Cajegas Trucking Services Trial Balance June 30, 2021 Debit Credit Cash in Bank P 1,020,000.00 Petty...

Transcribed Image Text:

Cajegas Trucking Services Trial Balance June 30, 2021 Debit Credit Cash in Bank P 1,020,000.00 Petty cash Fund 1,000.00 Accounts Receivable 120,000.00 Estimated Uncollectible Account 1,200.00 Unused Supplies 15,000.00 Prepaid Insurance 8,500.00 Prepaid Rent Delivery Truck Accumulated Depreciation -Delivery Truck Accounts Payable 30,000.00 1,500,000.00 250,000.00 130,000.00 P. Cajegas, Capital P. Cajegas, Drawing Trucking Income 1,818,500.00 50,000.00 935,000.00 Taxes and Licenses 10,000.00 Repairs and Maintenance 27,000.00 Retainers Fee 25,000.00 Salaries and Wages Utilities Expenses 320,000.00 8,200.00 Total P 3,134,700.00 P 3,134,700.00 Additional Information 1.) Provision for uncollectible account should be 2% of the outstanding receivable account. 2.) Supplies actually on hand, P5,000 3.) Of the prepaid insurance, P 6,200 has actually expired 4.) P 18,000 of the prepaid rental has expired 5.) Depreciation expense for the period is P 105,000. Required: a. ) Adjusting entries (to guide you in the completion of worksheet) b. ) A 10-column worksheet Cajegas Trucking Services Trial Balance June 30, 2021 Debit Credit Cash in Bank P 1,020,000.00 Petty cash Fund 1,000.00 Accounts Receivable 120,000.00 Estimated Uncollectible Account 1,200.00 Unused Supplies 15,000.00 Prepaid Insurance 8,500.00 Prepaid Rent Delivery Truck Accumulated Depreciation -Delivery Truck Accounts Payable 30,000.00 1,500,000.00 250,000.00 130,000.00 P. Cajegas, Capital P. Cajegas, Drawing Trucking Income 1,818,500.00 50,000.00 935,000.00 Taxes and Licenses 10,000.00 Repairs and Maintenance 27,000.00 Retainers Fee 25,000.00 Salaries and Wages Utilities Expenses 320,000.00 8,200.00 Total P 3,134,700.00 P 3,134,700.00 Additional Information 1.) Provision for uncollectible account should be 2% of the outstanding receivable account. 2.) Supplies actually on hand, P5,000 3.) Of the prepaid insurance, P 6,200 has actually expired 4.) P 18,000 of the prepaid rental has expired 5.) Depreciation expense for the period is P 105,000. Required: a. ) Adjusting entries (to guide you in the completion of worksheet) b. ) A 10-column worksheet

Answer rating: 100% (QA)

Adjusting entry Bad debit expense2400 Estimated unc... View the full answer