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The unadjusted trial balance on December 31, 2016 of Satisfaction, Guaranteed a service enterprise, showed the following data: Debits Cash Accounts receivable Allowance for doubtful accounts Credits P 250,000 300,000 P 2,000 Notes receivable ep Office equipment Allowance for depreciation Supplies Accounts payable Notes payable Capital Drawing Rent expense 100,000 320,000 inT 30,000 100,000 80,000 50,000 501,000 100,000 33,000 Service income Salaries expense Other expenses 900,000 230,000 130,000 P1,563,000 P1,563,000 Additional information: (1) Services were rendered for P100,000. payment for it has not yet been received, and not yet recorded in the books of accounts; (2) The office equipment was acquired on July 1. 2016, with an esti- mated scrap value of P20,000 and useful life of 5 years. (3) The notes receivable includes a promissory note with a face value of P20,000 which is interest-bearing at 3% per annum, received on October 1, 2016. (4) On the accounts receivable balance at the date of the Statement of Financial Position, 1% is expected to be uncollectible; (5) Included in the notes payable is a P20,000 note, with interest at 3% per annum issued on December 1. 2016; (6) Rent for the office is at P3,000 a month. The billing for December, 2016 had not yet been received from the owner of the property. Required: Prepare a ten-column Worksheet for Satisfaction Guaranteed. ournal ontricn.

The unadjusted trial balance on December 31, 2016 of Satisfaction, Guaranteed a service enterprise, showed the following data: Debits Cash Accounts receivable Allowance for doubtful accounts Credits P 250,000 300,000 P 2,000 Notes receivable ep Office equipment Allowance for depreciation Supplies Accounts payable Notes payable Capital Drawing Rent expense 100,000 320,000 inT 30,000 100,000 80,000 50,000 501,000 100,000 33,000 Service income Salaries expense Other expenses 900,000 230,000 130,000 P1,563,000 P1,563,000 Additional information: (1) Services were rendered for P100,000. payment for it has not yet been received, and not yet recorded in the books of accounts; (2) The office equipment was acquired on July 1. 2016, with an esti- mated scrap value of P20,000 and useful life of 5 years. (3) The notes receivable includes a promissory note with a face value of P20,000 which is interest-bearing at 3% per annum, received on October 1, 2016. (4) On the accounts receivable balance at the date of the Statement of Financial Position, 1% is expected to be uncollectible; (5) Included in the notes payable is a P20,000 note, with interest at 3% per annum issued on December 1. 2016; (6) Rent for the office is at P3,000 a month. The billing for December, 2016 had not yet been received from the owner of the property. Required: Prepare a ten-column Worksheet for Satisfaction Guaranteed. ournal ontricn.

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
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The unadjusted trial balance on December 31, 2016 of Satisfaction, Guaranteed a service enterprise, showed the following data: Debits Cash Accounts receivable Allowance for doubtful accounts Credits P 250,000 300,000 P 2,000 Notes receivable ep Office equipment Allowance for depreciation Supplies Accounts payable Notes payable Capital Drawing Rent expense 100,000 320,000 inT 30,000 100,000 80,000 50,000 501,000 100,000 33,000 Service income Salaries expense Other expenses 900,000 230,000 130,000 P1,563,000 P1,563,000 Additional information: (1) Services were rendered for P100,000. payment for it has not yet been received, and not yet recorded in the books of accounts; (2) The office equipment was acquired on July 1. 2016, with an esti- mated scrap value of P20,000 and useful life of 5 years. (3) The notes receivable includes a promissory note with a face value of P20,000 which is interest-bearing at 3% per annum, received on October 1, 2016. (4) On the accounts receivable balance at the date of the Statement of Financial Position, 1% is expected to be uncollectible; (5) Included in the notes payable is a P20,000 note, with interest at 3% per annum issued on December 1. 2016; (6) Rent for the office is at P3,000 a month. The billing for December, 2016 had not yet been received from the owner of the property. Required: Prepare a ten-column Worksheet for Satisfaction Guaranteed. ournal ontricn.
Transcribed Image Text:The unadjusted trial balance on December 31, 2016 of Satisfaction, Guaranteed a service enterprise, showed the following data: Debits Cash Accounts receivable Allowance for doubtful accounts Credits P 250,000 300,000 P 2,000 Notes receivable ep Office equipment Allowance for depreciation Supplies Accounts payable Notes payable Capital Drawing Rent expense 100,000 320,000 inT 30,000 100,000 80,000 50,000 501,000 100,000 33,000 Service income Salaries expense Other expenses 900,000 230,000 130,000 P1,563,000 P1,563,000 Additional information: (1) Services were rendered for P100,000. payment for it has not yet been received, and not yet recorded in the books of accounts; (2) The office equipment was acquired on July 1. 2016, with an esti- mated scrap value of P20,000 and useful life of 5 years. (3) The notes receivable includes a promissory note with a face value of P20,000 which is interest-bearing at 3% per annum, received on October 1, 2016. (4) On the accounts receivable balance at the date of the Statement of Financial Position, 1% is expected to be uncollectible; (5) Included in the notes payable is a P20,000 note, with interest at 3% per annum issued on December 1. 2016; (6) Rent for the office is at P3,000 a month. The billing for December, 2016 had not yet been received from the owner of the property. Required: Prepare a ten-column Worksheet for Satisfaction Guaranteed. ournal ontricn.
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