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    WS Merch

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    jeonlei02
    The document provides accounting data and adjustments needed for Dinapraktis' worksheet for the year ended December 31, 2012. It includes information on merchandise inventory, notes receivable, prepaid expenses, supplies expenses, utilities expenses, doubtful accounts, machinery assets, and depreciation expenses. The adjustments will be recorded on the worksheet to prepare the income statement and statement of financial position.

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    WS Merch

    Uploaded by

    jeonlei02
    14 views5 pages
    The document provides accounting data and adjustments needed for Dinapraktis' worksheet for the year ended December 31, 2012. It includes information on merchandise inventory, notes receivable, prepaid expenses, supplies expenses, utilities expenses, doubtful accounts, machinery assets, and depreciation expenses. The adjustments will be recorded on the worksheet to prepare the income statement and statement of financial position.

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    accounting financial accounting & reporting (fundamentals)

    Original Title

    WS-Merch

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    The document provides accounting data and adjustments needed for Dinapraktis' worksheet for the year ended December 31, 2012. It includes information on merchandise inventory, notes receivable, prepaid expenses, supplies expenses, utilities expenses, doubtful accounts, machinery assets, and depreciation expenses. The adjustments will be recorded on the worksheet to prepare the income statement and statement of financial position.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    14 views5 pages

    WS Merch

    Uploaded by

    jeonlei02
    The document provides accounting data and adjustments needed for Dinapraktis' worksheet for the year ended December 31, 2012. It includes information on merchandise inventory, notes receivable, prepaid expenses, supplies expenses, utilities expenses, doubtful accounts, machinery assets, and depreciation expenses. The adjustments will be recorded on the worksheet to prepare the income statement and statement of financial position.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Data for adjustments:

    a) Merchandise Inventory ending, P40,000.


    b) The note receivable is a 6-month, 6% note dated August 31, 2012.
    c) The interest expense is an advance interest for the 120-day, 12% loan borrowed
    from a bank on December 1, 2012.
    d) Office supplies used amounts to P18,000.
    e) Unexpired portion of the prepaid rent is P30,000.
    f) Salaries of P8,000 was erroneously debited to Misscellneous Expense.
    g) Utilities expenses for December 2012 are P5,000. These are due on January 2013.
    h) Doubtful account expense is 2% of sales.
    i) P25,000 of the machineries were invested by the owner on January 1, 2012. These will last
    10 years with no salvage value. The remaining P15,000 were acquired on account nine
    months ago and will last for 5 years with P3,000 scrap value.

    25000 25000/10 2500


    15000 (15000-3000)/5 x 9/12 1800
    4300
    Dinapraktis
    Worksheet
    for Year-Ended December 31, 2012

    Unadjusted Adjusted
    Accounts Title Trial Balance Adjustments Trial Balance
    Debit Credit Debit Credit Debit
    Cash 40,000 40,000
    Accounts Receivable 70,000 70,000
    Allowance for Doubtful Accounts 200 10,000
    Merchandise Inventory 30,000 30,000
    Notes Receivable 20,000 20,000
    Office Supplies 30,000 18,000 12,000
    Prepaid Rent 40,000 10,000 30,000
    Prepaid Interest 3,200 3,200
    Furniture and Fixtures 50,000 50,000
    Machineries 40,000 40,000
    Accounts Payable 40,000
    Notes Payable 25,000
    Loan Payable 80,000
    Dinapraktis, Capital 264,200
    Dinapraktis, Drawing 10,000 10,000
    Sales 500,000
    Purchases 220,000 220,000
    Purchase Returns 12,000
    Freight In 25,000 25,000
    Salaries Expense 132,000 8,000 140,000
    Miscellaneous Expense 40,000 8,000 32,000
    Freight Out 13,000 13,000
    Rent Expense 110,000 10,000 120,000
    Interest Expense 3,200 2,400 800
    Utilities Expense 45,000 5,000 50,000
    TOTAL 921,400 921,400
    Interest Receivable 400 400
    Interest Income 400
    Prepaid Interest 2,400 2,400
    Supplies Expense 18,000 18,000
    Utilities Payable 5,000
    Doubtful Account Expense 10,000 10,000
    Depreciation Expense - Machineries 4,300 4,300
    Accumulated Depreciation Machineries 4,300
    58,100 58,100 941,100
    er 31, 2012

    Adjusted Income Statement of


    Trial Balance Statement Financial Position
    Credit Debit Credit Debit Credit

    10,200
    40,000 40,000

    40,000
    25,000
    80,000
    264,200

    500,000

    12,000

    400

    5,000

    4,300
    941,100

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