The following account balances (disarranged and unclassified as to debits and credits for problem solving purposes) are four in the general ledger of the ABC TRADING as of Dec 31, 2019 after posting all the transactions and events for the six months starting June 1, 2019: – Essaylink

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The following account balances (disarranged and unclassified as to debits and credits for problem solving purposes) are four in the general ledger of the ABC TRADING as of Dec 31, 2019 after posting all the transactions and events for the six months starting June 1, 2019:
Freight in P 6,700
Sales, Discounts 15,600
A, Capital 260,000
Cash 75,100
Notes Receivable 10,000
Sales Returns and Allowances 15,200
Water and Electricity Expense 29,350
Accounts Payable 50,000
Store Rent Expense 30,000
Accounts Receivable 75,400
A, Drawing 24,000
Purchases 538,250
Delivery Expense 9,100
Salaries Expense 30,000
Income Taxes Withheld Payable 240
Sales 779,100
Merchandise Inventory, Beginning 149,800
Office Equipment 15,000
Purchase Discounts 9,600
SSS and Philhealth Premiums Payable 585
Notes Payable 20,000
Purchase Returns and Allowances 16,500
Taxes and Licenses 3,000
Store Equipment 80,000
Furniture 12,000
SSS and Philhealth Expense 1,755
Telephone Expense 3,982
Miscellaneous Income 3,212
Store Rent Deposit 15,000
Note: All accounts are in their normal balances.
Required:
Present a trial balance as of December 31, 2019 from the above account balances. The accounts must be properly arranged in the order they are presented in the financial statements; i.e. Assets, Liabilities, Capital, Revenue and Expenses. (purchase discounts and sales discounts are treated as deductions from gross purchases and gross sales, respectively.) (5 POINTS)
Prepare a 12-column worksheet with the following headings:
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Cost of Sales
Statement of Comprehensive Income
Statement of Financial Position
(Use Spreadsheet, with or without formula) (5points)
items for adjustment (prepare the adjusting entries, 5 points)
a. Property and equipment are depreciated at 20% per annum.
b. electricity expense not yet recorded amounts to 900
c. Note payable was dated Nov 1, with 10% interest. Payable on March 31 next year.
d. Notes receivable was dated October 1, with 10% interest.
e. unpaid salaries total 15,000
f. merchandise inventory per count P 50,000

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3.Present an income statement for the six months ended December 31, 2019. (5 points)
4.Present a Statement of Financial Position as of December 31, 2019.(5points)

The post The following account balances (disarranged and unclassified as to debits and credits for problem solving purposes) are four in the general ledger of the ABC TRADING as of Dec 31, 2019 after posting all the transactions and events for the six months starting June 1, 2019: appeared first on Versed Writers.

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