90.2K

Verified Solution

Link Copied!

Exercise 17 a lot od 105 tey or to You are given the following working paper which you are required to complete mise SHOPWISE MART SIX-COLUMN WORKSHEET DECEMBER 31, 2019 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 2 Accounts Receivable 10 Allowance for Bad Debts 1 Merchandise Inventory 2 24 Office Supplies Inventory 12 4 1 Store Furniture & Fixtures 7 Accumulated Depreciation 3 4 Accounts Payable 3 Santos, Capital 26 Santos, Personal 5 Sales 42 Sales Returns 2 Advertising 3 Rent 7 Sales Salaries 11 Totals 78 78 Prepaid Rent 2 Salaries Payable Cost of Sales 12 Bad Debts Depreciation Office Supplies Used 1 Totals The company is using the perpetual method of recording inventory. Exercise 20 Ramos, Incorporated was in need of cash. A short-term loan applied for P100,000 was approved by BPI Family Bank at 24% for 90 days. A check was issued on November 2, 2019. The loan was discounted in advance and Ramos, Incorporated used the expense method. Give the entries on November 2, December 31 end of the accounting period, and on maturity date Exercise 21 Using the data in No. 17 but assume that a 90 day 12% interesting bearing note was issued by Ramos Incorporated. Give the entries on November 2, December 31 end of the accounting period and on maturity date

Answer & Explanation Solved by verified expert

See Answer