Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Account Title Credit Debit P 16.500.00 Cash Accounts Receivable 7.500.00 Allowance for doubtful accounts 150.00 Note Receivable 5.527.50 3.000.00 Unused Supplies Prepaid rent 5.000.00 Photocopying Equipment 30,000.00 450.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5.000.00 Accumulated Depreciation - Furniture & Fixtures 75.00 Accounts payable 2.500.00 Loan payable 50,000.00 Notes payable 5.000.00 Salaries Payable 816.67 Unearned Photocopying Revenues 1,800.00 Mercado, Capital 10,000.00 Mercado, Drawing 500.00 Photocopying Revenues 24,227.50 Taxes and Licenses Expense 2.000.00 Salaries expense 4,800.00 Supplies expense 7.000.00 Utilities expense 2.500.00 Rent expense 5.000.00 Depreciation Expense 525.00 Bad debts expense 166.67 Totals P 95,019.17 P 95,019.17 Requirements: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and Statement of Financial Position

Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Account Title Credit Debit P 16.500.00 Cash Accounts Receivable 7.500.00 Allowance for doubtful accounts 150.00 Note Receivable 5.527.50 3.000.00 Unused Supplies Prepaid rent 5.000.00 Photocopying Equipment 30,000.00 450.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5.000.00 Accumulated Depreciation - Furniture & Fixtures 75.00 Accounts payable 2.500.00 Loan payable 50,000.00 Notes payable 5.000.00 Salaries Payable 816.67 Unearned Photocopying Revenues 1,800.00 Mercado, Capital 10,000.00 Mercado, Drawing 500.00 Photocopying Revenues 24,227.50 Taxes and Licenses Expense 2.000.00 Salaries expense 4,800.00 Supplies expense 7.000.00 Utilities expense 2.500.00 Rent expense 5.000.00 Depreciation Expense 525.00 Bad debts expense 166.67 Totals P 95,019.17 P 95,019.17 Requirements: 1. Prepare Financial Statements: Profit and loss Statement, Statement of changes in Equity and Statement of Financial Position

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 13PB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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