Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business 02 Bought supplies P700 on account. 03 Rendered services P1,100 on account. On December 31, 2020 Sy General Services has an estimated uncollectible 1% of its accounts receivable. Required: 1. Journalize the transactions. 2. Post the journal entries to the ledgers. 3. Prepare the unadjusted trial balance. 4. Prepare an adjusting journal entry. 5. Prepare the adjusted trial balance.
Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business 02 Bought supplies P700 on account. 03 Rendered services P1,100 on account. On December 31, 2020 Sy General Services has an estimated uncollectible 1% of its accounts receivable. Required: 1. Journalize the transactions. 2. Post the journal entries to the ledgers. 3. Prepare the unadjusted trial balance. 4. Prepare an adjusting journal entry. 5. Prepare the adjusted trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business
02 Bought supplies P700 on account.
03 Rendered services P1,100 on account.
On December 31, 2020 Sy General Services has an estimated uncollectible 1% of its
accounts receivable.
Required:
1. Journalize the transactions.
2.
3. Prepare the unadjusted
4. Prepare an
5. Prepare the adjusted trial balance.
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