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    Worksheet Assignment

    Uploaded by

    Lyca Mae
    The unadjusted trial balance of Dores Marie Pateno Hobby Shop for the year ended December 31, 2021 showed total debits of $5,000,000 and total credits of $5,000,000. After adjustments for accrued salaries, prepaid rent, depreciation expense, and ending inventory, the income statement showed net income of $870,000 and the balance sheet had total assets of $3,000,000 equal to total liabilities and capital of $3,000,000.

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    Worksheet Assignment

    Uploaded by

    Lyca Mae
    378 views2 pages
    The unadjusted trial balance of Dores Marie Pateno Hobby Shop for the year ended December 31, 2021 showed total debits of $5,000,000 and total credits of $5,000,000. After adjustments for accrued salaries, prepaid rent, depreciation expense, and ending inventory, the income statement showed net income of $870,000 and the balance sheet had total assets of $3,000,000 equal to total liabilities and capital of $3,000,000.

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    Worksheet Assignment

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    The unadjusted trial balance of Dores Marie Pateno Hobby Shop for the year ended December 31, 2021 showed total debits of $5,000,000 and total credits of $5,000,000. After adjustments for accrued salaries, prepaid rent, depreciation expense, and ending inventory, the income statement showed net income of $870,000 and the balance sheet had total assets of $3,000,000 equal to total liabilities and capital of $3,000,000.

    Copyright:

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

    Worksheet Assignment

    Uploaded by

    Lyca Mae
    The unadjusted trial balance of Dores Marie Pateno Hobby Shop for the year ended December 31, 2021 showed total debits of $5,000,000 and total credits of $5,000,000. After adjustments for accrued salaries, prepaid rent, depreciation expense, and ending inventory, the income statement showed net income of $870,000 and the balance sheet had total assets of $3,000,000 equal to total liabilities and capital of $3,000,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    Dores Marie Pateno Hobby Sho

    Worksheet
    For the year ended December 31, 202
    Unadjusted Trial Balance Adjustments
    Debit Credit Debit Credit
    Cash 100,000
    Accounts Receivable 500,000
    Merchandise Inventory 700,000
    Prepaid Rent 300,000 100,000
    Shop Equipment 1,600,000
    Accumulated Depreciation-Shop Equipment 200,000 200,000
    Accounts Payable 400,000
    Salaries Payable 30,000
    Pateno, Capital 1,300,000
    Pateno, Withdrawals 100,000
    Sales 2,900,000
    Sales Discounts 100,000
    Purchases 800,000
    Purchases Returns and Allowances 200,000
    Transportation In 100,000
    Salaries Expense (A) 400,000 30,000
    Advertising Expense (S) 150,000
    Utilities Expense (A) 100,000
    Supplies Expense (S) 50,000
    Rent Expense (A) 100,000
    Depreciation Expense-Shop Equipment (A) 200,000
    5,000,000 5,000,000 330,000 330,000
    Net Income

    Adjustments
    a. Accrued salaries at year-end amounted to P30,000.
    b. Rent in the amount of P100,000 has expired during the year.
    c. Depreciation on Shop equipment is P200,000
    d. The December 31 merchandise inventory amounted to P500,000
    ores Marie Pateno Hobby Shop
    Worksheet
    ar ended December 31, 2021
    Income Statement Balance Sheet
    Debit Credit Debit Credit
    100,000
    500,000
    700,000 500,000 500,000
    200,000
    1,600,000
    400,000
    400,000
    30,000
    1,300,000
    100,000
    2,900,000
    100,000
    800,000
    200,000
    100,000
    430,000
    150,000
    100,000
    50,000
    100,000
    200,000
    2,730,000 3,600,000 3,000,000 2,130,000
    870,000 870,000
    3,600,000 3,600,000 3,000,000 3,000,000

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