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    Completing The Accounting Cycle - Charmine Lozada

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    Charmine de la Cruz
    Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter.

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

    Completing The Accounting Cycle - Charmine Lozada

    Uploaded by

    Charmine de la Cruz
    247 views2 pages
    Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter.

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    Untitled 2

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    Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter.

    Copyright:

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

    Completing The Accounting Cycle - Charmine Lozada

    Uploaded by

    Charmine de la Cruz
    Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    COMPLETING THE ACCOUNTING CYCLE - Charmine Lozada

    Closing Journal Entries

    Debit Credit

    Service Revenue 50,000

    Income Summary 50,000

    Debit Credit

    Income Summary 16,000

    Salaries Expense 12,000

    Depreciation Expense 500

    Supplies Expense 1,000

    Utilities Expense 2,500

    Debit Credit

    Income Summary 34,000

    Pacioli, Capital 34,000

    Post-Closing Trial Balance

    Debit Credit
    Cash 76,000

    Accounts Receivable 22,000

    Supplies 7,000

    Equipment 30,000

    Accum. Depreciation-Equipment 500

    Accounts Payable 8,000

    Accrued Expenses Payable 2,500

    Pacioli, Capital 134,000

    Pacioli, Drawing 10,000

    TOTALS 145,000 145,000

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