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ahmed arfan chapter1

Mariant Morales
problem 5

journal entry in the book of mulles debit credit

a. Mulles, Capital 304,000


Accounts Receivable (2,103,000 - 1,799,000) 304,000

Allowance account adjustment:

Allowance for Doubtful Accounts 117,000


Mulles, Capital 117,000

b. Mulles, Capital 112,500


inventory 112,500

c. Mulles, Capital 29,250


Prepaid Rent 29,250

d. Mulles, Capital 90,000


Store Equipment (390,000 - 300,000) 90,000

Accumulated Depreciation 97,500


Mulles, Capital 97,500

e. no entry

opening journal entries in the books of the partnership

Cash 229,500
account receivable 1,799,000
inventory 900,000
store equipment 300,000
notes payable 330,000
account payable 505,500
mulles,capital 2,393,000

cash(2,393,000 - 500,000 - 1,450,000) 443,000


building 1,450,000
land 500,000
lucena,capital 2,393,000
chapter1
ant Morales
problem 7

1 debit credit
Apalisoc

cash 37,000
account receivable 202,000
inventory 460,000
P&E 1,235,000
accounts payable 236,000
accrued expenses 22,000
notes payable 750,000
apalisoc, capital 926,000

Tuddao

cash 80,000
accounts receivable (net) 63,000
inventory 351,000
P&E (net) 574,000
accounts payable 91,000
accrued expenses 14,000
tuddao, capital 963,000

2 applisco and tuddao


statement of financial position
October32,2010

assets
cash ₱ 117,000
account receivable 265,000
inventory 811,000
P&E 1,809,000
Total assets ₱ 3,002,000
Liabilities and capital
accounts payable ₱ 327,000
accrued expenses 36,000
notes payable 750,000
apalisoc, capital 926,000
tuddao, capital 963,000
Total liabilities and capital ₱ 3,002,000
books of apalisco debit credit
adjustment of apaliscos books:

apalisco capiutal 51,000


P&E 17,000
account receivables 18,000
inventory 50,000

closing apalisco books:

accounts payable 236,000


accrued expenses 22,000
notes payable 750,000
apalisco capital 926,000
cash 37,000
accounts receivable 202,000
inventory 460,000
P&E 1,235,000

books of tuddao
adjustment of tuddao books:

inventory 11,000
P&E 39,000
account receivable 17,000
tuddao capital 33,000

closing tuddao books

accounts payable 91,000


accrued expenses 14,000
tuddao capital 963,000
cash 80,000
accounts receivable 63,000
inventory 351,000
P&E 574,000