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PROBLEM 5-2 INSTRUCTIONS: 1. Complete a Worksheet. 2. Prepare financial statements 3. Journalize adjusting, closing, reversing entries and Post-Closing Trial Balance The account balances of
PROBLEM 5-2 INSTRUCTIONS: 1. Complete a Worksheet. 2. Prepare financial statements 3. Journalize adjusting, closing, reversing entries and Post-Closing Trial Balance The account balances of YOLANDA REALTY at the end of the month April, 2020 are presented below: Cash P 17,420 Accounts Receivable 46,240 Prepaid Insurance 2,970 Office Supplies 850 Automobile 48,000 Accum. Depr. - Automobile P 9,650 Office Equipment 31,600 Accumulated Depreciation 7,000 Accounts Payable 1,480 Yolanda, Capital 56,070 Yolanda, Drawing 40,000 Revenue from Fees 269,120 Salary and Comm. Exp. 132,000 Rent Expense 12,000 Advertising Expense 7,650 Automobile Expense 2,830 Miscellaneous Expense 1.760 Total P343,320 P343.320 DATA FOR ADJUSTMENT a. The uncollectible account is 4%. b. The unexpired insurance, P660. C. Supplies used, % of the amount. d. Depreciation automobile, P12,000; Equipment, P9,000. e. Unpaid salary and commission, P60,000. f. Unrecorded Revenue from fees, P85,200
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