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Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Debit Credit P 16,500.00 Cash Accounts Receivable 7,500.00 Allowance for doubtful accounts. P 150.00 Note Receivable 5,527.50 Unused Supplies 3,000.00 9| Page Prepaid rent 5,000.00 Photocopying Equipment 30,000.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5,000.00 Accumulated Depreciation - Furniture & Fixtures Accounts payable Loan payable Notes payable Salaries Payable Unearned Photocopying Revenues Mercado, Capital Mercado, Drawing Photocopying Revenues Taxes and Licenses Expense Salaries expense Supplies expense Utilities expense Rent expense Depreciation Expense Bad debts expense Totals Requirements: 450.00 75.00 2,500.00 50,000.00 5,000.00 816.67 1,800.00 10,000.00 500.00 24,227.50 2,000.00 4,800.00 7,000.00 2,500.00 5,000.00 525.00 166.67 P95,019.17 P95.019.17 1. Prepare Financial Statements: a) Income Statement / Profit & Loss Statement b) Statement of changes in Equity c) Balance Sheet / Statement of Financial Position 2. Prepare closing entries in the general journal. 3. Post the closing entries in the general ledger. (you can use "T" Account Form)

Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Debit Credit P 16,500.00 Cash Accounts Receivable 7,500.00 Allowance for doubtful accounts. P 150.00 Note Receivable 5,527.50 Unused Supplies 3,000.00 9| Page Prepaid rent 5,000.00 Photocopying Equipment 30,000.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5,000.00 Accumulated Depreciation - Furniture & Fixtures Accounts payable Loan payable Notes payable Salaries Payable Unearned Photocopying Revenues Mercado, Capital Mercado, Drawing Photocopying Revenues Taxes and Licenses Expense Salaries expense Supplies expense Utilities expense Rent expense Depreciation Expense Bad debts expense Totals Requirements: 450.00 75.00 2,500.00 50,000.00 5,000.00 816.67 1,800.00 10,000.00 500.00 24,227.50 2,000.00 4,800.00 7,000.00 2,500.00 5,000.00 525.00 166.67 P95,019.17 P95.019.17 1. Prepare Financial Statements: a) Income Statement / Profit & Loss Statement b) Statement of changes in Equity c) Balance Sheet / Statement of Financial Position 2. Prepare closing entries in the general journal. 3. Post the closing entries in the general ledger. (you can use "T" Account Form)

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 1PA: Sage Learning Centers was established on July 20, 2016, to provide educational services. The...
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Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Debit Credit Cash P 16,500.00 Accounts Receivable 7,500.00 Allowance for doubtful accounts P 150.00 Note Receivable 5,527.50 Unused Supplies 3,000.00 9| Page Prepaid rent 5,000.00 Photocopying Equipment 30,000.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures. 5,000.00 Accumulated Depreciation - Furniture & Fixtures Accounts payable Loan payable Notes payable Salaries Payable Unearned Photocopying Revenues Mercado, Capital Mercado, Drawing Photocopying Revenues Taxes and Licenses Expense Salaries expense Supplies expense Utilities expense Rent expense Depreciation Expense Bad debts expense Totals Requirements: 450.00 75.00 2,500.00 50,000.00 5,000.00 816.67 1,800.00 10,000.00 24,227.50 P95.019.17 500.00 2,000.00 4,800.00 7,000.00 2,500.00 5,000.00 525.00 166.67 P95,019.17 1. Prepare Financial Statements: a) Income Statement / Profit & Loss Statement b) Statement of changes in Equity c) Balance Sheet / Statement of Financial Position 2. Prepare closing entries in the general journal. 3. Post the closing entries in the general ledger. (you can use "T" Account Form) 4. Create Post-closing Trial balance.
Transcribed Image Text:Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Debit Credit Cash P 16,500.00 Accounts Receivable 7,500.00 Allowance for doubtful accounts P 150.00 Note Receivable 5,527.50 Unused Supplies 3,000.00 9| Page Prepaid rent 5,000.00 Photocopying Equipment 30,000.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures. 5,000.00 Accumulated Depreciation - Furniture & Fixtures Accounts payable Loan payable Notes payable Salaries Payable Unearned Photocopying Revenues Mercado, Capital Mercado, Drawing Photocopying Revenues Taxes and Licenses Expense Salaries expense Supplies expense Utilities expense Rent expense Depreciation Expense Bad debts expense Totals Requirements: 450.00 75.00 2,500.00 50,000.00 5,000.00 816.67 1,800.00 10,000.00 24,227.50 P95.019.17 500.00 2,000.00 4,800.00 7,000.00 2,500.00 5,000.00 525.00 166.67 P95,019.17 1. Prepare Financial Statements: a) Income Statement / Profit & Loss Statement b) Statement of changes in Equity c) Balance Sheet / Statement of Financial Position 2. Prepare closing entries in the general journal. 3. Post the closing entries in the general ledger. (you can use "T" Account Form) 4. Create Post-closing Trial balance.
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