Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Merchandising Business worksheet, BS, IS and closing entries 2010. 11,880 59,390 280,258 770,592 Additional data as of September 30, 2010 are as follows: (a) Merchandise
Merchandising Business worksheet, BS, IS and closing entries
2010. 11,880 59,390 280,258 770,592 Additional data as of September 30, 2010 are as follows: (a) Merchandise inventory, September 30, P235,350. (d) Rent expired during the month, P4,500 le) Depreciation expense on store equipment, P2,250. (1) Accrued sales salaries, P2,700. AQUINO HARDWARE STORE Trial Balance September 30, 2010 Cash 57,680 Accounts receivable 99,678 Merchandise inventory 193,510 Store supplies 5,610 Prepaid insurance 4,248 Prepaid rent 40,290 Store equipment 60,400 Accumulated depreciation - Store equipment Accounts payable T. Alonzo, capital Sales Sales returns and allowance 4,485 Purchases 328,067 Purchase returns and allowances Freight-in 5,290 Sales salaries expense 103,420 Advertising expense 42,650 Office salaries expense 160,540 Legal and auditing expense 9,750 Telephone and telegraph expense 5,240 Miscellaneous general expense 4,258 Interest income (b) Insurance expired, P1,200. c) Store supplies consumed, P4,450. g) Accrued office salaries, P2,900. 3,737 1, 675 Interest expense 2,416 1.127,532 1,127,532 753 Instruction: Prepare the following (1) a worksheet for the month ended September 30, 2010 (2) a classified income statement. (3) a classified balance sheet. (4) the September 30, closing entriesStep 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