ACCOUNTS AMOUNTS IN PESO June July 1 Cash on hand 20,000.00 45,000.00 2 Accounts Receivable 10,000.00...

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ACCOUNTS AMOUNTS IN PESO June July 1 Cash on hand 20,000.00 45,000.00 2 Accounts Receivable 10,000.00 15,000.00 3 Sales 230,000.00 220,000.00 4 Allowance for doubtful accounts 5,000.00 5,000.00 5 Land 1,000,000.00 1,000,000.00 6 Long-term Investment 100,000.00 100,000.00 7 Additional Income 60,000.00 120,000.00 8 Prepaid Expense 10,000.00 10,000.00 9 Accounts Payable 105,000.00 105,000.00 1 Promissory Note Payable- 5 years 500,000.00 500,000.00 0 1 Promissory Note Payable- 1 year 100,000.00 100,000.00 1 1 Inventory 30,000.00 25,000.00 2 1 Bank loan 330,000.00 330,000.00 3 1 Direct Labor 35,000.00 35,000.00 4 1 Direct Materials 60,000.00 60,000.00 5 1 Manufacturing Overhead 40,000.00 25,000.00 6 1 Capital 100,000.00 180,000.00 7 1 Retained Earnings 80,000.00 145,000.00 8 1 Rent Expense 30,000.00 30,000.00 9 2 Office Supplies Expense 10,000.00 5,000.00 0 2 Transportation Expense 15,000.00 10,000.00 1 2 Utility Expense 15,000.00 10,000.00 2 2 Other Expenses 5,000.00 5,000.00 3 2 Cash in Bank 40,000.00 135,000.00 4 Additional Instructions: Create the three main financial statements using the accounts posted above. Note that ending balance for May is Php 100,000.00. ACCOUNTS AMOUNTS IN PESO June July 1 Cash on hand 20,000.00 45,000.00 2 Accounts Receivable 10,000.00 15,000.00 3 Sales 230,000.00 220,000.00 4 Allowance for doubtful accounts 5,000.00 5,000.00 5 Land 1,000,000.00 1,000,000.00 6 Long-term Investment 100,000.00 100,000.00 7 Additional Income 60,000.00 120,000.00 8 Prepaid Expense 10,000.00 10,000.00 9 Accounts Payable 105,000.00 105,000.00 1 Promissory Note Payable- 5 years 500,000.00 500,000.00 0 1 Promissory Note Payable- 1 year 100,000.00 100,000.00 1 1 Inventory 30,000.00 25,000.00 2 1 Bank loan 330,000.00 330,000.00 3 1 Direct Labor 35,000.00 35,000.00 4 1 Direct Materials 60,000.00 60,000.00 5 1 Manufacturing Overhead 40,000.00 25,000.00 6 1 Capital 100,000.00 180,000.00 7 1 Retained Earnings 80,000.00 145,000.00 8 1 Rent Expense 30,000.00 30,000.00 9 2 Office Supplies Expense 10,000.00 5,000.00 0 2 Transportation Expense 15,000.00 10,000.00 1 2 Utility Expense 15,000.00 10,000.00 2 2 Other Expenses 5,000.00 5,000.00 3 2 Cash in Bank 40,000.00 135,000.00 4 Additional Instructions: Create the three main financial statements using the accounts posted above. Note that ending balance for May is Php 100,000.00.

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ANSWER To create the three main financial statements Income Statement Statement of Financial Position and Statement of Cash Flows using the accounts p... View the full answer