Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business02 Bought supplies P700 on account.03 Rendered services P1,100 on account.On December 31, 2020 Sy General Services has an estimated uncollectible 1% of itsaccounts receivable.Required:1. Journalize the transactions.2. Post the journal entries to the ledgers.3. Prepare the unadjusted trial balance.4. Prepare an adjusting journal entry.5. Prepare the adjusted trial balance. Description of the Task:Sy General Services is owned and operated by Mr. Enre Sy, which has beenoperating for a year now. He wanted to know the status of his business's financialstanding to check if there's a profit or loss. He hired a bookkeeper to do the accountingtask since there is no proper documentation of all its business transactions. Your taskas a bookkeeper is to journalize all the undocumented transactions, prepare a generalledger for each account and prepare the adjusted trial balance so that the incomestatement can be prepared and help Mr. Sy to decide whether to continue his businessoperation or not. Below are the transactions of Sy General Services for December 2020.Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in thebusiness.02Bought supplies P700 on account.03 Rendered services P1,100 on account.On December 31, 2020 Sy General Services has an estimated uncollectible 1% of itsaccounts receivable.WADERSRequired:1. Journalize the transactions.2. Post the journal entries to the ledgers.3. Prepare the unadjusted trial balance.4. Prepare an adjusting journal entry.5. Prepare the adjusted trial balance.Prin100% Give Feedback to Micros 1 of 3Sy General ServicesChart of AccountsAccount Number01020304050607080910111213141516171819Account Name/Account TitleCashSuppliesAccounts ReceivableAllowance for Bad DebtsFurniture and FixturesAccumulated Depreciation-F&FEquipmentAccumulated Depreciation-Eqpt.Accounts PayableNotes PayableSy, CapitalSy, DrawingsService IncomeSalaries ExpenseRent ExpenseUtilities ExpenseBad Debts ExpenseDepreciation Expense-F&FDepreciation Expense-Eqpt.Print

Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business 02 Bought supplies P700 on account. 03 Rendered services P1,100 on account. On December 31, 2020 Sy General Services has an estimated uncollectible 1% of its accounts receivable. Required: 1. Journalize the transactions. 2. Post the journal entries to the ledgers. 3. Prepare the unadjusted trial balance. 4. Prepare an adjusting journal entry. 5. Prepare the adjusted trial balance.

Dec. 01 Mr. Sy, owner of Sy General Services, invested P5,000 cash in the business 02 Bought supplies P700 on account. 03 Rendered services P1,100 on account. On December 31, 2020 Sy General Services has an estimated uncollectible 1% of its accounts receivable. Required: 1. Journalize the transactions. 2. Post the journal entries to the ledgers. 3. Prepare the unadjusted trial balance. 4. Prepare an adjusting journal entry. 5. Prepare the adjusted trial balance.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 76IIP

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