Prepare Balance sheet Accounts PayableAccounts ReceivableP 122,500219,000Accumulated Depreciation-BuildingAccumulated Depreciation-EquipmentAdvertising ExpenseArt Revenues60,00060,000105,0001,437,500450,000BuildingCash36,20030,000Depreciation Expense-BuildingDepreciation Expense-EquipmentEquipmentInterest Expense30,000217,00037,000Land120,000Miscellaneous ExpenseMortgage PayableNotes PayableOffice SuppliesBlanche, Capital, 1/1/2017Blanche, WithdrawalsRepresentation ExpenseSalaries ExpenseSalaries PayableTravel Expense24,600395,000213,00017,20050,500148,600164,000673,20017,300159,000During the year, Blanche invested additional P75,000 in the business.

Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues P 122,500 219,000 60,000 60,000 105,000 1,437,500 450,000 36,200 Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense Land 30,000 30,000 217,000 37,000 120,000 24,600 Miscellaneous Expense Mortgage Payable 295 00O

Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues P 122,500 219,000 60,000 60,000 105,000 1,437,500 450,000 36,200 Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense Land 30,000 30,000 217,000 37,000 120,000 24,600 Miscellaneous Expense Mortgage Payable 295 00O

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 14E

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The following accounts relate to Warlito Blanche Graphic Arts: Accounts Payable P 122,500Accounts Receivable 219,000Accumulated Depreciation-Building 60,000Accumulated Depreciation-Equipment 60,000Advertising Expense 105,000Art Revenues 1,437,500Building 450,000Cash 36,200Depreciation Expense-Building 30,000Depreciation Expense-Equipment 30,000Equipment 217,000Interest Expense 37,000Land 120,000Miscellaneous Expense 24,600Mortgage Payable 395,000Notes Payable 213,000Office Supplies 17,200Blanche, Capital, 1/1/2009…
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