Reference no: EM133014918
Question - Binibining Marikit Trading has the following balances befre adjustments at the year ended April 30, 2020.
Accounts Payable 110,000
Accounts Receivable 284,500
Accumulated Depreciation - Building 85,500
Accumulated Depreciation - Furniture and Fixtures 56,000
Cash 123,000
Building 535,000
Depreciation Expense - Building 0
Depreciation Expense - Furniture and Fixtures 0
Soriano, Drawing 50,000
Soriano, Capital ?
Furniture and Fixtures 280,000
Transportation - In 14,000
Interest Income 12,440
Interest Expense 7,560
Merchandise Inventory, April 1 150,000
Mortgage Payable 752,000
Store Salaries Expense 119,000
Prepaid Insurance 19,400
Sales 950,000
Purchases 714,000
Purchase Returns and Allowances 16,800
Sales Returns and Allowances 27,000
Sales Discount 13,600
Purchase Discount 8,900
Transportation Out 9,000
Office Salaries Expense 245,000
Gas, Water, Electricity, and Telephone Expenses 45,700
Given the following information:
1. Merchandise Inventory, April 30, Php210,000.
2. Depreciation for the year: building - Php20,000; Furniture and fixtures - Php15,000.
3. Insurance Expense for the year, Php8,600.00. 70% administrative; 30% selling.
4. Accrued Interest on mortgage payable is 8%.
5. Accrued store salaries expense, Php 10,000.
Required -
1. Journalize the adjusting entries.
2. Prepare a worksheet.
3. Prepare all the financial statements.
4. Prepare closing entries and post-closing trial balance.