Mavic Enterprises Post-Closing Trial Balance Dec. 31, 20X1 (in Philippine Peso) TITLE Dr Cr Petty Cash Fund Cash in Bank Accounts Receivable Allowance for Bad Debts Unused Supplies Prepaid Insurance Rental Deposit Office Equipment Accumulated Depreciation • Office Equipment Laboratory Equipment Accumulated Depreciation · Laboratory Equipment Expenses Payable Accounts Payable Loans Payable Withholding Taxes Payable SSS/EC Premiums Payable HDMF Premiums Payable Philhealth Premiums Payable Mavic Perez, Capital Mavic Perez, Drawings TOTALS P 5,000 146,400 175,000 P 12,000 135,000 2,000 150,000 70,000 4,500 400,000 5,000 2,000 65,000 100,000 14,500 4,900 2,000 3,500 1,120,000 P 250,000 P 1,333,400 P 1,333,400 Required: Statement of Financial Position (a) Report Form (b) Account Form E:countancy, Business, and Management: Basic Accounting 2

Mavic Enterprises Post-Closing Trial Balance Dec. 31, 20X1 (in Philippine Peso) TITLE Dr Cr Petty Cash Fund Cash in Bank Accounts Receivable Allowance for Bad Debts Unused Supplies Prepaid Insurance Rental Deposit Office Equipment Accumulated Depreciation • Office Equipment Laboratory Equipment Accumulated Depreciation · Laboratory Equipment Expenses Payable Accounts Payable Loans Payable Withholding Taxes Payable SSS/EC Premiums Payable HDMF Premiums Payable Philhealth Premiums Payable Mavic Perez, Capital Mavic Perez, Drawings TOTALS P 5,000 146,400 175,000 P 12,000 135,000 2,000 150,000 70,000 4,500 400,000 5,000 2,000 65,000 100,000 14,500 4,900 2,000 3,500 1,120,000 P 250,000 P 1,333,400 P 1,333,400 Required: Statement of Financial Position (a) Report Form (b) Account Form E:countancy, Business, and Management: Basic Accounting 2

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 27BE

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Required Prepare journal entries for (a) the sale of equipment, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Equipment is sold for (1) $650,000; (2) $530,000; (3) $200,000 and partners with capital deficits pay their deficits in cash; and (4) $150,000 and partners with deficits do not pay their deficits. (Round to the nearest dollar.)
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