Fundamentals in Accounting, Business and Management1Completing the Accounting Cycle ActivityINSTRUCTION: Prepare the January 2022 Financial Record of Clover Co. (Journal,Ledger (T-Account), Worksheet, Balance Sheet, and Income Statement)1. January 1, 2022 - Leslie invested P2,000,000 cash in Clover Co.2. January 2, 2022 - Leslie purchase a MAC Book P65,000, Tables and ChairsP20,000, Office Equipment P80,0003. January 3, 2022 – Leslie. received a bank loan from Union Bank amounting toP500,0004. January 5, 2022 - Clover Co. started its operations. He sold goods to thecustomer and received P100,000 for goods delivered.5. January 6, 2022 - Clover Co. purchase Office Supplies on account P50,0006. January 7, 2022 - Received a 30-day note from KL Foods, amounting to 100,000for the goods purchased for the customer's business.7. January 9, 2022 - Clover C. partially paid the office supplies purchased onJanuary 6. He paid P35,000.8. January 10, 2022 - Clover Co. paid Salary of Staff P35,0009. January 11, 2022 - Clover Co. received 100,000 cash from the customer for thedelivered goods.10. January 12, 2022 - Leslie, the owner of Clover Co. withdraws cash P100,00011. January 13, 2022 – KL Foods partially paid the note amounting to P25,00012. January 15, 2022 - Clover Co. paid P5,500 for repairs of office equipment.13. January 16, 2022 - Clover Co. paid Meals of store staff of P10,50014. January 17, 2022 - Clover Co. sold to V-Cut Company P80,000 worth of goodson account15. January 18, 2022 - Clover Co. purchased EPSON Printer on account, 65,00016. January 19, 2022 - Clover Co, received P50,000 as payment of V-Cut Company17. January 20, 2022 – Clover Co paid in advance P180,000 rent for the year 2022.18. January 21, 2022 - Clover Co fully paid the EPSON Printer19. January 22, 2022 - Clover Co received cash for goods delivered P350,00020. January 23, 2022 - Clover Co. paid the following expenses: Salary P50,000Meals P20,000, Internet 3,500, Communication Expense P4,500, Repairs andMaintenance P8,00021.January 25, 2022 – Received a 15-day note from Mr. Chips, P150,000 for thegoods delivered.22. January 28, 2022 – the Mr. Chips paid 50% of his account to Clover Co.23. January 30, 2022 - Cheepy Inc. purchased P500,00 goods to Clover Co. thegoods were delivered to Cheepy Inc on the same day. Cheepy will pay Clover Coon February 3, 202224. January 30, 2022 – Clover Co received the Meralco Bill amounting to P35,000.Billing period is from January 1 to 28, 2022. Clover Co will pay the bill nextmonth.25. January 31, 2022 - Received P10,000 from V-Cut Company as payment of itsaccount.Record and post the following month end adjustments1. Depreciation at January 31, 2022. The following useful life and residual value ofthe assets as follows;MAC Book – 5 years / P10,000 Residual ValueTables and Chairs - 6 years / P500 Residual ValueOffice Equipment - 10 years /P10,000 Residual ValuePrinter – 3 years / P1,500 Residual Value2. On January 31, Office Supplies on hand amounts to P25,0003. Rent expired in January, P15,0004. Bad Debts is estimated 5% of Accounts Receivable as of January 31, 2022Requirements:1. Prepare Journal Entries of each transaction. (With explanations)2. Prepare T-Account3. Prepare Worksheet of Clover Co. (Unadjusted TB, Adjustment, AdjustedTB, Income Statement, Balance Sheet Columns)4. Journalize each Adjusting Entries5. Prepare Formal Balance Sheet and Income Statement

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Requirements: 1. Prepare Journal Entries of each transaction. (With explanations) 2. Prepare T-Account 3. Prepare Worksheet of Clover Co. (Unadjusted TB, Adjustment, Adjusted TB, Income Statement, Balance Sheet Columns) 4. Journalize each Adjusting Entries 5. Prepare Formal Balance Sheet and Income Statement

Requirements: 1. Prepare Journal Entries of each transaction. (With explanations) 2. Prepare T-Account 3. Prepare Worksheet of Clover Co. (Unadjusted TB, Adjustment, Adjusted TB, Income Statement, Balance Sheet Columns) 4. Journalize each Adjusting Entries 5. Prepare Formal Balance Sheet and Income Statement

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 4SEB: EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first...

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