ANSWER TRIAL BALANCE
Yellow Ribbon Company has the following accounts in ledger: Acct. Codes 301 302 Acct. Codes 101 102 103 104 105 106 107 108 201 202 203 204 Acct Title Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Office Supplies Prepaid Insurance Office equipment Accummulated Depreciation - Office Equipment Accounts Payable Uneamed Revenue Salaries Payable Interest Payable 401 402 501 502 504 505 506 507 508 509 Acct Title Angel Reyes, Capital Angel Reyes, Drawings Fees Eamed Interest Income Salaries Expense Rent Expenses Advertising Expense Utilities Expense Interest Expense Depreciation Expense - Office Equipment Insurance Expense Miscellaneous Expense The following are selected transactions of the company during the month of April of the curremt April 1 Paid rent for the month P5,000 2 Paid P2,300 for office supplies purchase for cash 5 Purchased the office equipment on account, P10,000 8 Fees Earned and billed to customers the month P23,600 10 Paid advertising expense P1,200 12 The owner made additional cash investment of P100,000 14 Received a loan proceed amounting to P50,000 from Citibank (interest rate is 14% per annum) 15 Received Cash from customers on account P7,500 16 Received Cash from customers for services rendered P12,470 19 Paid creditor on account P7,000 20 Purchase additional office suppleis on account P3,500 21 Return P800 worth of office supplies purchased in April 20, because of defects 23 Withdraw cash for personal use P4,500 27 Paid P650 for the repairs of office equipment 29 Paid telephone bill for the month P3,750 30 Paid salaries of employees P12,000 30 Received a promissory note fro services rendered P10,000 Required: Prepare the journal entries to record the above transactions. Post the journal entries to the general ledger Prepare the trial balance for Yellow Ribbon Company. Prepare the 10 coumn worksheet plus adjusting entries. Code Chart of Accounts Trial Balance Debit Credit Adjustment Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Financial Position Debit Credit 1 Cash 2 Accounts Receivable 3 Allowance for Bad Debts 4 Notes Receivable 5 Office Supplies Prepaid Insurance 7 Office equipment 8 Accummulated Depreciation - Office Equipment 9 Accounts Payable 10 Uneamed Revenue 11 Salaries Payable 12 Interest Payable 13 Angel Reyes, Capital 14 Angel Reyes, Drawings 15 Fees Eamed 16 Interest Income 17 Salaries Expense 18 Rent Expenses 19 Advertising Expense 20 Utilities Expense Interest Expense Depreciation Expense - Office Equipment Insurance Expense 21 Miscellaneous Expense TOTALS Sub - Totals Net Profit Grand Total Yellow Ribbon Company has the following accounts in ledger: Acct. Codes 301 302 Acct. Codes 101 102 103 104 105 106 107 108 201 202 203 204 Acct Title Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Office Supplies Prepaid Insurance Office equipment Accummulated Depreciation - Office Equipment Accounts Payable Uneamed Revenue Salaries Payable Interest Payable 401 402 501 502 504 505 506 507 508 509 Acct Title Angel Reyes, Capital Angel Reyes, Drawings Fees Eamed Interest Income Salaries Expense Rent Expenses Advertising Expense Utilities Expense Interest Expense Depreciation Expense - Office Equipment Insurance Expense Miscellaneous Expense The following are selected transactions of the company during the month of April of the curremt April 1 Paid rent for the month P5,000 2 Paid P2,300 for office supplies purchase for cash 5 Purchased the office equipment on account, P10,000 8 Fees Earned and billed to customers the month P23,600 10 Paid advertising expense P1,200 12 The owner made additional cash investment of P100,000 14 Received a loan proceed amounting to P50,000 from Citibank (interest rate is 14% per annum) 15 Received Cash from customers on account P7,500 16 Received Cash from customers for services rendered P12,470 19 Paid creditor on account P7,000 20 Purchase additional office suppleis on account P3,500 21 Return P800 worth of office supplies purchased in April 20, because of defects 23 Withdraw cash for personal use P4,500 27 Paid P650 for the repairs of office equipment 29 Paid telephone bill for the month P3,750 30 Paid salaries of employees P12,000 30 Received a promissory note fro services rendered P10,000 Required: Prepare the journal entries to record the above transactions. Post the journal entries to the general ledger Prepare the trial balance for Yellow Ribbon Company. Prepare the 10 coumn worksheet plus adjusting entries. Code Chart of Accounts Trial Balance Debit Credit Adjustment Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Financial Position Debit Credit 1 Cash 2 Accounts Receivable 3 Allowance for Bad Debts 4 Notes Receivable 5 Office Supplies Prepaid Insurance 7 Office equipment 8 Accummulated Depreciation - Office Equipment 9 Accounts Payable 10 Uneamed Revenue 11 Salaries Payable 12 Interest Payable 13 Angel Reyes, Capital 14 Angel Reyes, Drawings 15 Fees Eamed 16 Interest Income 17 Salaries Expense 18 Rent Expenses 19 Advertising Expense 20 Utilities Expense Interest Expense Depreciation Expense - Office Equipment Insurance Expense 21 Miscellaneous Expense TOTALS Sub - Totals Net Profit Grand Total
