Hi pls make an income statement, statement of retained earnings and balance sheet. The journal entries are as follows: S. No. Particular Amount in Php Amount in Php 1 Cash 5,000 Common stock 5,000 (To record investment in business) 2 Inventory 1,300 Accounts payable 1,300 (To record purchase of inventory) 3 Advertising expense 150 Cash 150 (To record payment of expense) 4 Salaries expense 300 Cash 300 (To record salaries paid) 5 Insurance expense 250 Prepaid expense 250 (To record insurance expired) 6 Cash 2,940 Accounts receivable 2,810 Inventory 5,750 (To record sale of goods) 7 Research and development expense 280 Cash 280 (To record R&D expenses paid) 8 Accounts payable 1,720 Cash 1,720 (To record cash paid) 9 Selling, general, and administrative expense 255 Accounts payable 255 (To record expenses due) 10 Cash 1,510 Accounts receivable 1,510 (To record receivables collected) 11 Other expenses 100 Cash 100 (To record overhead expenses paid) 12 Prepaid rent 250 Cash 250 (To record prepaid expense paid) 13 Cash 650 Unearned revenue 650 (To record revenue received in advance) 14 Cash 200 Notes payable 200 (To record increase in notes payable) 15 Accounts receivable 1,500 Return and allowances 200 Discount received 100 Merchandise inventory 1,800 (To record goods sold) 16 Inventory 20 Cash 20 (To record increase in inventory balance) 17 Dividend expense 1,000 Dividend payable 1,000 (To record dividend declared) 18 Bad debt expenses 45 Accounts receivable 45 (To record bad debt expenses) 19 Depreciation expense 300 Accumulated depreciation 300 (To record depreciation expense) 20 Cash 100 Interest receivable 100 (To record interest earned) Bank charges 50 Cash 50 (To record bank charges paid) Trial balance is as follows: Account Debit Credit Accounts Payable 2,325 Common stock 5,000 Accounts Receivable 415 Paid in capital- common stock 4,990 Cash 11,440 Notes Payable 800 Property, plant, and equipment (at cost) 6,200 Allowances for doubtful accounts 540 Inventories 4,500 Accumulated depreciation 3,100 Prepaid Expenses 1,250 Retained earnings 780 Good will 1,000 Estimated tax liability 750 Marketable securities 1,750 Accrued Expense 1,000 Patents and trademarks 500 Bonds payable 2,000 Investment 1,500 Deferred Revenue 1,650 Other liabilities-long term 2,000

Hi pls make an income statement, statement of retained earnings and balance sheet. The journal entries are as follows: S. No. Particular Amount in Php Amount in Php 1 Cash 5,000 Common stock 5,000 (To record investment in business) 2 Inventory 1,300 Accounts payable 1,300 (To record purchase of inventory) 3 Advertising expense 150 Cash 150 (To record payment of expense) 4 Salaries expense 300 Cash 300 (To record salaries paid) 5 Insurance expense 250 Prepaid expense 250 (To record insurance expired) 6 Cash 2,940 Accounts receivable 2,810 Inventory 5,750 (To record sale of goods) 7 Research and development expense 280 Cash 280 (To record R&D expenses paid) 8 Accounts payable 1,720 Cash 1,720 (To record cash paid) 9 Selling, general, and administrative expense 255 Accounts payable 255 (To record expenses due) 10 Cash 1,510 Accounts receivable 1,510 (To record receivables collected) 11 Other expenses 100 Cash 100 (To record overhead expenses paid) 12 Prepaid rent 250 Cash 250 (To record prepaid expense paid) 13 Cash 650 Unearned revenue 650 (To record revenue received in advance) 14 Cash 200 Notes payable 200 (To record increase in notes payable) 15 Accounts receivable 1,500 Return and allowances 200 Discount received 100 Merchandise inventory 1,800 (To record goods sold) 16 Inventory 20 Cash 20 (To record increase in inventory balance) 17 Dividend expense 1,000 Dividend payable 1,000 (To record dividend declared) 18 Bad debt expenses 45 Accounts receivable 45 (To record bad debt expenses) 19 Depreciation expense 300 Accumulated depreciation 300 (To record depreciation expense) 20 Cash 100 Interest receivable 100 (To record interest earned) Bank charges 50 Cash 50 (To record bank charges paid) Trial balance is as follows: Account Debit Credit Accounts Payable 2,325 Common stock 5,000 Accounts Receivable 415 Paid in capital- common stock 4,990 Cash 11,440 Notes Payable 800 Property, plant, and equipment (at cost) 6,200 Allowances for doubtful accounts 540 Inventories 4,500 Accumulated depreciation 3,100 Prepaid Expenses 1,250 Retained earnings 780 Good will 1,000 Estimated tax liability 750 Marketable securities 1,750 Accrued Expense 1,000 Patents and trademarks 500 Bonds payable 2,000 Investment 1,500 Deferred Revenue 1,650 Other liabilities-long term 2,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.1.1P: Income statement, retained earnings statement, and balance sheet The amounts of the assets and...

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Hi pls make an income statement, statement of retained earnings and balance sheet.

The journal entries are as follows:

S. No.	Particular	Amount in Php	Amount in Php
1	Cash	5,000
	Common stock		5,000
	(To record investment in business)
2	Inventory	1,300
	Accounts payable		1,300
	(To record purchase of inventory)
3	Advertising expense	150
	Cash		150
	(To record payment of expense)
4	Salaries expense	300
	Cash		300
	(To record salaries paid)
5	Insurance expense	250
	Prepaid expense		250
	(To record insurance expired)
6	Cash	2,940
	Accounts receivable	2,810
	Inventory		5,750
	(To record sale of goods)
7	Research and development expense	280
	Cash		280
	(To record R&D expenses paid)
8	Accounts payable	1,720
	Cash		1,720
	(To record cash paid)
9	Selling, general, and administrative expense	255
	Accounts payable		255
	(To record expenses due)
10	Cash	1,510
	Accounts receivable		1,510
	(To record receivables collected)
11	Other expenses	100
	Cash		100
	(To record overhead expenses paid)
12	Prepaid rent	250
	Cash		250
	(To record prepaid expense paid)
13	Cash	650
	Unearned revenue		650
	(To record revenue received in advance)
14	Cash	200
	Notes payable		200
	(To record increase in notes payable)
15	Accounts receivable	1,500
	Return and allowances	200
	Discount received	100
	Merchandise inventory		1,800
	(To record goods sold)
16	Inventory	20
	Cash		20
	(To record increase in inventory balance)
17	Dividend expense	1,000
	Dividend payable		1,000
	(To record dividend declared)
18	Bad debt expenses	45
	Accounts receivable		45
	(To record bad debt expenses)
19	Depreciation expense	300
	Accumulated depreciation		300
	(To record depreciation expense)
20	Cash	100
	Interest receivable		100
	(To record interest earned)
	Bank charges	50
	Cash		50
	(To record bank charges paid)

Trial balance is as follows:

Account	Debit	Credit
Accounts Payable	2,325
Common stock		5,000
Accounts Receivable		415
Paid in capital- common stock		4,990
Cash	11,440
Notes Payable		800
Property, plant, and equipment (at cost)	6,200
Allowances for doubtful accounts		540
Inventories		4,500
Accumulated depreciation		3,100
Prepaid Expenses	1,250
Retained earnings	780
Good will	1,000
Estimated tax liability		750
Marketable securities	1,750
Accrued Expense		1,000
Patents and trademarks	500
Bonds payable		2,000
Investment	1,500
Deferred Revenue		1,650
Other liabilities-long term		2,000

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