Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I hope you can help me with my assignment. 1.15 Angelo Parco. had the following trial balance at the end of March 2017, ANGELO PIICO

I hope you can help me with my assignment.

image text in transcribed
1.15 Angelo Parco. had the following trial balance at the end of March 2017, ANGELO PIICO Trial Balance March 31, 2017 Mil. ACCOUNT TITLE DEBIT CREDIT 1 1 Cash P 56,300 P 12 Accounts Receivable 77,500 13 Prepaid insurance 9.600 16 Automobile 200.000 2 1 Notes Payable 60.000 23 Accounts Payable 33,350 31 A. Parco, Capital 100.000 32 A. Parco. Drawing 20.000 41 Fees Earned 319,450 51 Salary Expense 150.050 52 Rent Expense 36,000 53 Advertising Expense 10,000 54 Automobile Expense 12,650 55 Supplies Expense 7,200 56 Miscellaneous Expense 5,500 Totals P 592,000 P 592,800 April 1 Paid office rent for the month of April, P12,000. 3 Received cash from clients on account, P54,200. 6 Paid advertising expense, P1000. 9 Billed on account for ofce supplies used, P1,200. 12 Creditors accounts were paid, P7,650. 15 Paid repairs for automobile, P1,750. 18 Miscellaneous expenses of P2.150 were paid. 21 Revenue earned and billed for the month, P92,400. 24 Gas and oil used for automobile was paid, P3,650. 26 Paid salaries for the month, P20.750. 23 Withdrew cash for personal use. P15,000. 30 Paid partial on note issued, P10,000. Requirements 1. Journalize the above transactions 2. Open the accounts in the T-accounts and post in the journal entries indicating the posting reference Prepare Trial Balance as of April 30, 2017. 4. Prepare Statement of Financial Position, Statement of Changes in Equity, Statement of Cash ows and Statement of Comprehensive Income. .0"

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

Students also viewed these Accounting questions