Written Works in Fundamentals of Accountancy, Business and Management 1Prepare a 10-Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021.EFFICIENT SERVICESTRIAL BALANCEAs of December 31, 2021ACCOUNT TITLECREDITDEBITP1,094,000CashAccounts Receivable80,0003,000Office SuppliesPrepaid Rent60,000Computer35,000Delivery Van1,500,000Accounts PayableP816,000Loans Payable500,000Clark Kent, Capital1,000,000Clark Kent, Drawing40,000Revenues575,0003,000Van Maintenance ExpenseWages Expense60,000Telephone Expense2,00010,000Entertainment ExpenseElectricity Expense4,000P2,891,000P2,891,000Adjustments: Long-term assets are depreciated using the straight line method. Depreciation is recordedat full month rate if the asset is bought before the 16th of the month and at half month rate if the assetis bought after the 15th of the month. The same half-month convention is used in accounting for prepaidexpenses. The asset method of accounting for prepaid expense is used.1. Bad debts expense is 1% of the revenues.2.Expired rent. One year rent was paid on December 7.3. Depreciate delivery van bought on December 6. Useful life is 7 years and salvage value isP100,000.4. Depreciate computer bought on December 3. Useful life is 3 years and salvage value is zero.5. Accrued interest on loans payable. Interest rate is 12%; term is 10 years. Loan was obtained onDecember 13.6. Office supplies used, P500.Note: Show your Adjusting Entries using the format.

Adjusting Entries- An adjusting journal entry is one that occurs in a company's general ledger at…

siness and Managem -Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021. EFFICIENT SERVICES TRIAL BALANCE As of December 31, 2021 ACCOUNT TITLE CREDIT DEBIT P1,094,000 eceivable 80,000 lies 3,000 nt 60.000

siness and Managem -Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021. EFFICIENT SERVICES TRIAL BALANCE As of December 31, 2021 ACCOUNT TITLE CREDIT DEBIT P1,094,000 eceivable 80,000 lies 3,000 nt 60.000

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.1: Subsidiary Ledgers And Controlling Accounts

Problem 1OYO

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Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Mulberry paid the interest payable of $8,000. A Wages of $379,000 were paid in cash. Repairs and maintenance of $9,000 were incurred and paid. The prepaid rent at the beginning of the year was used in 2019. In addition, $28,000 of computer rental costs were incurred and paid. There is no prepaid rent or rent payable at year-end. Mulberry purchased computer paper for $13,000 cash in late December. None of the paper was used by year-end. Advertising expense of $26,000 was incurred and paid. Income tax of $10,300 was incurred and paid in 2019. Interest of $5,000 was paid on the long-term loan. (Continued) Required: 1. Establish a ledger for the accounts listed above and enter the beginning balances. Use a chart of accounts to order the ledger accounts. 2. Analyze each transaction, Journalize as appropriate. (Note: Ignore the date because these events are aggregations of individual events.) 3. Post your journal entries to T-accounts, Add additional T-accounts when needed. 4. Use the ending balances in the T-accounts to prepare a trial balance
Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
Brief Exercise 3-33 Preparing an Income Statement The adjusted trial balance of Pelton Company at December 31, 2019, includes the following accounts: Wages Expense, $22,400; Service Revenue. Rent Expense, $3,200; Dividends, $4,000; Retained Earnings, $12,200; and Prepaid Rent, $1,000. Required: Prepare a single-step income Statement for Pelton for 2019.
Exercise 1-35 Accounting Concepts OBJECTIVE 06Â° A list of accounting concepts and related definitions is presented below. Concept Definition 1. Revenue a. Owners claim on the resources of a company 2, Expense b. The difference between revenues and expenses 3. Net income (1055) c. Increase in assets from the sale of goods or services 4, Dividend d. Economic resumes of a company 5. Asset e. Cost of assets consumed in the operation of a business 6, Liability f. Creditors' claims on the resources of a company 7. Stock holders, equity g. Distribution of earnings to stockholders Required: Match each of the concepts with its corresponding definition
Preparation of SCI for a Service Business Using the Single-Step Approach Prepare a Statement of Comprehensive Income for the year ended December 31,2020 using the following account titles listed. You may use any desired business name. Revenues ₱860,000 Rent expense ₱120,000 Salaries expense ₱360,000 Utilities expense ₱180,000 Supplies expense ₱10,000 Depreciation expense ₱10,000 Read and understand each question carefully. Write the letter of the correct answer on the space provided each number. _________1. On 2020, an entity made cash sales of ₱3,000,000. It paid ₱1,000,000 in expenses and owed ₱300,000 for services it received in 2020 but payable in 2021. What is the profit for 2020? A. ₱1,200,000B. ₱1,700,000C. ₱2,000,000D. None of the above _________2. Calculate for the profit given the data below: Sales ₱2,000,000Prepaid Rent Expense (2 months…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title     Debit    Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000       Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title     Debit    Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000       Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title     Debit    Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000       Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title     Debit    Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000       Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title     Debit    Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000       Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title     Debit    Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000       Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…