I need the adjusted trial balance thanks Account TitlesDebitCreditCash in Bank2,150Accounts ReceivableEstimated Uncollectible AccountUnused SuppliesPrepaid RentDelivery TrucksAccumulated Depreciation – Delivery TruckAccounts PayableJean Tan, CapitalJean Tan, DrawingTrucking IncomeTaxes & LicensesRepairs and MaintenanceSalaries and WagesInsurance ExpenseUtilities Expense320,0007,00025,00070,0003,000,000185,00060,0003,215,65050,000395,0008,50097,000240,00010,00040,000ТOTALP 3,862,650P 3,862,6501. Provision for Uncollectible Account should be adjusted to equal 5% of the outstanding accountsreceivable.2. Prepaid rent that has expired, P35,000.3. Unexpired portion of insurance premium, P6,000.4. Unrecorded depreciation, P132,000.5. Unpaid salaries and wages, P20,000.6. Supplies on Hand P10,000.

Adjusting entries must be passed at the year-end to record all the expenses and incomes related to…

Account Titles Debit Credit Cash in Bank Accounts Receivable Estimated Uncollectible Account Unused Supplies Prepaid Rent Delivery Trucks Accumulated Depreciation - Delivery Truck Accounts Payable Jean Tan, Capital Jean Tan, Drawing Trucking Income Taxes & Licenses Repairs and Maintenance Salaries and Wages Insurance Expense Utilities Expense TOTAL 2,150 320,000 7,000 25,000 70,000 3,000,000 185,000 60,000 3,215,650 50,000 395,000 8,500 97,000 240,000 10,000 40,000 P 3,862,650 P 3,862,650 1. Provision for Uncollectible Account should be adjusted to equal 5% of the outstanding accounts receivable. 2. Prepaid rent that has expired, P35,000. 3. Unexpired portion of insurance premium, P6,000. 4. Unrecorded depreciation, P132,000. 5. Unpaid salaries and wages, P20,000. 6. Supplies on Hand P10,000.

Account Titles Debit Credit Cash in Bank Accounts Receivable Estimated Uncollectible Account Unused Supplies Prepaid Rent Delivery Trucks Accumulated Depreciation - Delivery Truck Accounts Payable Jean Tan, Capital Jean Tan, Drawing Trucking Income Taxes & Licenses Repairs and Maintenance Salaries and Wages Insurance Expense Utilities Expense TOTAL 2,150 320,000 7,000 25,000 70,000 3,000,000 185,000 60,000 3,215,650 50,000 395,000 8,500 97,000 240,000 10,000 40,000 P 3,862,650 P 3,862,650 1. Provision for Uncollectible Account should be adjusted to equal 5% of the outstanding accounts receivable. 2. Prepaid rent that has expired, P35,000. 3. Unexpired portion of insurance premium, P6,000. 4. Unrecorded depreciation, P132,000. 5. Unpaid salaries and wages, P20,000. 6. Supplies on Hand P10,000.

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...

See similar textbooks

Similar questions

Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
(Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts ReceivableBuildingsAccumulated Depreciation—BuildingsCash (in bank)Accumulated Depreciation—EquipmentCash (on hand)Accumulated Other Comprehensive IncomeCash Surrender Value of Life InsuranceAdvances to EmployeesCommission ExpenseAdvertising ExpenseCommon StockAllowance for Doubtful AccountsInterest ReceivableBond Sinking FundInventory—BeginningBonds PayableInventory—EndingLandPrepaid RentLand for Future Plant SitePurchase Returns and AllowancesLoss from FloodPurchasesNotes Payable (due next year)Retained EarningsPaid-in Capital in Excess of Par—Preferred StockSalaries and Wages Expense (sales)PatentsSalaries and Wages PayablePayroll Taxes PayableSales DiscountsPension LiabilitySales RevenuePetty CashTreasury Stock (at cost)Preferred StockUnearned Subscriptions RevenuePremium on Bonds Payable InstructionsPrepare a classified balance sheet in good form.…
A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner’s Equity Cash Inventory Equipment AccountsPayable WagesPayable CommonStock RetainedEarnings 1 $50,000 $50,000 2 (6,000) $6,000 3 $25,000 $25,000 4 1,250 $1,250 5 (750) (750) 6 600 (600) 7 $3,500 (3,500) 8 3,200 3,200 9 250 (250) 10 (1,000) 1,000 Ending Balance $ $ $ $ $ $ $ $ $ B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 $ $ C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity…
Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…
Identify the relevant transaction for this entry: Assets Owner’s equity Liabilities +R8000 +R8000 0 Received R8000 cash for debtors R8 000 cash paid for rent Cash sales of inventory R8 000 Received R8 000 cash for rent
Transaction asset liability capital (f) Bought goods on credit $2200
Determine the classification accounts as to asset, liability and equity. If asset or liability determine if it is current or non current Account title SFP classification 1.Accrued rent 2. Marketable securities 3. Deferred income 4. Notes due to suppliers 5. Precollected rent 6. Investment in real estate 7. Notes due from customers 8. Franchise 9. Bad debts 10. Amortization- franchise 11. Patents
HYPERINFLATIONARY FINANCIAL STATEMENTSProblem 42. Indicate whether the item is a monetary or non-monetary item:__Cash and Cash Equivalents__Loans and receivables__FAFVPL Bonds Receivables__FAAC Bonds Receivables__Investments in Shares of Stocks__Property, Plant and Equipment__Inventory__Investment Property__Prepaid asset__Intangible asset__Deferred tax asset__Accounts payable__Income tax payable__Deferred tax liability__Interest payable__Unearned revenue__Accrued expenses__Notes payable__Loans payable
T-Account (Liability) CRNEED UNKOWN CR amountPlease provide in detail the equation for finding out this UNKNOWN CR amount on a CR Liablity Account. Also could you tell me how I would find an unkown DR amount on the same type of Liabilty CR Account. ThanksBeginning Balance $3,000CR-$3,400CR-UNKOWNDR- $1,500DR-$2,000Ending Balance=$6,700
The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Building X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes Cash…
16 - Which of the following is the account where the increases are recorded to the receivable side and the decreases to the debit side?A) Asset AccountsB) Passive AccountsC) Accounts ReceivableD) Expense AccountsE) Passive regulating accounts