Accounts Payable Anacomp Meter Corporation closes its books and prepares financial statements at the end of each calendar year. Anacomp uses the perpetual Inventory system. The account balances of the company as of November 30, 2021 (all normal balances): 101 Cash 2,168,792 102 Accounts Recelvable 1.534,080 104 Tonton Interest Receivable 222 27,5401 105 nor Merchandise Inventory 09 . e 2,842,400 109 Supplies 91,120 117 Prepaid Insurance 2010 149,600 140 . Notes Receivable 220 748,000 160 Furniture 094 2,534,360 161 cumulated Depreciation 717,400 201 DER 856,800 204 tel... Salary Payable 63,240 207 Interest Payable 21.760 220 Note Payable, Long-term 1.428,000 301 Share Capital 22 be 4,175,200 302 Retained Earnings 1.6 zaal 303 toldends COLO he 625,600 400 Income Summary te 401 Sales 12.781,960 no .. 402 Sales Discounts ren 403 Sales Returns and Allowances 745.280 ha 410 tinten Interest Revenue 68,3401 497 to... Purchases He the 498 Purchase Discount 499 fourch Purchase Returns and Allowances 500 re Freight in 501 Cost of Goods Sold 6.936,000 510 Salary Expense 1,463,3601 513 Rent Expense 684,080 514 Depreciation Expense 149,940 1516 Insurance Expense 71,400 517 Utilities Expense 170,136 519 Supplies Expense 205,836 523 Interest Expense 74,120 580,720 The following transactions occurred in December 2021: 2 5 Dec. 1 Issued check no. 682 for the payment of office rent for the month, P68.000. 2 issued check no. 683 to pay salaries of P84,320, which includes salary payable of P63.240 from November 30. Anacomp does not use reversing entries. Issued invoke no. 503 for sale on account to RT. Loeb terms 1/10,n/30 FOB Shipping Point, P40,800. Anacomp's cost of this merchandise was P12,920. Anacomp also pald the transportation cost of P3.400. 3 Purchased Inventory on credit terms of 1/15./60 FOB Destination from Grant, Inc., P95,200. The inventory was recelved by Anacomp on the same day. Received net amount of cash on account from Fullam Company, P146,608, within the discount period. As of November 30, Anacomp has a receivable from Fullam Company with a credit terms of 2/10, 1/30. Sold Inventory for cash. P22,100. The cost of the merchandise sold was P7,140. Received from Park-Hee, Inc., merchandise that had been sold on account for P37,400. The cost of the merchandise retumed was P11,832. Park-Hee, Inc's account is still outstanding as of this date. Sissued check no. 684 to purchase supplies for cash, P53,040. 6 collected Interest revenue of P74,800. 7 issued Inwoke no. 504 for sale on account to K.D. Skipper terms 2/10, 1/30 FOB Shipping Point, P163,200. The cost of the merchandise sold was P51,612. 8 issued check no. 685 to pay Federal Company P176,800 of the amount owed at November 30. This payment occurred after the end of the discount period. 11 issued check no. 686 to pay Grant, Inc., the net amount owed from December 3. 12 Recelved cash from R.T. Loeb in full settlement of her account receivable from December 2. 16 issued check no. 687 to pay salary expense of P84,660. 19 Purchased Inventory for cash, P57,800, Issuing check no. 688. 22 Purchased furniture on credit terms of 3/15 n/60 from Beaver Corporation, P34,680. Sold Inventory on account to Fullam Company. Issuing Invoice no. 505 for P677,756 terms 2/10, 1/30 FOB Shipping Point. The cost of merchandise sold was 23 P214,268. Fullam Company pald the courier P11,500 for the transportation cost. 24 Received half of the P596,360 November 30 receivable of from K.D. Skipper-after the end of the discount period. 25 issued check no. 689 to pay utilities, P29,376. 26 Purchased supples on credit terms of 2/10 n/30 from Federal Company. P12.240. 30 Retumed damaged Inventory to company from whom Anacomp made the cash purchase on December 19, receiving cash of P57,800. 30 Granted a sales allowance of P11,832 to K.D.Skipper. 31 Purchased Inventory on credit terms of 1/10 n/30 FOB Destination from Suncrest Supply. P566,440. The inventory was received on the same day. 31 issued check no. 690 to its stockholders as dividends, P374,340. Instructions. 1. Journalize the December transactions. (30 points) 2. Post the journal to the general ledger (Using T Account format), extending the month-end balances to the appropriate balance columns after all posting is completed. (30 points) 3. Prepare a trial balance in the Trial Balance columns of a worksheet, and use the following information to complete the work sheet for the month ended December 31: a. Accrued interest revenue, P6,800. b. Supplies on hand, P67,320. c. Prepaid insurance expired, P37,400. d. Depreciation expense, P15,640. e. Accrued salary expense, P70,040. f. Accrued interest expense, P21,760. g. Inventory on hand, P3,175,600. 