Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section. I hope you can help me and surely I will give you full positive feedback
.
'Amazing Solutions" was formed in January, 2001 with the primary purpose of providing business process outsourcing services. The following were the transactions during the month. January 1 - The owner provided an initial capital of P2,000.000 to the business. January 1 - The business acquired Office Equipment for P800,000 cash. The equipment has a useful life of 10 years. January 7 - Billed the client XYZ Corp. amounting to P2,000,000. Client paid P1,000,000 and used the company's credit card for the remaining balance January 9 - Received the credit card payment by XYZ Corp. January 10 - Total services billed to ABC Corp. amounted to P2,900,000. January 12 - Total payment for the supplies for the year amounted to P240,000 January 15 - Total salaries paid amounted to P780,000 January 20 - Total Utilities paid amounted to P260,000 January 23 - The owner withdrew a total of P200,000 cash from the business. January 25 - Total collections received from ABC Corp. amounted to P2,700,000 January 28 - Paid Advertising for P100,000. February 1 - Applied and get approved for a bank loan from East West Bank amounting to P1,000,000 with a 10% interest per year March 1 - The business paid two year's rent in advance amounting to P720,000. Required: 1. Journalize the above transactions 2. Post to the general ledger using T accounts. 3. Prepare the worksheet for the period ended December 31, 2001, with the following columns: 3. Unadjusted Trial Balance D. Adjustments C. Adjusted Trial Balance d. Income Statement e. Balance Sheet Adjustments: a. Record the Interest for the East West loan for December 31, 2001. b. Record the uncollectible amounts from ABC Corp. and charge those to Bad debt. c. Salaries for the period December 16- 31, 2001 were only paid on January 6, 2002 for P680,000. d. Record the Equipment's Depreciation for the year. e. Record the Rent Expense for the year against the prepayment
