Problem 5: The unadjusted trial balance of Santiago Bicycle Shop on December 31, 2030 appears below:...

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Problem 5: The unadjusted trial balance of Santiago Bicycle Shop on December 31, 2030 appears below: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Supplies Prepaid Rent Store Equipment Santiago Bicycle Shop Unadjusted Trial Balance December 31, 2030 Accumulated Depreciation Accounts Payable Santiago, Capital Santiago, Drawing Sales Sales Discounts Purchases Purchase Returns and Allowance Purchase Discounts Freight-in Advertising Expense Salaries Expense Utilities Expense Supplies Expense 250,000 120,000 830,000 24,000 25,000 60,000 600,000 100,000 120,000 1,200,000 40,000 45,000 500,000 50,000 6,000 3,970,000 50,000 250,000 2,000,000 1,600,000 20,000 50,000 3,970,000 Additional Information: a. The merchandise inventory as December 31, 2030 amounted to P500,000. b. Accrued salaried amounted to P60,000. C. Office supplies on hand at year end amounted to P5,000. d. Insurance coverage with premiums of P10,000 has expired. e. Rent amounting to P40,000 has expired. f. Depreciation of store equipment for the year amounted to P50,000. The rent paid on November covers 6 months' rent. d. Accrued salaries for the month of December P12,000. C. Depreciation expense for delivery equipment for the month of P3,000 Depreciation expense for furniture and fixtures for the month P1,200. ن نه ن ن Completing the merchandising Accounting Cycle 303 Required: Prepare worksheet Problem 5: The unadjusted trial balance of Santiago Bicycle Shop on December 31, 2030 appears below: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Supplies Prepaid Rent Store Equipment Santiago Bicycle Shop Unadjusted Trial Balance December 31, 2030 Accumulated Depreciation Accounts Payable Santiago, Capital Santiago, Drawing Sales Sales Discounts Purchases Purchase Returns and Allowance Purchase Discounts Freight-in Advertising Expense Salaries Expense Utilities Expense Supplies Expense 250,000 120,000 830,000 24,000 25,000 60,000 600,000 100,000 120,000 1,200,000 40,000 45,000 500,000 50,000 6,000 3,970,000 50,000 250,000 2,000,000 1,600,000 20,000 50,000 3,970,000 Additional Information: a. The merchandise inventory as December 31, 2030 amounted to P500,000. b. Accrued salaried amounted to P60,000. C. Office supplies on hand at year end amounted to P5,000. d. Insurance coverage with premiums of P10,000 has expired. e. Rent amounting to P40,000 has expired. f. Depreciation of store equipment for the year amounted to P50,000. The rent paid on November covers 6 months' rent. d. Accrued salaries for the month of December P12,000. C. Depreciation expense for delivery equipment for the month of P3,000 Depreciation expense for furniture and fixtures for the month P1,200. ن نه ن ن Completing the merchandising Accounting Cycle 303 Required: Prepare worksheet

Answer rating: 100% (QA)

To prepare the worksheet for Santiago Bicycle Shop for the year ended December 31 2030 we will follow these steps Step 1 Prepare the Unadjusted Trial ... View the full answer