Account Title Income Statement Balance Sheet Debit Credit Debit Credit 3... Completing the Accounting Cycle for a Merchandising Business 3 Exercise 5f... Completing the Accounting Cycle
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Debit Credit Debit Credit
3 Merchandise Inventory beginning
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f Depreciation Expense – Office Equipment 116,000
Accumulated Depreciation – Office
P960,000 10 yrs = P 96,000 + P240,000 10 yrs x 10/12 = 20,000 = P 116,000
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Reversing entry:
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Exercise 11
Syyap Services: Effects of Adjustments on the Accounts in the Statement ofRecognized Income and Expenses (Income Statement) and the Statement ofFinancial Position (Balance Sheet)
Statement of Recognized Income and Expenses Statement of Financial Position Adjustin
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Test Material
Test Material 13-1
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Test Material 13-2
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Requirement (2)
Happy Palace Company Worksheet For the Month Ended January 31, 2008 Trial Balance Adjustments Income Statement Balance Sheet
Cost of goods sold 1,030,000 (f) 16,800 1,046,800
Selling expense 215,200 (a) 7,500 244,700
(b-1)10,000
* (b-2)12,000
* General expense 100,600 (a) 7,500 185,600
(b-1)30,000
* (b-2)36,000
* (d) 11,500
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Requirement (3)
Happy Palace CompanyIncome StatementFor the Month Ended January 31, 2008
Sales returns and allowances 81,400 154,400
1,643,800
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Happy Palace CompanyBalance SheetJanuary 31, 2008ASSETS
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