topic 9

The following data were taken from the records of Giovanni Subalde Co, which were classified No a Real and Nominal Account. Real Accounts P Cash in Bank Petty Cash Fund Accounts Receivable Estimated Uncollectible Accounts Merchandise Inventory, Feb. 1 Furniture and Fixtures Accumulated Depreciation Accounts Payable G. Subalde, Capital G. Subalde, Personal 352,300 2,000 81,000 2,500 105,000 250,000 75,000 52,000 406,300 25,000 Nominal Accounts Sales Sales Returns and Allowances Sales Discounts Purchases Purchase Returns and Allowances Purchase Discounts Freight-In Salaries Expense Freight Out 935,000 4,000 5,000 610,000 3,500 6,000 8,000 35,000 3,000 Merchandise Inventory, Feb. 28 - P175,000. Required: 1. Closing Entries 2. Post-Closing Trial Balance 3 Income Statement 4. Balance Sheet 5 Statement of Changes in Owner's Equity The Income Statement section of Susan Casulla Travel and Tours' worksheet for the month ended January 31, 20A is presented below: Susan Casulla Travel and Tours Worksheet For the month ended 31 January 20A Income Statement Debit Credit P 120,000 Service Income Uncollectible Account Expense Taxes and Licenses Office Rental Expense Salaries Expense Insurance Expense Depreciation Expense Total Profit Total 2,500 8,000 10,000 25,000 3,000 5,000 P 53,500 66,500 P 120,000 P120,000 P 120,000 The Balance Sheet section of the same worksheet, Susan Casulla, Capital showed a balance of P254,000 and Drawing account of P30,000 respectively. Required: 1. Closing Entries 2. Single-Step Income Statement 3. Statement of Changes in Owner's Equity