PA6. LO 5.1 Use the following T-accounts to prepare the four journal entries required to close the books: Debit Credit Accounts Receivable Bal. 45,500 Fees Earned Revenue Bal. 60,000 Commission Expense Bal. 7,200 Supplies Expense Bal. 5,500 Wages Expense Bal. 42,000 Dividends Bal. 3,500 Retained Earnings Bal. 51,000

PA6. LO 5.1 Use the following T-accounts to prepare the four journal entries required to close the books: Debit Credit Accounts Receivable Bal. 45,500 Fees Earned Revenue Bal. 60,000 Commission Expense Bal. 7,200 Supplies Expense Bal. 5,500 Wages Expense Bal. 42,000 Dividends Bal. 3,500 Retained Earnings Bal. 51,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.6P: Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How...

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Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?
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42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000
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Entity A has total accounts receivable of ₱640,000 on December 31, 20x1.₱70,000 is doubtful of collection. What is the adjusting entry to take up the uncollectible accounts expense on December 31, 20x1?