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Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Debit Credit Cash in Bank Account Receivable Allowance for Bad debts P 100,000 480,000 P 5,000 Prepaid Rent Office Equipment Acc. Dep. – Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital 10,000 660,000 60,000 30,000 240,000 455,000 Service Income Cost of Service 2,000,000 1,050,000 Administrative Salaries 280.000

Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Debit Credit Cash in Bank Account Receivable Allowance for Bad debts P 100,000 480,000 P 5,000 Prepaid Rent Office Equipment Acc. Dep. – Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital 10,000 660,000 60,000 30,000 240,000 455,000 Service Income Cost of Service 2,000,000 1,050,000 Administrative Salaries 280.000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 3EA: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...
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Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Debit Credit 100,000 480,000 Cash in Bank P Account Receivable Allowance for Bad debts P 5,000 Prepaid Rent Office Equipment Acc. Dep. – Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital 10,000 660,000 60,000 30,000 240,000 455,000 2,000,000 Service Income Cost of Service 1,050,000 280,000 70,000 60,000 9,000 5,000 6,000 60,000 Administrative Salaries Advertising Expense Utilities Expense Transportation Expense Bad Debt Expense Depreciation Expense Rent Expense TOTALS P 2.790.000 P 2,790.000
Transcribed Image Text:Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Debit Credit 100,000 480,000 Cash in Bank P Account Receivable Allowance for Bad debts P 5,000 Prepaid Rent Office Equipment Acc. Dep. – Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital 10,000 660,000 60,000 30,000 240,000 455,000 2,000,000 Service Income Cost of Service 1,050,000 280,000 70,000 60,000 9,000 5,000 6,000 60,000 Administrative Salaries Advertising Expense Utilities Expense Transportation Expense Bad Debt Expense Depreciation Expense Rent Expense TOTALS P 2.790.000 P 2,790.000
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