yenar Merchandising
Trial Balance
December 31, 2017
P 80,600
109,100
465,000
371,250
72,000
5,000
15,000
330,000
270,000
P 81,000
67,500
225,000
54,000
105,000
598,500
3,375,000
101,250
33,750
P 4,641,000
Transcribed Image Text:X Presented below Cash Accounts Receivable Notes Receivable Merchandise Inventory Prepaid Rent Office Supplies Prepaid Insurance Furniture and Fixtures Accumulated Depreciation-Furniture and Fixtures Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Notes Payable Mortgage Payable Yenar, Capital Yenar, Drawing 112,500 Sales Sales Returns and Allowances 150,000 Sales Discount 142,500 Purchases 1,687,500 Freight-in 25,500 Purchase Returns and Allowances Purchase Discount Salaries Expense 270,000 Utilities Expense 450,000 Advertising Expense 56,250 27,000 Delivery Expense Interest Expense 1,800 Total P 4,641,000 Additional pieces of information determined for December 31, 2017 are as follows: a. Depreciation of Furniture and Fixtures is P27,000 and that of office equipment is P33,750 b. Office supplies used during the year amounted to P5,000 C. Insurance expired during the year is P6,000 d. Ending inventory amounted to P15,000 e. Doubtful accounts at year-end are estimated to be P 4,500 f Rent expired during the year is P 66,000 g. Unpaid salaries at year-end amounted to P 54,000 Required: 1 Prepare a 10-column worksheet 2. Prepare the closing entries 3. Prepare the post-closing trial balance Yenar Merchandising Trial Balance December 31, 2017 P 80,600 109,100 465,000 371,250 72,000 5,000 15,000 330,000 270,000 P 81,000 67,500 225,000 54,000 105,000 598,500 3,375,000 101,250 33,750 P 4,641,000
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