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    Exercise No.2

    Uploaded by

    Jeane Mae Boo
    1) The document provides balance sheet information for Antonio and Gayas, including assets, liabilities, and capital accounts. 2) Adjusting journal entries are made for Antonio to adjust asset values and notes payable. 3) A journal entry is made to record the formation of a partnership between Antonio and Gayas. 4) Additional adjusting entries are made for Gayas to adjust inventory and equipment values.

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    © All Rights Reserved
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    Exercise No.2

    Uploaded by

    Jeane Mae Boo
    107 views4 pages
    1) The document provides balance sheet information for Antonio and Gayas, including assets, liabilities, and capital accounts. 2) Adjusting journal entries are made for Antonio to adjust asset values and notes payable. 3) A journal entry is made to record the formation of a partnership between Antonio and Gayas. 4) Additional adjusting entries are made for Gayas to adjust inventory and equipment values.

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    1) The document provides balance sheet information for Antonio and Gayas, including assets, liabilities, and capital accounts. 2) Adjusting journal entries are made for Antonio to adjust asset values and notes payable. 3) A journal entry is made to record the formation of a partnership between Antonio and Gayas. 4) Additional adjusting entries are made for Gayas to adjust inventory and equipment values.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    107 views4 pages

    Exercise No.2

    Uploaded by

    Jeane Mae Boo
    1) The document provides balance sheet information for Antonio and Gayas, including assets, liabilities, and capital accounts. 2) Adjusting journal entries are made for Antonio to adjust asset values and notes payable. 3) A journal entry is made to record the formation of a partnership between Antonio and Gayas. 4) Additional adjusting entries are made for Gayas to adjust inventory and equipment values.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    Antonio Gayas

    Cash ₱42,000.00 ₱30,000.00


    Accounts Receivable 389,200 169,200
    Allow. For Uncollectible Accounts -22,400 -14,400
    Merchandise Inventory 461,600 300,800
    Prepaid Rent 0 6,000
    Office Supplies 30,400 4,000
    Land 40,000 0
    Building 128,000 0
    Accumulated Depreciation -32,000 0
    Office Equipment 24,000 62,000
    Accumulated Depreciation -6,000 -13,200
    Repair Equipment 172,000 0
    Accumulated Depreciation -68,000 0
    Total Assets ₱1,158,800.00 ₱544,400.00

    Notes Payable ₱120,000.00 ₱0.00


    Accounts Payable 170,000 111,600
    Mortgage Payable 200,000 0
    Antonio, Capital 668,800 0
    Gayas, Capital 0 432,800
    Total Liabilities and Owner's Equity ₱1,158,800.00 ₱544,400.00

    ADJUSTING ENTRIES:
    ANTONIO'S BOOK

    Antonio, Capital 105,200


    Merchandise Inventory 105,200
    To record the adjustment for merchandise inventory.

    Land 68,000
    Antonio, Capital 68,000
    To record the adjustment of the fair market value of the Land.

    Building 96,000
    Antonio, Capital 96,000
    To record the adjustment of the fair market value of the building.

    Antonio, Capital 2,000


    Office Equipment 2,000
    To record the adjustment of the fair market value of the office equipment.

    Repair Equipment 20,000


    Antonio, Capital 20,000
    To record the adjustment of the fair market value of the repair equipment.

    Notes Payable 60,000


    Antonio, Capital 60,000
    To record the adjustment of the notes payable.

    Journal entries to record the formation of the partnership.

    Cash 42,000
    Accounts Receivable 389,200
    Merchandise Inventory 356,400
    Office Supplies 30,400
    Land 108,000
    Building 192,000
    Office Equipment 16,000
    Repair Equipment 124,000
    Allow. For Uncollectible Accounts 22,400
    Notes Payable 60,000
    Accounts Payable 170,000
    Mortgage Payable 200,000
    Antonio, Capital 805,600
    Antonio Gayas
    Land ₱108,000.00 ₱0.00
    Building 192,000 0
    Office Equipment 16,000 40,000
    Repair Equipment 124,000 0

    GAYAS BOOK

    Merchandise Inventory 7,200


    Gayas, Capital 7,200
    To record the adjustment for merchandise inventory.

    Gayas, Capital 8,800


    Office Equipment 8,800
    To record the adjustment of the fair market value of the office equipment.

    Gayas, Capital 8,800


    Office Equipment 8,800
    To record the adjustment of the fair market value of the office equipment.
    Cash 30,000
    Accounts Receivable 169,200
    Merchandise Inventory 308,000
    Prepaid Rent 6,000
    Office Supplies 4,000
    Office Equipment 40,000
    Allow. For Uncollectible Accounts 14,400
    Accounts Payable 111,600
    Gayas, Capital 431,200

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