Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows; Account Debit Credit Accounts Payable 2,160   Accounts Receivable   3,070 Paid in capital- common stock   4,990 Cash 3,910   Notes Payable   600 Property, plant, and equipment (at cost) 6,200   Allowances for doubtful accounts   540 Inventories 1,730   Accumulated depreciation   2,800 Prepaid Expenses 1,250   Retained earnings   2,250 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   1,000 Other liabilities-long term   1,000   20,000 20,000 During the month of September, the following transactions occurred; 1.Owner invested additional cash on common stock, Php 5,000. 2.Purchased inventory on account Php 1,300. 3.Advertising paid in cash Php 150. 4.Paid employees salaries Php 300. 5.Expired insurance, Php 250. 6.Sold goods in cash, Php 2,940 and on credit, Php 2,810. 7.Research and development expense paid in cash, Php 280. 8.Paid certain accounts payable, Php 1,720. 9.Selling, general administrative expenses paid on account, Php 255. 10.Collected accounts receivable Php 1,510. 11.Overhead and other expenses paid in cash Php 100. 12.Rent paid in advance Php 250. 13.Received cash for revenue applicable next period Php 650. 14.Increased the current notes payable by Php 200. 15.Sold goods for Php 1,500; returns and allowances, Php 200 and discounts, Php 100 16.Physical Inventory showed ending balance of php 1,750 17.Declared dividends paid Php 1,000 18.Bad debts, Php 45. 19.Depreciation expenses, Php 300 20.Interest earned and bank charges incurred on savings account, Php 100 and Php 50 respectively.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
100%
 
Hi pls Journalize the transaction
And set up T accounts and post beginning account balances and transactions.
Pls also Journalize and post closing entries and Prepare a trial balance for the month ending  and Prepare an income statement for the month ending (ignore taxes) and Prepare a statement of retained earning and Prepare an ending balance sheet

Problem: The beginning balances in ledger of DBM Corporation for September 01, 2018 were as follows;

Account Debit Credit
Accounts Payable 2,160  
Accounts Receivable   3,070
Paid in capital- common stock   4,990
Cash 3,910  
Notes Payable   600
Property, plant, and equipment (at cost) 6,200  
Allowances for doubtful accounts   540
Inventories 1,730  
Accumulated depreciation   2,800
Prepaid Expenses 1,250  
Retained earnings   2,250
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   1,000
Other liabilities-long term   1,000
  20,000 20,000

During the month of September, the following transactions occurred;


1.Owner invested additional cash on common stock, Php 5,000.

2.Purchased inventory on account Php 1,300.

3.Advertising paid in cash Php 150.

4.Paid employees salaries Php 300.

5.Expired insurance, Php 250.

6.Sold goods in cash, Php 2,940 and on credit, Php 2,810.

7.Research and development expense paid in cash, Php 280.

8.Paid certain accounts payable, Php 1,720.

9.Selling, general administrative expenses paid on account, Php 255.

10.Collected accounts receivable Php 1,510.

11.Overhead and other expenses paid in cash Php 100.

12.Rent paid in advance Php 250.

13.Received cash for revenue applicable next period Php 650.

14.Increased the current notes payable by Php 200.

15.Sold goods for Php 1,500; returns and allowances, Php 200 and discounts, Php 100

16.Physical Inventory showed ending balance of php 1,750

17.Declared dividends paid Php 1,000

18.Bad debts, Php 45.

19.Depreciation expenses, Php 300

20.Interest earned and bank charges incurred on savings account, Php 100 and Php 50 respectively.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education