Scribd Logo
Upload

Welcome to Scribd!

  • 33 views

    Financial Accounting Final

    Uploaded by

    mae sherisse caay
    This document contains the financial statements and records for Elegant Home Decors for the year ended December 31, 20A. It includes the income statement, statement of owner's equity, balance sheet, closing entries, post-closing trial balance, and opening entry. The income statement shows revenue of $394,000 and net income of $10,500. The balance sheet lists total assets of $642,000, total liabilities of $178,000, and owner's equity of $464,000.

    Copyright:

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

    Financial Accounting Final

    Uploaded by

    mae sherisse caay
    33 views8 pages
    This document contains the financial statements and records for Elegant Home Decors for the year ended December 31, 20A. It includes the income statement, statement of owner's equity, balance sheet, closing entries, post-closing trial balance, and opening entry. The income statement shows revenue of $394,000 and net income of $10,500. The balance sheet lists total assets of $642,000, total liabilities of $178,000, and owner's equity of $464,000.

    Original Description:

    h

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains the financial statements and records for Elegant Home Decors for the year ended December 31, 20A. It includes the income statement, statement of owner's equity, balance sheet, closing entries, post-closing trial balance, and opening entry. The income statement shows revenue of $394,000 and net income of $10,500. The balance sheet lists total assets of $642,000, total liabilities of $178,000, and owner's equity of $464,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    33 views8 pages

    Financial Accounting Final

    Uploaded by

    mae sherisse caay
    This document contains the financial statements and records for Elegant Home Decors for the year ended December 31, 20A. It includes the income statement, statement of owner's equity, balance sheet, closing entries, post-closing trial balance, and opening entry. The income statement shows revenue of $394,000 and net income of $10,500. The balance sheet lists total assets of $642,000, total liabilities of $178,000, and owner's equity of $464,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 8

    FINANCIAL ACCOUNTING

    VOLUME THREE

    Rechel Camasura

    Joany Banares
    Jiremae Guerra
    Mae Sherisse Ca-ay
    Angie Gongob
    Sharimlen Bagumbaran
    Melanie Maghanoy
    Arjessa Delosreyes
    Elegant Home Decors
    Income Statemate
    For the year ended December 31, 20A

    Revenue:
    Service Income P 394,000

    Operating Expenses:
    Utilities Expense P 75,000
    Salaries Expense 260,000
    Uncollectible Accounts 2,000
    Depreciation Expense 28,000
    Insurance Expense 3,000
    Supplies Unused 15,000 383,500
    Net Income P 10,500
    Elegant Home Decors
    Statemate of changes in owners equity
    For the year ended December 31, 20A

    E. Sardido, Capital 1/1/20A P 468,500


    Add: Net Income 10,500
    Subtotal 479,000
    Less: E. Sardido, Drawing 15,000
    E. Sardido, Capital P 464,000
    Elegant Home Decors
    Balance Sheet
    As of December 31, 20A

    ASSETS

    Current Assets:
    Cash in Bank P280,000
    Accounts Receivable P 60,000
    Less: Allow. For Bad Debts 5,000 55,000
    Unused Supplies 20,000
    Prepaid Insurance 2,000
    Total Current Assets 357,000

    Non-current Assets:
    Service Vehicle 310,000
    Accumulated Depreciation 25,000
    Total Non-current Asset 285,000
    Total Assets P642,000
    LIABILITIES & OWNERS EQUITY
    LIABILITIES

    Current Liabilities
    Accounts Payable P150,000
    Accrued Rent Expense 18,000
    Accrued Utilities 10,000
    Total Current Liabilities 178,000
    OWNERS EQUITY
    E. Sardido, Capital 464,000
    Total Liabilities & Owners Equity P642,000
    Elegant Home Decors
    Closing Entries
    for the year ended December 31,20A

    Service Income P 394,000


    Income Summary 394,000
    To close service income for the year with credit balance
    Income Summary 383,500
    Utilities Expense 75,000
    Salaries Expense 260,000
    Uncollectible Accounts 2,000
    Depreciation Expense 28,000
    Insurance Expense 3,000
    Supplies Used 15,000
    To close expenses to income and expenses summary account.

    Income Summary 10,500


    E. Sardido, Capital 10,500
    To close income summary balance to capital account

    E. Sardido, Drawing 15,000


    Summary Income 15,000
    To close drawing account to capital account
    Elegant Home Decors
    Post-Closing Trial Balance
    For the year ended December 31,20A

    Accounts Titles F Debit Credit


    Cash in Bank 1 280,000

    Accounts Receivable 2 60,000

    Estimated Uncollectible Accounts 3 5,000

    Unused Supplies 4 20,000

    Prepaid Insurance 5 2,000

    Service Vehicle 6 310,000

    Accumulated Depreciation 7 25,000

    Accounts Payable 8 150,000

    Accrued Rent Expense 9 18,000

    Accrued Utilities 10 10,000

    E. Sardido, Capital 11 464,000

    Total P 672,000 P672,000


    Elegant Homes Decors

    OPENING ENTRY

    December 31, 20A

    Cash in Bank 280,000

    Accounts Receivable 60,000

    Unused Supplies 20,000

    Prepaid Insurance 2,000

    Service Vehicle 310,000

    Estimated Uncollectible Accounts 5,000

    Accounts Payable 150,000

    Accrued Depreciation 25,000

    Accrued Utilities 8,500

    E. Sardido, Capital 483,500

    To take up opening entry for the year 20A

    You might also like