Jab Less ServicesChart of AccountsJab, CapitalService IncomeSalary ExpenseUtilities ExpenseGive the adjusting entriesPrepare a 10-column worksheetCashAccounts ReceivableEquipmentAccounts PayablePresented below are the transactions of Jab Less Services.2017Sept. 1Jab invested P125,000 in the business7Purchased equipment from X. Co., P35,000 on account9Rendered services on account to various customers P75,000Paid salary for the month P15,0003030Paid utilities for the month P2,300Additional information:E.Depreciation of equipment is P1,000b. Doubtful accounts at year end are estimated to be P800Requirements:Journalize the transactions34-3521-2526-33Post them to the T-accounts36-40 XPresented belowCashAccounts ReceivableNotes ReceivableMerchandise InventoryPrepaid RentOffice SuppliesPrepaid InsuranceFurniture and FixturesAccumulated Depreciation-Furniture and FixturesOffice EquipmentAccumulated Depreciation-Office EquipmentAccounts PayableNotes PayableMortgage PayableYenar, CapitalYenar, Drawing112,500SalesSales Returns and Allowances150,000Sales Discount142,500Purchases1,687,500Freight-in25,500Purchase Returns and AllowancesPurchase DiscountSalaries Expense270,000Utilities Expense450,000Advertising Expense56,25027,000Delivery ExpenseInterest Expense1,800TotalP 4,641,000Additional pieces of information determined for December 31, 2017 are as follows:a.Depreciation of Furniture and Fixtures is P27,000 and that of office equipment is P33,750b.Office supplies used during the year amounted to P5,000C. Insurance expired during the year is P6,000d. Ending inventory amounted to P15,000e. Doubtful accounts at year-end are estimated to be P 4,500fRent expired during the year is P 66,000g. Unpaid salaries at year-end amounted to P 54,000Required:1Prepare a 10-column worksheet2. Prepare the closing entries3.Prepare the post-closing trial balanceYenar MerchandisingTrial BalanceDecember 31, 2017P 80,600109,100465,000371,25072,0005,00015,000330,000270,000P 81,00067,500225,00054,000105,000598,5003,375,000101,25033,750P 4,641,000

Journal Entries: When the business transactions are recorded by way of debit and credit in the…

Accounts Receivable Equipment Accounts Payable re the transactions of Jab Less Services. ab invested P125,000 in the business Purchased equipment from X. Co.; P35,000 on account tendered services on account to various customers P75,000 "aid salary for the month P15,000 Paid utilities for the month P2,300 tion: reciation of equipment is P1,000 tful accounts at year end are estimated to be P800 Service Income Salary Expense Utilities Expense

Accounts Receivable Equipment Accounts Payable re the transactions of Jab Less Services. ab invested P125,000 in the business Purchased equipment from X. Co.; P35,000 on account tendered services on account to various customers P75,000 "aid salary for the month P15,000 Paid utilities for the month P2,300 tion: reciation of equipment is P1,000 tful accounts at year end are estimated to be P800 Service Income Salary Expense Utilities Expense

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 6PA: Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are...

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