PREPARE ADJUSTED TRIAL BALANCE , INCOME STATEMENT & BALANCE SHEET - TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BAL INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CASH 419,640.0 ACCOUNTS RECEIVABLE 30,000.0 OFFICE EQUIPMENT 40,000.0 ACCOUNTS PAYABLE 40,000.0 APEX, CAPITAL 500,000.0 APEX DRAWING 10,000.0 PURCHASES 85,000.0 PURCHASE RETURN 3,000.0 PURCHASE DISCOUNT 1,440.0 SALES 110,000.0 SALES DISCOUNT 800.0 INSURANCE EXPENSE 12,000.0 SALARIES EXPENSE 30,000.0 TAXES EXPENSE 2,000.0 RENT EXPENSE 15,000.0 654,440.0 654,440.0
PREPARE ADJUSTED TRIAL BALANCE , INCOME STATEMENT & BALANCE SHEET - TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BAL INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CASH 419,640.0 ACCOUNTS RECEIVABLE 30,000.0 OFFICE EQUIPMENT 40,000.0 ACCOUNTS PAYABLE 40,000.0 APEX, CAPITAL 500,000.0 APEX DRAWING 10,000.0 PURCHASES 85,000.0 PURCHASE RETURN 3,000.0 PURCHASE DISCOUNT 1,440.0 SALES 110,000.0 SALES DISCOUNT 800.0 INSURANCE EXPENSE 12,000.0 SALARIES EXPENSE 30,000.0 TAXES EXPENSE 2,000.0 RENT EXPENSE 15,000.0 654,440.0 654,440.0
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 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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1. PREPARE ADJUSTED
| - | TRIAL BALANCE | ADJUSTMENTS | ADJUSTED TRIAL BAL | INCOME STATEMENT | BALANCE SHEET | |||||
| ACCOUNT TITLE | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT |
| CASH | 419,640.0 | |||||||||
| |
30,000.0 | |||||||||
| OFFICE EQUIPMENT | 40,000.0 | |||||||||
| ACCOUNTS PAYABLE | 40,000.0 | |||||||||
| APEX, CAPITAL | 500,000.0 | |||||||||
| APEX DRAWING | 10,000.0 | |||||||||
| PURCHASES | 85,000.0 | |||||||||
| PURCHASE RETURN | 3,000.0 | |||||||||
| PURCHASE DISCOUNT | 1,440.0 | |||||||||
| SALES | 110,000.0 | |||||||||
| SALES DISCOUNT | 800.0 | |||||||||
| INSURANCE EXPENSE | 12,000.0 | |||||||||
| SALARIES EXPENSE | 30,000.0 | |||||||||
| TAXES EXPENSE | 2,000.0 | |||||||||
| RENT EXPENSE | 15,000.0 | |||||||||
| 654,440.0 | 654,440.0 | |||||||||
Transcribed Image Text:30. Paid salaries, P15,000
31. Withdrew cash for personal use, P10,000
31.Returned defective merchandise purchased for cash, P1,000
DATA FOR ADJUSTMENTS:
1. Supplies on hand, P8,000
2. Prepaid insurance expired, P1,000
3. Depreciation of equipment, P4,000
4. Merchandise inventory end, P30,000
Required:
1. Journalize the above transactions using the following account titles: CASH, 101; ACCOUNTS
RECEIVABLE, 102;MERCHANDISE INVENTORY, 103; SUPPLIES, 104; PREPAID INSURANCE, 105;
OFFICE EQUIPMENT, 106, ACCUMULATED DEPRECIATION, 107; ACCOUNTS PAYABLE, 201; APEX,
CAPITAL, 301, APEX DRAWING, 302; PURCHASES, 401; PURCHASE RETURN AND ALLOWANCEES,
402, PURCHASE DISCOUNTS, 403; SALES, 501; SALES RETURN AND ALLOWANCES, 502, SALES
DISCOUNTS, 503; INCOME SUMMARY, 504; INSURANCE EXPENSE, 601, SUPPLIES EXPENSE, 602;
SALARIES EXPENSE, 603; TAXES EXPENSE, 604; RENT EXPENSE, 605; DEPRECIAITON EXPENSE, 606
2. Post to the ledger.
3. Prepare trial balance
Transcribed Image Text:Problem 3
APEX Company established its merchandising business in January 2, 2020. The following transactions
took place in its first month of operation.
Jan. 2 Deposited P500,000 in the company's account.
4. Purchased supplies, P10,000 for cash
5. Purchased office equipment on account, P40,000
8. Paid 1 year insurance< P12,000.
10.Purchased goods for cash, P 30,000
13.Purchased goods on account, P50,000, terms 3/10, n/30.
14. Sold merchandise on account, P40,000, terms 2/10,n/30
15 Paid salaries, P15,000
16 Paid taxes, P2,000
18. Sold merchandise for cash, P30,000
19. Paid rent for the month, P15,000
20. Returned P2,000 worth of merchandise purchase on account
21Paid creditor on account purchased on Jan. 13.
22. Received cash from customers on account.
25. Purchased goods for cash, P5,000
26. Sold merchandise on account, P30,000, 2/10,n/20
29. Sold merchandise for cash, P10,000
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