The document shows a preliminary trial balance for La Suerte Commercial as of January 31, 20A listing assets of $4.1 million including cash, accounts receivable, inventory, and transportation equipment, as well as liabilities such as accounts payable and capital. Additional notes provide details on inventory counts, depreciation of transportation equipment, prepaid and accrued expenses, and adjustments needed to the sales and advances accounts. The final trial balance restates the accounts to equal the total assets of $4.1 million.
The document shows a preliminary trial balance for La Suerte Commercial as of January 31, 20A listing assets of $4.1 million including cash, accounts receivable, inventory, and transportation equipment, as well as liabilities such as accounts payable and capital. Additional notes provide details on inventory counts, depreciation of transportation equipment, prepaid and accrued expenses, and adjustments needed to the sales and advances accounts. The final trial balance restates the accounts to equal the total assets of $4.1 million.
The document shows a preliminary trial balance for La Suerte Commercial as of January 31, 20A listing assets of $4.1 million including cash, accounts receivable, inventory, and transportation equipment, as well as liabilities such as accounts payable and capital. Additional notes provide details on inventory counts, depreciation of transportation equipment, prepaid and accrued expenses, and adjustments needed to the sales and advances accounts. The final trial balance restates the accounts to equal the total assets of $4.1 million.
The document shows a preliminary trial balance for La Suerte Commercial as of January 31, 20A listing assets of $4.1 million including cash, accounts receivable, inventory, and transportation equipment, as well as liabilities such as accounts payable and capital. Additional notes provide details on inventory counts, depreciation of transportation equipment, prepaid and accrued expenses, and adjustments needed to the sales and advances accounts. The final trial balance restates the accounts to equal the total assets of $4.1 million.
Salaries Expense 5,000 Accrued Salaries Expense 5,000 # The sales account included advances from a customer, Ms. D, P15,000.00. The goods shall be delivered on February
DATE PARTICULARS PR DEBIT CREDIT
Sales 15,000 Advances from Customers 15,000 # Doubtful account is estimated to be 5,000.
DATE PARTICULARS PR DEBIT CREDIT
Doubtful Accounts 5,000 Allowance for Doubtful Accounts 5,000 # Advances from customers account pertains to advances made by Mr. C for goods to be delivered in January (50%) and February (50%).
DATE PARTICULARS PR DEBIT CREDIT
Advances from Customers 50,000 Sales 50,000 # The advertising is for 1 year starting January.
DATE PARTICULARS PR DEBIT CREDIT
Advertising Expense 5,000 Prepaid Advertising 5,000 # La Suerte Commercial Final Trial Balance January 31, 20A Cash in Bank 1,011,180 Accounts Receivable 395,000 Allowance for Doubtful Accounts 5,000 Merchandise Inventory 200,000 Supplies on Hand 50,000 Prepaid Advertising 55,000 Prepaid Rent 5,000 Transportation Equipment 1,800,000 Accumulated Depreciation-TE 7,500 Accounts Payable 298,500 Accrued Salaries Expense 5,000 Advances from customers 65,000 Y. Gutierrez, Capital 2,800,000 Y. Gutierrez, Drawing 20,000 Sales 920,900 Sales Discount 5,220 Sales Returns and Allowances 4,500 Purchases 500,000 Purchase Discounts 1,500 Purchase Returns and Allowances 4,500 Freight-in 2,500 Freight-out 4,700 Salaries Expense 20,000 Utilities Expense 5,800 Taxes and Licenses 6,500 Rent Expense 5,000 Depreciation Expense 7,500 Advertising Expense 5,000 Doubtful Accounts 5,000 TOTAL 4,107,900 4,107,900