Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assessment 21 October 1 invested P80,000 cash to the business. October 1 Purchased used truck P60,000, paying P30,000 cash and the balanced on the account.

Assessment 21 October 1 invested P80,000 cash to the business. October 1 Purchased used truck P60,000, paying P30,000 cash and the balanced on the account. October 3 Purchased cleaning supplies for P9,000 on account. October 5 Paid P12,000 cash on one year insurance policy. October 12 Billed customer P25, 000 for cleaning services. October 18 Paid P10,000 cash owed on truck and P5,000 on amount owed on cleaning supplies. October 20 Paid P12,000 cash for employee salaries October 21 Collected P14,000 cash from customers billed on October 25 Billed customer P30,000 for cleaning services October 31 Paid gas and oil for month on truck P2,000 October 31 Withdrew P6,000 cash for personal use. Requirements : Prepare the charts of accounts for MARKO washing. Journalize the october transaction using 2 column journal. Assement22 1. Using the data from assessment 21(MARKO Washing) Trial Balance the October transactions. Use two column journal for this exercise. 2. Using the data from Exercise Assessment 21 (MARKO Washing) enter the following adjustments using 2 column journal. 1.The estimated life of the truck is 10 years without salvage value. 2.The insurance policy is effective on October1, 20XX. 3.The unused supplies at October 31, 20XX amount to P5,000. 4.Salaries incurred but not yet paid as of October 31,2 20XX amount to P6,000. Assessment 23 Using the data from assessment in 22 (MARKO washing) prepare the worksheet of the company. Assessment 24 Using the data from assessment 23(MARKO washing) prepare the closing entries. Assessment 25 Using the data from assessment 24(MARKO washing) prepare the post closing trial balance. Assements 26 Using the data from assessment 24 (MARKO washing) prepare the reversing entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Warren, Reeve, Duchac

12th Edition

1133952410, 9781133952411, 978-1133952428

More Books

Students also viewed these Accounting questions