Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

image text in transcribed

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 entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Internal Auditing Assurance And Consulting Services

Authors: Kurt Reding, Paul Sobel, Michael Head, Sridhar Ramamoorti, Urton Anderson

2nd Edition

0894136437, 978-0894136436

More Books

Students also viewed these Accounting questions

Question

Describe Maslows hierarchy of needs as it relates to motivation.

Answered: 1 week ago

Question

How do I ensure that Ive done it right?

Answered: 1 week ago

Question

What is job enlargement ?

Answered: 1 week ago

Question

what is the most common cause of preterm birth in twin pregnancies?

Answered: 1 week ago

Question

Which diagnostic test is most commonly used to confirm PROM?

Answered: 1 week ago

Question

What is the hallmark clinical feature of a molar pregnancy?

Answered: 1 week ago

Question

Define indirect financial compensation (employee benefits).

Answered: 1 week ago

Question

Describe the selection decision.

Answered: 1 week ago