Subject: Accounting

I TM LTE 10:54 PM @5% docs.google.com Done COMPREHENSIVE PROBLEM SOLVING Provide solution to the given problem below that comprises the whole concept of accounting cycle. REQUIREMENTS IN ANSWERING THE PROBLEM SOLVING PART: SEND SEPARATELY, A PHOTO OF: 1. JOURNAL ENTRIES (2 POINTS EACH JOURNAL ENTRY) *1-2 PHOTOS WILL DO 2. T-ACCOUNTS (5 POINTS) 3. ADJUSTING ENTRIES (1 POINT EACH ADJUSTING ENTRY) 4. WORKSHEET (15 POINTS) 5. CLOSING ENTRIES (5 POINTS) 6. POST-CLOSING TRIAL BALANCE (5 POINTS) LBM FUNERAL HOMES * 50 points On January 1. 2021 Len B. Marcos started her funeral business named LBM Funeral Homes. The transactions for the whole year are presented below: lam She invested P750.000 cash in the company's bank account. Acquired funeral car costing P380,000 for the business paying P80,000 and financing the remaining balance by issuing a note payable. Acquired funeral supplies on account worth P12.226.20. Paid P8,500 to city hall for the business permit. UI ANN Bought P143.121.97 worth of funeral equipment. Jun Paid for insurance for the next twelve months by recording prepaid insurance. P6,000. ! 6 Received P75,000 cash for the funeral service rendered. Jul 15 Paid half of the accounts payable on January 2, 2020. 16 Paid utilities P6,789.01 Aug 10 Received P10,750 cash for the funeral service rendered. QI TM LTE 10:54 PM A docs.google.com Done LBM FUNERAL HOMES * 50 points On January 1. 2021 Len B. Marcos started her funeral business named LBM Funeral Homes. The transactions for the whole year are presented below: She invested P750,000 cash in the company's bank account. Acquired funeral car costing P380,000 for the business paying P80,000 and financing the remaining balance by issuing a note payable. Acquired funeral supplies on account worth P12.226.20. Paid P8,500 to city hall for the business permit. UIANN Bought P143.121.97 worth of funeral equipment. Jun Paid for insurance for the next twelve months by recording prepaid insurance. P6,000. 6 Received P75,000 cash for the funeral service rendered. Jul 15 Paid half of the accounts payable on January 2, 2020. 16 Paid utilities P6,789.01 Aug 10 Received P10.750 cash for the funeral service rendered. 14 Paid salaries. P29,250. Sep 4 Received P30,075 cash for the funeral service rendered. 20 Invested additional P100,000 to the business. Nov Received P41,300 cash for the funeral service rendered. Dec 26 Withdrew P22,900 from the business. Additional information for adjusting entries: a. Note Payable issued last January 1. 2020 was accrued and bears an interest of 9% per annum and will mature on the following year. b. Unpaid accrued salaries for the month of December amounted to P19,750. c. During the year, P6,666.99 worth of funeral supplies were used by Len. d. The funeral vehicle has an estimated life of 10 years and has a residual value of P35,000. The funeral equipment, on the other hand, has an estimated life of 5 years and has a residual value of P14.312.20. The prepaid insurance bought was consumed for six months. Use the following account titles and reference numbers: Cash(100). Funeral Supplies(121), Prepaid Insurance(125), Funeral Equipment(135). Accumulated Depreciation - Funeral Equipment(136). Funeral Car(140). Accumulated Depreciation - Funeral Car(141). Accounts Payable(200). Notes Payable(210). Interest Payable(230). Salaries Payable(240). LBM. Capital(300). LBM. Drawings(310). Funeral Service Revenue(400). Salaries Expense(500). Organization Expense(501). Utilities Expense(502), Interest Expense(503). Depreciation Expense(504). Funeral Supplies Expense(505), Insurance Expense(506) 1 Add file Back Submit Clear form Never submit passwords through Google Forms. This content is neither created nor endorsed by Google Report