The trial balance of George Laku, a merchandising business, on January 1, 20x1 is shown below:...

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The trial balance of George Laku, a merchandising business, on January 1, 20x1 is shown below: Accounts George Laku Unadjusted Trial Balance January 1, 20x1 Debit Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Owner's equity (Capital) Totals 280,000 60,000 140,000 300,000 780,000 4. Paid P490,000 accounts payable. 5. Paid salaries expense of P820,000. 6. Paid utilities expense of P64,000. 2. Sold inventories costing P560,000 for P1,600,000, on account. 3. Collected P1,490,000 accounts receivable. The following were the transactions during the year. 1. Purchased inventories worth P600,000, on account. George uses the perpetual inventory system. Additional information for year-end adjustment The annual depreciation on the equipment is P30,000. - Accounts amounting to P3,000 are doubtful of collection. Credit Requirements: a. Provide the journal entries. b. Post the entries to the ledger. c. Prepare the unadjusted trial balance. d. Provide the adjusting entries. e. Complete the worksheet up to balance sheet. f. Prepare the closing entries. g. Prepare the balance sheet and income statement. 180,000 50,000 550,000 780,000 The trial balance of George Laku, a merchandising business, on January 1, 20x1 is shown below: Accounts George Laku Unadjusted Trial Balance January 1, 20x1 Debit Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Owner's equity (Capital) Totals 280,000 60,000 140,000 300,000 780,000 4. Paid P490,000 accounts payable. 5. Paid salaries expense of P820,000. 6. Paid utilities expense of P64,000. 2. Sold inventories costing P560,000 for P1,600,000, on account. 3. Collected P1,490,000 accounts receivable. The following were the transactions during the year. 1. Purchased inventories worth P600,000, on account. George uses the perpetual inventory system. Additional information for year-end adjustment The annual depreciation on the equipment is P30,000. - Accounts amounting to P3,000 are doubtful of collection. Credit Requirements: a. Provide the journal entries. b. Post the entries to the ledger. c. Prepare the unadjusted trial balance. d. Provide the adjusting entries. e. Complete the worksheet up to balance sheet. f. Prepare the closing entries. g. Prepare the balance sheet and income statement. 180,000 50,000 550,000 780,000

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Here are the journal entries ledger adjusting entries and worksheet a Journal Entries 1 Inventory Purchases Inventory 600000 Accounts Payable 600000 2 ... View the full answer