Reference no: EM132835209
Question - The account balances of YOLANDA REALTY at the end of the month April 2020 are presented below:
Cash P17,420
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, ¼ 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
Required -
1. Complete a Prepare financial statements worksheet.
2. Journalize adjusting, closing, reversing entries and Post-Closing Trial Balance.
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