Answer to Question #281832 in Accounting for Jane

Question

3. Prepare to adjust entries for the following additional information:

a. Uncollectible accounts are estimated to be 3% of Total Revenue.

b. Supplies used for the year amounted to P5,000.00.

c. Rent for 1 month has expired.

d. Insurance for 1 month has expired.

e. Computer equipment has a P1,000.00 salvage value and has an estimated useful life of 3 years.

f. Service vehicle has a 5,000.00 salvage value and has an estimated useful life of 8 years.

g. Office equipment has an estimated useful life of 5 years with no salvage value.

4. Prepare closing entries.

5. Prepare a worksheet. (Unadjusted Trial Balance, Adjusting Entries, Adjusted Trial Balance, Closing Entries, Post-

closing Trial Balance)

6. Prepare the income statement, statement of changes in capital, and balance sheet.

Answer 1

We present the solution in EXCEL