Problem 3: Use current journal entries answer sheet. Jaden Sales Company engaged in the following transactions for the month of September using the periodic inventory method. Sept 1 Purchased goods from Mc Trading. Terms: 10-10, 1/20EOM, P200,000. Returned 40% defective goods. Cash sales, P92,000 (cost, P55,000) Purchased goods from Jamie Enterprise worth P51,000. A trade discount of P10,000 was granted. Terms: 8 11 14 3/15, n/30. Sold goods to Bret Trading on credit. Terms: 2/10, n/30, P200,000 (cost, P118,000) Received returned goods from September 17 sale, P80,000 (cost, P48,000) Paid Jamie Enterprise in full. Received cash full settlement of the account from Bret Trading Full settlement of account from the purchase of September 1. Cash purchase, P90,000 less trade discount of P5,000. 17 18 21 27 28 29

Describe the process of preparing an income statement and a balance sheet, including the specific elements and formulas used in each statement.

The synonyms of financial statements are?a. Financial analysisb. Financial reportsc. Financial statisticsd. Financial management

how to do balance sheet in the order of permenance

Noor started her business on June 1, 2020. Noor Trial Balance August 31, 2020 SL Particulars Debit Credit 1 Cash 55,600 2 Supplies 16,300 3 Prepaid Insurance 16,000 4 Land 22,000 5 Cottages 5,000 Furniture 26,000 7 Account Payable 16,500 8 Unearned Rent 10,400 Mortgage Payable 10,000 10 Сapital 70,000 11 Drawing 5,000 12 Rent Revenue 57,000 13 Repair Expense 3,600 14 Salaries Expense 5,000 15 Utility Expense 9,400 ТОTAL 163,900 163,900 Other information: (1) End of August 31 the balance of prepaid insurance is Tk. 1600 (2) Supplies used during the period Tk. 800 (3) Furniture has 6 years life with no salvage value and cost is Tk 26000 [formula: Depreciation = (cost - salvage value) / lifetime] (4) Balance of unearned revenue is 700 at the end of August 31.

Financial Accounting supplies the following information Select one: a. Both the Above b. Income Statement c. None of the above d. Balance Sheet