Cebu Consultancy prepared the following trial balance on June 30, 2017, the end of the current...
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Cebu Consultancy prepared the following trial balance on June 30, 2017, the end of the current fiscal year. Cebu Consultancy Trial Balance June 30, 2021 P 55,000 Cash 15,000 Accounts Receivable Prepaid Insurance 1,800 4,200 Supplies Land 60,000 300,000 Building P 60,000 Accum. Depn. - Building 90,000 Equipment 27,000 Accum. Depn. - Equipment Accounts Payable 56,000 R. Blanco, Capital 345,800 R. Blanco, Drawing 12,000 Fees Revenues 209,000 Salaries and Wages Expense 105,000 Advertising Expense 13,000 Utilities Expense 28,000 10,000 Repairs Expense Miscellaneous Expense 3,800 P 697,800 P 697,800 Data needed for year-end adjustments: a. Accrued fees revenue at June 30, P 3,000. b. Insurance expired during the year, P 1,500. c. Supplies on hand at June 30, P 1,000. d. Depreciation on equipment for the year, P 9,000. e. Depreciation on building for the year, P 20,000. f. Accrued salaries and wages at June 30, P 12,000. REQUIRED: 1) Prepare a 12-column worksheet for the year ended June 30. 2) Prepare an income statement, a statement of changes in owner's equity (no additional investments were made during the year), and a statement of financial position. 3) Journalize the adjusting and closing entries. Cebu Consultancy prepared the following trial balance on June 30, 2017, the end of the current fiscal year. Cebu Consultancy Trial Balance June 30, 2021 P 55,000 Cash 15,000 Accounts Receivable Prepaid Insurance 1,800 4,200 Supplies Land 60,000 300,000 Building P 60,000 Accum. Depn. - Building 90,000 Equipment 27,000 Accum. Depn. - Equipment Accounts Payable 56,000 R. Blanco, Capital 345,800 R. Blanco, Drawing 12,000 Fees Revenues 209,000 Salaries and Wages Expense 105,000 Advertising Expense 13,000 Utilities Expense 28,000 10,000 Repairs Expense Miscellaneous Expense 3,800 P 697,800 P 697,800 Data needed for year-end adjustments: a. Accrued fees revenue at June 30, P 3,000. b. Insurance expired during the year, P 1,500. c. Supplies on hand at June 30, P 1,000. d. Depreciation on equipment for the year, P 9,000. e. Depreciation on building for the year, P 20,000. f. Accrued salaries and wages at June 30, P 12,000. REQUIRED: 1) Prepare a 12-column worksheet for the year ended June 30. 2) Prepare an income statement, a statement of changes in owner's equity (no additional investments were made during the year), and a statement of financial position. 3) Journalize the adjusting and closing entries.
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Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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