Reference no: EM133056831
Question - Mr. Armin opened an online shop called "Mr. & Mrs. Bii's Online Shop" on January 1, 2020. The following were the transactions during the year:
1. Mr. Armin made an investment of P100,000 to the business.
2. The business purchased supplies worth P60,000 in cash.
3. Total service fees billed to clients, on account, amounted to P400,000.
4. Total collections on accounts receivable amounted to P270,000.
5. Mr. Armin took P60,000 cash from the business.
6. Total salaries paid amounted to P180,000.
Additional information:
a. One of the debtors of Mr. Armin with an account balance of P50,000 is undergoing financial difficulties. Mr. Armin estimated that only P40,000 of the account will be collected.
b. Unused supplies at the end of the period amounted to P20,000.
c. Unpaid employee salaries amounted to P30,000.
Required -
A. Provide the journal entries.
B. Post the entries to the ledger.
C. Prepare the unadjusted trial balance.
D. Provide the adjusting entries.
E. Complete the worksheet up to adjusted trial balance.
F. Prepare the Statement of Financial Position and Statement of Financial Performance.
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