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Please answer a to g :)) 2. Provide the journal entries. The trial balance of Entity A on January 1, 20x1 is shown below: PROBLEM
Please answer a to g :))
2. Provide the journal entries. The trial balance of Entity A on January 1, 20x1 is shown below: PROBLEM 8: WORKSHEET (PERPETUAL) 5. Paid salaries expense of P520,000. Additional information for year-end adjustment: The annual depreciation on the equipment is P20,000. Entity A Unadjusted Trial Balance January 1, 20x1 Accounts Debit Credit Cash 80,000 Inventory 40,000 Equipment 200,000 Accumulated depreciation 20,000 Owner's capital 300,000 Totals 320,000 320,000 The following were the transactions during the year: 1. Purchased inventories worth P420,000, on account. Entity A uses the perpetual inventory system. 2. Sold inventories costing P430,000 for P900,000, on account. 3. Collected P870,000 accounts receivable. 4 Paid P390,000 accounts payable. Requirements: 408 Chapter 10 b. Post the entries to the ledger. c. Prepare the unadjusted trial balance. d. Provide the adjusting entries. e. Complete the worksheet up to post-closing trial balance. f. Prepare the closing entries. g. Prepare the balance sheet and income statementStep by Step Solution
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