4. Prepare Anacomp Meter Company's multi-step income statement (Note: There is no need to specify the Operating Expenses whether it is a Selling or Administrative Expense.) (6 points) and statement of owner's equity (3 points) for December. Prepare the Classified Statement of Financial Position (6 points) (Report format) dated December 31. (15 points) 5. Journalize and post adjusting entries. Omit explanations ( 5 points) 6. Journalize and post the closing entries. Indicate closed accounts by inserting a double line in both balance columns opposite the closing entry. (5 points) 7. Prepare a post-closing trial balance at December 31. (5 points) 8. Upload your answer sheet/file using the following link Acctg 1 Midterm Examination Problem #24 File Name: STUDENT'S FULL NAME a Example: DELA CRUZ, JUAN D Accounts Payable Anacomp Meter Corporation closes its books and prepares financial statements at the end of each calendar year. Anacomp uses the perpetual Inventory system. The account balances of the company as of November 30, 2021 (all normal balances): 101 Cash 2,168,792 102 Accounts Recelvable 1.534,080 104 Tonton Interest Receivable 222 27,5401 105 nor Merchandise Inventory 09 . e 2,842,400 109 Supplies 91,120 117 Prepaid Insurance 2010 149,600 140 . Notes Receivable 220 748,000 160 Furniture 094 2,534,360 161 cumulated Depreciation 717,400 201 DER 856,800 204 tel... Salary Payable 63,240 207 Interest Payable 21.760 220 Note Payable, Long-term 1.428,000 301 Share Capital 22 be 4,175,200 302 Retained Earnings 1.6 zaal 303 toldends COLO he 625,600 400 Income Summary te 401 Sales 12.781,960 no .. 402 Sales Discounts ren 403 Sales Returns and Allowances 745.280 ha 410 tinten Interest Revenue 68,3401 497 to... Purchases He the 498 Purchase Discount 499 fourch Purchase Returns and Allowances 500 re Freight in 501 Cost of Goods Sold 6.936,000 510 Salary Expense 1,463,3601 513 Rent Expense 684,080 514 Depreciation Expense 149,940 1516 Insurance Expense 71,400 517 Utilities Expense 170,136 519 Supplies Expense 205,836 523 Interest Expense 74,120 580,720 The following transactions occurred in December 2021: 2 5 Dec. 1 Issued check no. 682 for the payment of office rent for the month, P68.000. 2 issued check no. 683 to pay salaries of P84,320, which includes salary payable of P63.240 from November 30. Anacomp does not use reversing entries. Issued invoke no. 503 for sale on account to RT. Loeb terms 1/10,n/30 FOB Shipping Point, P40,800. Anacomp's cost of this merchandise was P12,920. Anacomp also pald the transportation cost of P3.400. 3 Purchased Inventory on credit terms of 1/15./60 FOB Destination from Grant, Inc., P95,200. The inventory was recelved by Anacomp on the same day. Received net amount of cash on account from Fullam Company, P146,608, within the discount period. As of November 30, Anacomp has a receivable from Fullam Company with a credit terms of 2/10, 1/30. Sold Inventory for cash. P22,100. The cost of the merchandise sold was P7,140. Received from Park-Hee, Inc., merchandise that had been sold on account for P37,400. The cost of the merchandise retumed was P11,832. Park-Hee, Inc's account is still outstanding as of this date. Sissued check no. 684 to purchase supplies for cash, P53,040. 6 collected Interest revenue of P74,800. 7 issued Inwoke no. 504 for sale on account to K.D. Skipper terms 2/10, 1/30 FOB Shipping Point, P163,200. The cost of the merchandise sold was P51,612. 8 issued check no. 685 to pay Federal Company P176,800 of the amount owed at November 30. This payment occurred after the end of the discount period. 11 issued check no. 686 to pay Grant, Inc., the net amount owed from December 3. 12 Recelved cash from R.T. Loeb in full settlement of her account receivable from December 2. 16 issued check no. 687 to pay salary expense of P84,660. 19 Purchased Inventory for cash, P57,800, Issuing check no. 688. 22 Purchased furniture on credit terms of 3/15 n/60 from Beaver Corporation, P34,680. Sold Inventory on account to Fullam Company. Issuing Invoice no. 505 for P677,756 terms 2/10, 1/30 FOB Shipping Point. The cost of merchandise sold was 23 P214,268. Fullam Company pald the courier P11,500 for the transportation cost. 24 Received half of the P596,360 November 30 receivable of from K.D. Skipper-after the end of the discount period. 25 issued check no. 689 to pay utilities, P29,376. 26 Purchased supples on credit terms of 2/10 n/30 from Federal Company. P12.240. 30 Retumed damaged Inventory to company from whom Anacomp made the cash purchase on December 19, receiving cash of P57,800. 30 Granted a sales allowance of P11,832 to K.D.Skipper. 31 Purchased Inventory on credit terms of 1/10 n/30 FOB Destination from Suncrest Supply. P566,440. The inventory was received on the same day. 31 issued check no. 690 to its stockholders as dividends, P374,340. Instructions. 1. Journalize the December transactions. (30 points) 2. Post the journal to the general ledger (Using T Account format), extending the month-end balances to the appropriate balance columns after all posting is completed. (30 points) 3. Prepare a trial balance in the Trial Balance columns of a worksheet, and use the following information to complete the work sheet for the month ended December 31: a. Accrued interest revenue, P6,800. b. Supplies on hand, P67,320. c. Prepaid insurance expired, P37,400. d. Depreciation expense, P15,640. e. Accrued salary expense, P70,040. f. Accrued interest expense, P21,760. g. Inventory on hand, P3,175,600. 4. Prepare Anacomp Meter Company's multi-step income statement (Note: There is no need to specify the Operating Expenses whether it is a Selling or Administrative Expense.) (6 points) and statement of owner's equity (3 points) for December. Prepare the Classified Statement of Financial Position (6 points) (Report format) dated December 31. (15 points) 5. Journalize and post adjusting entries. Omit explanations ( 5 points) 6. Journalize and post the closing entries. Indicate closed accounts by inserting a double line in both balance columns opposite the closing entry. (5 points) 7. Prepare a post-closing trial balance at December 31. (5 points) 8. Upload your answer sheet/file using the following link Acctg 1 Midterm Examination Problem #24 File Name: STUDENT'S FULL NAME a Example: DELA CRUZ, JUAN D