Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Basic Accounting 10 SA4 PERFORMANCE TASK 1 ACCOUNTING CYCLE SECOND SEMESTER SY 2021 - 2022 You were hired as an accountant in a company. The
Basic Accounting 10 SA4 PERFORMANCE TASK 1 ACCOUNTING CYCLE SECOND SEMESTER SY 2021 - 2022 You were hired as an accountant in a company. The following accounts of the company were presented to you. The company's management team had an emergency meeting and asked you to provide a journal, ledger, trial balance and 10-column worksheet dated as of December 31, 2021. You were given three business days to prepare the 4 phases of the accounting cycle. (30 points) Journal Entries: 7 points (1 point per journal entry) Ledger Posting: 8 points (1 point per ledger) Adjustment: 4 points (1 point per adjustment) 10-Column Worksheet: 11 points (.5 deduction per wrong entry) Situation P. Moran, a licensed professional dentist, established his business on December 1, 2021 and completed the following transactions. The business will close its accounting period on month-end December 1 2 3 5 Began practice by investing equipment worth P230,000 and cash of P30,000. Paid 6 months worth of rent to occupy the premises worth P30,000 Paid premium on insurance policy taken out in the name of business, P90,000 Purchased dental supplies of P20,500 and additional dental equipment P70,000 from G. Liwag on credit Completed dental work to A. Moreno and collected P10,000 in full payment Completed dental work to R. Fernandez on credit, P15,000 One month salary of the clerk receptionist have been accrued, P15,000 8 12 15 Adjustments: One month worth of prepaid rent has been consumed. Only 15% of the dental supplies were on hand on year-end. Dental equipment depreciates by one (1) month Only 5% of the accounts receivable has been collected from R. Fernandez
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started