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Given the following entries from a TRIAL balance, what
entries would fall where in a Balance Sheet & an Income
Statement?
Accounts receivables
Merchandized inventory
stores supplies
office supplies
prepaid insurance
accumulated Dep
accounts payable
sales salaries
advertising expense
Miscellaneous expense
Office salaries expense
rent expense
Depreciation expense
Insurance expense
Bad debts expense
Allowance for doubtful debts
Supplies expense
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Answer Posted / balamurugan
Accounts receivables - Balance sheet (Assets)
Merchandized Inventory - Balance sheet (Assets)
stores supplies - Income Statement (Expense)
office supplies - Income Statement (Expense)
prepaid insurance - Balance sheet (Assets)
accumulated Dep - In accounting, Accumulated Depreciation
appears on the balance sheet in the
property, plant and equipment section PPE
is usually shown as At cost/valuation less
Accd Depn
accounts payable - Balance sheet (Liabilities)
sales salaries - Income Statement (Expense)
advertising expense - Income Statement (Expense)
Miscellaneous expense - Income Statement (Expense)
Office salaries expense - Income Statement (Expense)
rent expense - Income Statement (Expense)
Depreciation expense - Income Statement (Expense)
Insurance expense - Income Statement (Expense)
Bad debts expense - Income Statement (Expense)
Allowance for doubtful debts - Allowance for Doubtful
Accounts is a contra current
asset account associated with
Accounts Receivable. When the
credit balance of the
Allowance for Doubtful
Accounts is subtracted from
the debit balance in Accounts
Receivable the result is
known as the net realizable
value of the Accounts
Receivable.
Supplies expense - Income Statement (Expense)
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Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
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