SOLUTION AT Australian Expert Writers
The following account balances (disarranged and unclassified as to debits and credits for problem solving purposes) are four in the general ledger of the ABC TRADING as of Dec 31, 2019 after posting all the transactions and events for the six months starting June 1, 2019:Freight in P 6,700Sales, Discounts 15,600A, Capital 260,000Cash 75,100Notes Receivable 10,000Sales Returns and Allowances 15,200Water and Electricity Expense 29,350Accounts Payable 50,000Store Rent Expense 30,000Accounts Receivable 75,400A, Drawing 24,000Purchases 538,250Delivery Expense 9,100Salaries Expense 30,000Income Taxes Withheld Payable 240Sales 779,100Merchandise Inventory, Beginning 149,800Office Equipment 15,000Purchase Discounts 9,600SSS and Philhealth Premiums Payable 585Notes Payable 20,000Purchase Returns and Allowances 16,500Taxes and Licenses 3,000Store Equipment 80,000Furniture 12,000SSS and Philhealth Expense 1,755Telephone Expense 3,982Miscellaneous Income 3,212Store Rent Deposit 15,000Note: All accounts are in their normal balances.Required:Present a trial balance as of December 31, 2019 from the above account balances. The accounts must be properly arranged in the order they are presented in the financial statements; i.e. Assets, Liabilities, Capital, Revenue and Expenses. (purchase discounts and sales discounts are treated as deductions from gross purchases and gross sales, respectively.) (5 POINTS)Prepare a 12-column worksheet with the following headings:Unadjusted Trial BalanceAdjustmentsAdjusted Trial BalanceCost of SalesStatement of Comprehensive IncomeStatement of Financial Position(Use Spreadsheet, with or without formula) (5points)items for adjustment (prepare the adjusting entries, 5 points)a. Property and equipment are depreciated at 20% per annum.b. electricity expense not yet recorded amounts to 900c. Note payable was dated Nov 1, with 10% interest. Payable on March 31 next year.d. Notes receivable was dated October 1, with 10% interest.e. unpaid salaries total 15,000f. merchandise inventory per count P 50,0003.Present an income statement for the six months ended December 31, 2019. (5 points)4.Present a Statement of Financial Position as of December 31, 2019.(5points)
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