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Prepare a closing entries, post-closing trial balance and reversing entries, use your columnar paper to answer the assessment.

Prepare a closing entries, post-closing trial balance and reversing entries, use your columnar paper to answer the assessment.

FINANCIAL ACCOUNTING
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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Prepare a reversing entries. 

Prepare a closing entries, post-closing trial balance and reversing entries, use your columnar paper to answer the assessment. Presented below is the Unadjusted Trial Balance of Loisa Talent Agency for year ended December 31,2018; Loisa Talent Agency Unadjusted Trial Balance Dec. 31, 2018 Cash Accounts Receivable Prepaid Rent Office Supplies Furniture Accumulated Dep - Furniture Notes Payable 435,000 900,000 285,000 Accounts Payable Salaries Payable Interest Payable Loisa, Capital 1,680,000 1,200,000 Loisa, Withdrawals Travel Revenues Salaries Expense 5,133,000 3,771,000 Depreciation Expense Interest Expense Rent Expense Supplies Expense Miscellaneous Expense Totals 93.000 P8.433.000 P8,433,000 Information pertaining to Loisa accounts as follows; a. On November 1, 2018, Loisa paid the realtors P360,000 for six months' rent on the office building commencing that date. P126,000 645,000 360,000 63,000 2,175,000
Transcribed Image Text:Prepare a closing entries, post-closing trial balance and reversing entries, use your columnar paper to answer the assessment. Presented below is the Unadjusted Trial Balance of Loisa Talent Agency for year ended December 31,2018; Loisa Talent Agency Unadjusted Trial Balance Dec. 31, 2018 Cash Accounts Receivable Prepaid Rent Office Supplies Furniture Accumulated Dep - Furniture Notes Payable 435,000 900,000 285,000 Accounts Payable Salaries Payable Interest Payable Loisa, Capital 1,680,000 1,200,000 Loisa, Withdrawals Travel Revenues Salaries Expense 5,133,000 3,771,000 Depreciation Expense Interest Expense Rent Expense Supplies Expense Miscellaneous Expense Totals 93.000 P8.433.000 P8,433,000 Information pertaining to Loisa accounts as follows; a. On November 1, 2018, Loisa paid the realtors P360,000 for six months' rent on the office building commencing that date. P126,000 645,000 360,000 63,000 2,175,000
b. Office supplies on hand at December 31, 2018 amounted to 27,000. c. Depreciation expense for furniture amounted to P75,000 for the year. d. At December 31 2018, 105,000 salaries have accrued. e. The P900,000 note payable was issued on Oct. 1, 2018. It will be repaid in 12 months together with interest at an annual rate of 24%.
Transcribed Image Text:b. Office supplies on hand at December 31, 2018 amounted to 27,000. c. Depreciation expense for furniture amounted to P75,000 for the year. d. At December 31 2018, 105,000 salaries have accrued. e. The P900,000 note payable was issued on Oct. 1, 2018. It will be repaid in 12 months together with interest at an annual rate of 24%.
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