Reference no: EM132855339
Question - The account balances of YOLANDA REALTY at the end of the month of April 2020 are presented below: (Note: If there is an instance where the amounts are not aligned with each other, those amounts that are in bold type is part of the credit side.)
ACCOUNT TITLES Debit Credit
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, 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. Make a complete Worksheet.
2. Prepare financial statements.
3. Journalize adjusting, closing, reversing entries, and Post-Closing Trial Balance.