The trial balance of George Laku, a merchandising business, on January 1, 20x1 is shown below:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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
Expert Answer:
Answer rating: 100% (QA)
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
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
Students also viewed these accounting questions
-
The trial balance of Pacilio Security Services Inc. as of January 1, 2021, had the following normal balances: Cash ..................... $113,718 Petty cash ................... 100 Accounts...
-
Sadie Palmer owns Palmer Creative Designs. The trial balance of the firm for January 31, 2013, the first month of operations, is shown on the bottom of page 146. INSTRUCTIONS 1. Complete the...
-
The trial balance of Pacilio Security Services Inc. as of January 1, 2017, had the following normal balances: Cash ................. 78 , 972 P e t t y C a s h . . . . . . . . . . . . . . . . 100 A c...
-
Why is it helpful to understand leadership as a theory while managing a healthcare-orientated organization? Justify your stance using two examples. What factors do you think should appear in a model...
-
The combustion products from burning pentane, C5H12, with pure oxygen in a stoichiometric ratio exist at 2400 K, 100 kPa. Consider the dissociation of only CO2 and find the equilibrium mole fraction...
-
A flat-belt drive is to consist of two 4-ft-diameter cast-iron pulleys spaced 16 ft apart. Select a belt type to transmit 60 hp at a pulley speed of 380 rev/min. Use a service factor of 1.1 and a...
-
Which method of estimating uncollectible receivables focuses on net credit sales? a. Aging approach b. Percent-of-sales approach C. Net realizable value approach d. All of the above
-
Telephone calls arrive at the rate of 48 per hour at the reservation desk for Regional Airways. a. Find the probability of receiving 3 calls in a 5-minute interval. b. Find the probability of...
-
The following summary transactions occurred during the year for Marigold. Cash received from: Collections from customers $400,000 Interest on notes receivable 16,000 Collection of notes receivable...
-
A small package is deposited by the conveyor belt onto the 30 ramp at A with a velocity of 0.8 m /s. Calculate the distance s on the level surface BC at which the package comes to rest. The...
-
How do religious institutions influence social norms and values in secular societies, and in what ways do religious pluralism and secularization affect social cohesion and intergroup relations ?
-
Tim owns a gold mine in Sovereign Hill and sells gold to a jewelry factory. On 1May, Tim shorts two of the 1 June gold futures contracts at $1740 per ounce. Each contract covers 10 ounces of gold. At...
-
You are an active fixed income portfolio manager and are evaluated relative to the benchmark index in the table. The duration of your total portfolio has to equal that of the benchmark. You believe...
-
From the following data, you are required to Prepare for the month of July 2013 the following budgets. (A.C.3.1, 3.2. 3.3, 3.4) (a) Production (b) Material usage (c) Purchases (d) P & L A/c for each...
-
The plunge in technology shares is providing investors with a harsh lesson in the reflexivity of stock-based compensation, which acts as a tailwind for companies while stock prices are increasing but...
-
The organisation used control charts to control the weights of the packets of pellets of juice ingredients. Samples of four packets are taken every 30 minutes and the weight found. The tolerance is ...
-
The population of Detroit, Michigan, decreased from 1,027,974 in 1990 to 688,701 in 2013 (Source: U.S. Census Bureau). Find the average rate of change in the population of Detroit, Michigan, over the...
-
Q1. Make the following statements true by correcting the false information. There may be more than one way to correct the false information. a. The four financial statements include the ___________...
-
Q1. FREE CASH FLOW: Southwest Airlines would have been able to take advantage of a $1 billion opportunity during (2011 / __________ / 2009 / 2008). Q2. CASH FLOW ADEQUACY: Southwest Airlines had...
-
Q1. On the balance sheet, double counting a portion of ending inventory will result in (understating / having no affect on / ________) ending inventory and (understating / having no affect on /...
-
Clausius-Clayperon equation is applicable to (a) Solid-vapour (b) Solid-liquid (c) Liquid-vapour (d) All of these.
-
The reaction \(A(\mathrm{l}) ightarrow R(\mathrm{~g})\) is allowed to reach equilibrium condition in an autoclave. At equilibrium there are two phases - one a pure liquid phase of \(A\) and the other...
-
The equilibrium constant for the reaction \(\mathrm{N}_{2}(\mathrm{~g})+3 \mathrm{H}_{2}(\mathrm{~g}) ightarrow 2 \mathrm{NH}_{3}\) is 0.1084 . Under the same conditions, the equilibrium constant for...
Study smarter with the SolutionInn App