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Presentation/PPT
27/08/2022
how do you solve the following
the adjustments (letter a), income statement ( letter b), changes in equity ( letter c) and statement of financial position (letter D)
Adapted from : Weygandy , J. J., et. al. 120151 . Principles of Accounting – Philippine reprintedition . John Wiley & Sons , Australia , Led .”John and Jean Retail Store which follows a calendar year and makes use of the periodic*inventory system is engaged in the buying and selling of pet supplies . It’s trial balance as atDecember 31 , 2018 is shown below . No adjusting entries have been made for the year 2018 .JOHN & JEAN RETAIL STORETRIAL BALANCEDecember 31 , 2018ACCOUNT*Unadjusted BalancesCode*Account TitlesDebitCredit101 Cash80, 0.00121 Accounts Receivable*41, 000122 Allowance for doubtful accounts*1 , 200131 Merchandise Inventory , beginning36, 200142 Prepaid Rent Expense*30, 000143 Prepaid Insurance Expense40.0.00145 Store Supplies13, 300221 Delivery Equipment5.20, 000222 Accumulated Depreciation – Delivery Equipment58, 50.023.1 Store Equipment*86, 000232 Accumulated Depreciation – Store Equipment*9. 5003:01 Accounts Payable*47, 3003.13, Notes Payable ( due on September 30 , 2018 )200, 000401 John C. Jean , Capital384, 2401 John C. Jean Drawis*50, 000501 Sales Revenue*1 , 516, 500502 Sales Returns and Allowances21 , 200503 Sales Discount*9.500521 Purchases726, 000602 Salaries Expenses ( 60% dist ; 40%6 admin )372 , 0.00$12 Utilities Expense ( 70%6 dist ; 30%6 admin )104,0.00622 Delivery Expense*8 , 10063.4 Taxes and Licenses Expense$5 , 000699 Miscellaneous Expense1 1, 900701 Interest Income*5, 000711 Interest Expense*8,000$ 2, 222, 200| P_2, 222, 200Adjustments data :”1 Unrecorded interest on notes payable of P5, 000 is due and remains unpaid at year end , 20182 Of the reported Prepaid Rent Expense , one – fourth has expired at year -end 2018 .3. Store Supplies unused as at year – end 2018 amounted to P 3 , 850 .4 Doubtul account is estimated at 5% of outstanding accounts receivable .5 Delivery equipment has estimated salvage value equal to 10% of cost and useful life of six years*5 Store equipmewn’t has estimated salvage value of $10, 000 and useful life of eight years .7 Merchandise inventory at year -end based on physical count , is $ 4 1, 700 .
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