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A trail balance of Nayan Storage at the end of its accounting period appeared as follows: NAYAN STORAGE Trail Balance December 31, 200_ P 2,330 970 1,450 410 Cash Account Receivable - M. Soriano Prepaid Insurance Office Supplies Office Equipment Accumulated T 1,780 TY depreciation- office equipment Trucks P 450 15,000 Accumulated depreciation- trucks Building Accumulated depreciation- building 1, 500 45,500 4,550 Land 20,000 Accounts Payable Unearned Storage Fees Mortgage Payable Julius Nayan, capital Julius Nayan, personal Storage Income Office Salaries Expense Truck Drivers' Wages Gas, oil, and repairs 1,050 750 15,000 44,500 2,000 40,750 5,500 10,600 3,010 P108,550 P108,550 Adjustment Data: 1. It is estimated that 10% of the accounts receivable is proven to be uncollectible, 2. An examination of insurance policies showed that P650 o insurance expired. 3. Actual count of office supplies showed a balance of P110. 4. Fixed assets are 15% depreciated annually. 5. Storage fees earned amounted to P450. 6. Accrued expenses: office salaries, truck drivers' wages, P4, 200. NGA Required: 1. Adjusting journal entries 2. 10-column worksheet COLLEGE

A trail balance of Nayan Storage at the end of its accounting period appeared as follows: NAYAN STORAGE Trail Balance December 31, 200_ P 2,330 970 1,450 410 Cash Account Receivable - M. Soriano Prepaid Insurance Office Supplies Office Equipment Accumulated T 1,780 TY depreciation- office equipment Trucks P 450 15,000 Accumulated depreciation- trucks Building Accumulated depreciation- building 1, 500 45,500 4,550 Land 20,000 Accounts Payable Unearned Storage Fees Mortgage Payable Julius Nayan, capital Julius Nayan, personal Storage Income Office Salaries Expense Truck Drivers' Wages Gas, oil, and repairs 1,050 750 15,000 44,500 2,000 40,750 5,500 10,600 3,010 P108,550 P108,550 Adjustment Data: 1. It is estimated that 10% of the accounts receivable is proven to be uncollectible, 2. An examination of insurance policies showed that P650 o insurance expired. 3. Actual count of office supplies showed a balance of P110. 4. Fixed assets are 15% depreciated annually. 5. Storage fees earned amounted to P450. 6. Accrued expenses: office salaries, truck drivers' wages, P4, 200. NGA Required: 1. Adjusting journal entries 2. 10-column worksheet COLLEGE

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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A trail balance of Nayan Storage at the end of its accounting period appeared as follows: NAYAN STORAGE Trail Balance December 31, 200_ P 2,330 970 Cash Account Receivable - M. Soriano Prepaid Insurance Office Supplies Office Equipment 1,450 410 1,780 TY Accumulated depreciation- office AT P 450 equipment Trucks 15,000 Accumulated depreciation- trucks Building Accumulated depreciation- building Land 1, 500 45,500 4,550 20,000 Accounts Payable Unearned Storage Fees Mortgage Payable Julius Nayan, capital Julius Nayan, personal Storage Income Office Salaries Expense Truck Drivers' Wages Gas, oil, and repairs 1,050 750 15,000 44,500 2,000 40,750 5,500 10,600 3,010 P108,550 P108,550 Adjustment Data: 1. It is estimated that 10% of the accounts receivable is proven to be uncollectible, 2. An examination of insurance policies showed that P650 o insurance expired. 3. Actual count of office supplies showed a balance of P110. 4. Fixed assets are 15% depreciated annually. 5. Storage fees earned amounted to P450. 6. Accrued expenses: office salaries, truck drivers' wages, P4, 200. ANGA Required: 1. Adjusting journal entries 2. 10-column worksheet COL COLLEGE
Transcribed Image Text:A trail balance of Nayan Storage at the end of its accounting period appeared as follows: NAYAN STORAGE Trail Balance December 31, 200_ P 2,330 970 Cash Account Receivable - M. Soriano Prepaid Insurance Office Supplies Office Equipment 1,450 410 1,780 TY Accumulated depreciation- office AT P 450 equipment Trucks 15,000 Accumulated depreciation- trucks Building Accumulated depreciation- building Land 1, 500 45,500 4,550 20,000 Accounts Payable Unearned Storage Fees Mortgage Payable Julius Nayan, capital Julius Nayan, personal Storage Income Office Salaries Expense Truck Drivers' Wages Gas, oil, and repairs 1,050 750 15,000 44,500 2,000 40,750 5,500 10,600 3,010 P108,550 P108,550 Adjustment Data: 1. It is estimated that 10% of the accounts receivable is proven to be uncollectible, 2. An examination of insurance policies showed that P650 o insurance expired. 3. Actual count of office supplies showed a balance of P110. 4. Fixed assets are 15% depreciated annually. 5. Storage fees earned amounted to P450. 6. Accrued expenses: office salaries, truck drivers' wages, P4, 200. ANGA Required: 1. Adjusting journal entries 2. 10-column worksheet COL COLLEGE
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