topic 9

The following trial balance of Miranda Bookstore owned and managed by Mrs. Rebecca Miranda was a client of Sylvia Gondales & Co., CPAs is presented below: Miranda's Bookstore Trial Balance December 31, 20B Credit Debit P1,215,000 230,000 P. 6,000 1,520,000 35,000 950,000 95,000 930,000 2,947,000 25,000 Cash in Bank Accounts Receivable Estimated Uncollectible Accounts Merchandise Inventory, Jan. 1 Store Supplies Inventory Furniture and Fixtures Accumulated Depreciation-F & F Accounts Payable R. Miranda, Capital R. Miranda, Drawing Sales Sales Returns and Allowances Sales Discounts Purchases Purchase Returns and Allowances Purchase Discounts Freight-out Taxes and licenses Salaries Expense Utilities Expense Total 3,700,000 10,000 20,000 3,240,000 15,000 14,000 5,000 11,000 410,000 36,000 P7,707,000 P7,707,000 Additional Information: 1. 2. 3. 4. Merchandise Inventory, End-P1,615,000 Estimated Uncollectible Accounts should be at 3% of the outstanding Accounts Receivable Store Supplies that are left on hand, P10,000. Depreciation Expense to be recorded, P190,000. 5. Closing Entries Post-Closing Trial Balance 7. Opening on Jan. 1, 20C