[tristanhojas]

Dear AskMeHelpDesk Community !

Good day!I'm Tristan from the Philippines. I just want to ask your help regarding my problem in my accounting subject. Actually this accounting problem makes me nuts and crazy because I can't figure out the exact answers. Her goes the problem;

Dear AskMeHelpDesk Community !

Good day!I'm Tristan from the Philippines. I just want to ask your help regarding my problem in my accounting subject. Actually this accounting problem makes me nuts and crazy because I can't figure out the exact answers. Her goes the problem;


Liezel and Tristan Corp. maintains its books on cash basis but prepares adjustments at the end of accounting period to conform accrual basis. Here are the accounts as od December 31, 1990

Cash Php 200,000.00
Accounts Receivable 250,000.00
Inventory 150,000.00
Land 300,000.00
Building 1,000,000.00
Accumulated Depreciation 200,000.00
Equipment 400,000.00
Accumulated Depreciation 40,000.00
Accounts Payable 100,000.00
Capital Stock 1,500,000.00
Retained Earnings 345,000.00
Sales 2,000,000.00
Purchases 1,200,000.00
Office Expense 255,000.00
Rent 240,000.00
Insurance 50,000.00
Other Operating Expenses 140,000.00


1. Inventor on December 31,1990 Php 230,000.00
2. Accounts Receivable
December 31, 1990 Php 290,000.00
December 31, 1989 250,000.00
3. Php 15,000.00 of outstanding Accounts Receivable are prove to be uncollected
4. Depreciation Rate:
Equipment 10%
Building 5%
5. Accounts Payable
December 31, 1990 130,000.00
December 31, 1989 100,000.00
6. Accrued Rent December 1990 Php 10,000.00
7. Prepaid Insurance December 1990 Php 12,000.00

Requirements:
a. Trial Balance
b. Adjusting Entries
c. Adjusted Trial Balance
d. Income Statement
e. Balance Sheet

Hope that you can help me on this problem. Thank you in advance and more power!

[tristanhojas]

Anyone who can help me on this problem?