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COMPLETION OF THE ACCOUNTING PROCESS I would need help from the following: A ten-column worksheet for Mahal Kita Interiors. Ideally, the ten-column worksheet would look
COMPLETION OF THE ACCOUNTING PROCESS I would need help from the following:
- A ten-column worksheet for Mahal Kita Interiors.
- Ideally, the ten-column worksheet would look like this: (This is a reference or guide)
- Worksheet requires the following:
- Income statement.
- Statement of changes in owners equity.
- Balance sheet.
- Journalize the adjusting and closing entries
- Post-closing trial balance.
The trial balance of Mahal Kita Interiors at February 28, 2019:
Thank you in advance! Will give high rating to the one who answers.
Income Statement Debit Credit Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Notes Payable J. Dela Cruz, Capital J. Dela Cruz, Drawing Service Revenue Salaries Expense Rent Expense Utilities Expense Taxes Expense Miscellaneous Expense Trial Balance Debit Credit P 44,850 9,000 7,500 7,200 25,600 P 19,9001 20,000 50,0001 3,000 20,500 4,800 3,000 2,100 2,400 950 P 110,400 P 110,400 CRUZ SERVICE CENTER Worksheet For the Month Ended January 31, 20X1 Adjustments Adjusted Trial Balance Debit Credit Debit Credit P 44,850 (f)P 3,360 12,360 (a)P 2,380 5,120 (b) 600 6,600 25,600 19,900 20,000 50,0001 3,000 (e) 1,950 (f) 3,360 21,910 270 5,0701 3,000 2,1001 (c) 2,200 200 950 Balance Sheet Debit Credit P 44,850 12,360 5,120 6,600 25,600 19,900 20,000 50,000 3,000 P 21,910 P 5,0701 3,000 2,100 200 950 2,380 600 2,3801 600 Supplies Expense Insurance Expense Prepaid Taxes Depreciation Expense - Equipment Accumulated Depreciation - Equip. Unearned Service Revenue Salaries Payable (a) 2,380 (b) 6001 (C) 2,200 (d) 175 2,200 1751 1751 175 aloe (d ( 1,950 270 P 10,935 175 1950 270 P 114,2051 P 10,935 P 114,205 P 21,910 P 99,730 Net Income P 14, 475 7,435 P 21,910 P 92,295 7,435 P 99,730 P 21,910 P 99,730 Credit Debit P 31,800 56,700 26,400 3,450 48,900 P 39,300 64,200 15,750 42,450 33,900 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation - equipment Building Accumulated Depreciation - building Land Accounts Payable Interest Payable Wages Payable Unearned Service Revenue Notes Payable Axay, Nya, Capital Axaw Nya, Drawing Service Revenue Depreciation Expense-Equipment Depreciation Expense- Building Wages Expense Insurance Expense Interest Expense Utilities Expense Advertising Expense Supplies Expense Total 15,750 33,600 118,650 6,300 30,150 4,800 1,650 450 P287.100 . P287.100 Additional data: a. Depreciation for the month of February; equipment, P900 and building, P450. b. Accrued wages expense, P300. c. Supplies on hand, P21,450. d. Prepaid insurance expired during February, P750. e. Accrued interest expense, P150. f. Unearned service revenue earned during February, P7,350. g. Accrued advertising expense, P150 (credited to Accounts Payable). h. Accrued service revenue, P1,650. Requirements: 1. Prepare a ten-column worksheet for Mahal Kita Interiors. 2. Prepare at the back of the worksheet the following: a. Income statement. b. Statement of changes in owner's equity. c. Balance sheet. d. Journalize the adjusting and closing entries e. Post-closing trial balanceStep by Step Solution
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