Below are selected accounts that Pinagpalit Repairs reported in its August 31, 2021 financial statements: P. Nagpalit, Capital, Aug 31 P132,600 Interest expense P 5,950 Service Revenue 204,626 Accounts receivable 59,500 Unearned revenue 4,039 Salaries payable 1,912 Salaries expense 35,867 Depreciation expense 22,950 Accumulated depreciation 98,750 Rent expense 13,275 Supplies expense 4,160 P. Nagpalit, Drawing 80,000 Interest revenue 9,585 Supplies 2,575 A. Prepare the Income Statement for the month ended August 31, 2021 using the (a) single-step format and (b) multistep format. B. Prepare the Capital Statement for the month ended August 31, 2021.
Below are selected accounts that Pinagpalit Repairs reported in its August 31, 2021 financial statements: P. Nagpalit, Capital, Aug 31 P132,600 Interest expense P 5,950 Service Revenue 204,626 Accounts receivable 59,500 Unearned revenue 4,039 Salaries payable 1,912 Salaries expense 35,867 Depreciation expense 22,950 Accumulated depreciation 98,750 Rent expense 13,275 Supplies expense 4,160 P. Nagpalit, Drawing 80,000 Interest revenue 9,585 Supplies 2,575 A. Prepare the Income Statement for the month ended August 31, 2021 using the (a) single-step format and (b) multistep format. B. Prepare the Capital Statement for the month ended August 31, 2021.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 3.6.3P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...
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1. Below are selected accounts that Pinagpalit Repairs reported in its August 31, 2021 financial statements:
P. Nagpalit, Capital, Aug 31
P132,600
Interest expense P 5,950
Service Revenue 204,626
Accounts receivable 59,500
Unearned revenue 4,039
Salaries payable 1,912
Salaries expense 35,867
Depreciation expense 22,950
Accumulated depreciation 98,750
Rent expense 13,275
Supplies expense 4,160
P. Nagpalit, Drawing 80,000
Interest revenue 9,585
Supplies 2,575
A. Prepare the Income Statement for the month ended August 31, 2021 using the (a) single-step format and (b) multistep format.
B. Prepare the Capital Statement for the month ended August 31, 2021.
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