Scribd Logo
Upload

Welcome to Scribd!

  • 159 views

    Acctg+ Accounting Cycle/Process

    Uploaded by

    Judy Mar Valdez
    1) Journalize transactions, post to T-accounts, and prepare an unadjusted trial balance 2) Make adjusting entries for expenses, depreciation, interest, and payroll taxes 3) Prepare an adjusted trial balance, income statement, capital statement, and balance sheet 4) Perform closing entries to zero out temporary accounts and prepare for the next period

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Acctg+ Accounting Cycle/Process

    Uploaded by

    Judy Mar Valdez
    159 views2 pages
    1) Journalize transactions, post to T-accounts, and prepare an unadjusted trial balance 2) Make adjusting entries for expenses, depreciation, interest, and payroll taxes 3) Prepare an adjusted trial balance, income statement, capital statement, and balance sheet 4) Perform closing entries to zero out temporary accounts and prepare for the next period

    Original Description:

    Original Title

    PRACTICE SET

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1) Journalize transactions, post to T-accounts, and prepare an unadjusted trial balance 2) Make adjusting entries for expenses, depreciation, interest, and payroll taxes 3) Prepare an adjusted trial balance, income statement, capital statement, and balance sheet 4) Perform closing entries to zero out temporary accounts and prepare for the next period

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    159 views2 pages

    Acctg+ Accounting Cycle/Process

    Uploaded by

    Judy Mar Valdez
    1) Journalize transactions, post to T-accounts, and prepare an unadjusted trial balance 2) Make adjusting entries for expenses, depreciation, interest, and payroll taxes 3) Prepare an adjusted trial balance, income statement, capital statement, and balance sheet 4) Perform closing entries to zero out temporary accounts and prepare for the next period

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    ACCTG+

    ACCOUNTING CYCLE/PROCESS

    Ri Jung Hyuk established a video arcade studio named THE TOMATOE


    CULTIVATOR and began its operation on January 1, 2020 with cash investment of
    P200,000. The following transactions occurred during the month of January.

    Jan.3 Bought from Seri Corporation, furniture and fixture P30,000 and electronic
    gadgets, P50,000. Terms: 50% downpayment and balance on account.

    4 Bought office supplies for cash, P1,500. (Use asset method)

    5 Hired an assistant with a monthly salary of P5,000.

    11 issued to Addessa Corporation a 30-day note at 18% interest per annum for an
    additional electronic gadgets, P10,000.

    15 Paid the following expenses: Rent, P3,000 and salary, P2,500.

    18 Jung Hyuk withdrew cash of P 1,000 for personal use.

    22 Paid half of the balance to Seri Corporation.

    31 Rental fees for the month, P25,000. COD

    31 Paid salary of the assistant less 5% withholding tax on gross monthly salary.

    Additional information:

    a. Supplies on hand, P500.


    b. One month depreciation is to be recorded for all depreciable assets. Furniture
    and fixture has a salvage value of P12,000 and economic life of 4 years.
    c. Interest expense on one note is not yet recorded, issued on January 11.
    d. PLDT bill and water bill re unpaid amounting to P4,500.
    TOMATOE CULTIVATOR uses the following account titles and account numbers:

    101 Cash 301 Jung Hyuk, Capital

    102 Office Supplies 302 Jung Hyuk, Drawing

    103 Furniture and fixtures 401 Rental Fees

    103-A Accumulated Depreciation – F&F 501 Salaries Expesne

    104 Electronic Gadgets 502 Ret Expense

    104-A Accumulated Depreciation – EG 503 Utilities expense

    201 Accounts Payable 504 Interest Expense

    202 Notes Payable 505 Supplies Expense

    203 Utilities Payable 506 Depreciation expense

    204 Withholding Tax Payable

    205 Interest Payable

    Required:

    1. Journalize the transactions. (Take into consideration of account numbers and tiles
    aforementioned)
    2. Post the transactions to the ledger using T-accounts.
    3. Prepare the Unadjusted Trial Balance for the month of January.
    4. Make the necessary adjusting entries.
    5. Construct the Adjusted Trial Balance.
    6. Prepare the following financial statements.
    a. Income Statement
    b. Capital Statement
    c. Balance Sheet
    7. Prepare closing entries and reversing entries.

    You might also like