Question
IN PHOTOS: On the basis of the data given below, prepare the following: a) Closing entries with amounts on a table b) Post-Closing Trial Balance
IN PHOTOS: On the basis of the data given below, prepare the following:
a) Closing entries with amounts on a table
b) Post-Closing Trial Balance on a table
Eliz Beth, the owner of Clean Haberdashery presented the following adjusted trial balance for the 1st year of operation ended, Dec. 31, 2003 EXCEPT FOR THE CASH BALANCE WHICH YOU MUST DETERMINE, TOO.
Cash - (determine the cash balance)
Accounts Receivable - 8,000
Office Supplies - 2,000
Prepaid Insurance - 3,000
Land - 100,000
Building - 150,000
Accumulated Depreciation - Building - 20,000
Office Equipment - 37,500
Accumulated Depreciation - Office Equipment - 7,000
Store Equipment - 40,000
Accumulated Depreciation - Store Equipment - 8,000
Accounts Payable - 13,500
Salaries Payable - 2,500
Utilities Payable - 1,500
E. Beth, Capital - 350,000
E. Beth, Withdrawal - 8,000
Sales - 170,000
Sales Returns and Allowances - 1,500
Sales Discounts - 500
Purchases - 190,000
Purchase Returns and Allowances - 1,000
Purchase Discounts - 500
Salaries Expense - 15,000
Freight In - 1,500
Utilities Expense - 1,500
Taxes and Licenses Expense - 3,000
Interest Expense - 1,000
Merchandise Inventory, December 31 - 88,500
Income Summary - 88,500
Everything is in Philippine Peso.
DBLEM 3 On the basis of the data given below, prepare the following: a) Closing entries b) Post-Closing Trial Balance Eliz Beth, the owner of Clean Haberdashery presented the following adjusted trial balance for the Ist year of operation ended Dec. 31, 2003 except for the cash balance which you can determine. \begin{tabular}{lr} Sales discounts & \\ Purchases & 500 \\ Purchase returns and allowances & 1,000 \\ Purchase discounts & 500 \\ -Salaries expense & 15,000 \\ Freight-in & 1,500 \\ - Utilities expense & 1,500 \\ - Taxes and licenses expense & 3,000 \\ - Interest expense & 1,000 \\ Merchandise inventory, Dec. 31 & 88,500 \\ Income summary & 88,500 \end{tabular}
IN PHOTOS: On the basis of the data given below, prepare the following:
a) Closing entries with amounts on a table
b) Post-Closing Trial Balance on a table
Eliz Beth, the owner of Clean Haberdashery presented the following adjusted trial balance for the 1st year of operation ended, Dec. 31, 2003 EXCEPT FOR THE CASH BALANCE WHICH YOU MUST DETERMINE, TOO.
Cash - (determine the cash balance)
Accounts Receivable - 8,000
Office Supplies - 2,000
Prepaid Insurance - 3,000
Land - 100,000
Building - 150,000
Accumulated Depreciation - Building - 20,000
Office Equipment - 37,500
Accumulated Depreciation - Office Equipment - 7,000
Store Equipment - 40,000
Accumulated Depreciation - Store Equipment - 8,000
Accounts Payable - 13,500
Salaries Payable - 2,500
Utilities Payable - 1,500
E. Beth, Capital - 350,000
E. Beth, Withdrawal - 8,000
Sales - 170,000
Sales Returns and Allowances - 1,500
Sales Discounts - 500
Purchases - 190,000
Purchase Returns and Allowances - 1,000
Purchase Discounts - 500
Salaries Expense - 15,000
Freight In - 1,500
Utilities Expense - 1,500
Taxes and Licenses Expense - 3,000
Interest Expense - 1,000
Merchandise Inventory, December 31 - 88,500
Income Summary - 88,500
Everything is in Philippine Peso.
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