ACCOUNTS AMOUNTS IN PESO June July 1 Cash on hand 20,000.00 45,000.00 2 Accounts Receivable 10,000.00...
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ACCOUNTS AMOUNTS IN PESO June July 1 Cash on hand 20,000.00 45,000.00 2 Accounts Receivable 10,000.00 15,000.00 3 Sales 230,000.00 220,000.00 4 Allowance for doubtful accounts 5,000.00 5,000.00 5 Land 1,000,000.00 1,000,000.00 6 Long-term Investment 100,000.00 100,000.00 7 Additional Income 60,000.00 120,000.00 8 Prepaid Expense 10,000.00 10,000.00 9 Accounts Payable 105,000.00 105,000.00 1 Promissory Note Payable- 5 years 500,000.00 500,000.00 0 1 Promissory Note Payable- 1 year 100,000.00 100,000.00 1 1 Inventory 30,000.00 25,000.00 2 1 Bank loan 330,000.00 330,000.00 3 1 Direct Labor 35,000.00 35,000.00 4 1 Direct Materials 60,000.00 60,000.00 5 1 Manufacturing Overhead 40,000.00 25,000.00 6 1 Capital 100,000.00 180,000.00 7 1 Retained Earnings 80,000.00 145,000.00 8 1 Rent Expense 30,000.00 30,000.00 9 2 Office Supplies Expense 10,000.00 5,000.00 0 2 Transportation Expense 15,000.00 10,000.00 1 2 Utility Expense 15,000.00 10,000.00 2 2 Other Expenses 5,000.00 5,000.00 3 2 Cash in Bank 40,000.00 135,000.00 4 Additional Instructions: Create the three main financial statements using the accounts posted above. Note that ending balance for May is Php 100,000.00. ACCOUNTS AMOUNTS IN PESO June July 1 Cash on hand 20,000.00 45,000.00 2 Accounts Receivable 10,000.00 15,000.00 3 Sales 230,000.00 220,000.00 4 Allowance for doubtful accounts 5,000.00 5,000.00 5 Land 1,000,000.00 1,000,000.00 6 Long-term Investment 100,000.00 100,000.00 7 Additional Income 60,000.00 120,000.00 8 Prepaid Expense 10,000.00 10,000.00 9 Accounts Payable 105,000.00 105,000.00 1 Promissory Note Payable- 5 years 500,000.00 500,000.00 0 1 Promissory Note Payable- 1 year 100,000.00 100,000.00 1 1 Inventory 30,000.00 25,000.00 2 1 Bank loan 330,000.00 330,000.00 3 1 Direct Labor 35,000.00 35,000.00 4 1 Direct Materials 60,000.00 60,000.00 5 1 Manufacturing Overhead 40,000.00 25,000.00 6 1 Capital 100,000.00 180,000.00 7 1 Retained Earnings 80,000.00 145,000.00 8 1 Rent Expense 30,000.00 30,000.00 9 2 Office Supplies Expense 10,000.00 5,000.00 0 2 Transportation Expense 15,000.00 10,000.00 1 2 Utility Expense 15,000.00 10,000.00 2 2 Other Expenses 5,000.00 5,000.00 3 2 Cash in Bank 40,000.00 135,000.00 4 Additional Instructions: Create the three main financial statements using the accounts posted above. Note that ending balance for May is Php 100,000.00.
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ANSWER To create the three main financial statements Income Statement Statement of Financial Position and Statement of Cash Flows using the accounts p... View the full answer
Related Book For
Calculus Early Transcendentals
ISBN: 9781337613927
9th Edition
Authors: James Stewart, Daniel K. Clegg, Saleem Watson, Lothar Redlin
Posted Date:
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