Problem #2

Medina and dalangin

Statement of Financial Position
March 1, 2022

Cash 42,000 30,000

Account receivable 389,200 1,692,000
Allowance for uncollectible Accounts -22,400 -14,400
Merchandise Inventroy 461,600 300,800
Prepaid Rent - 6,000
Office supplies 30,400 4,000
Land Building 128,000 -
Accu. Depreciation -32,000 -
Office equipment 24,000 -
Accu. Depreciation 6,000
Repair Equipment 172,000 -13,200
Accu. Depreciation -68,000 -
TOTAL ASSETS 1,158,800 544,400

Notes payable 120,000 -

Accounts Payable 170,000 111,600
Mortgage Payable 200,000 -
Medina, Capital 668,800 -
Dalangin, capital - 432,800
TOTAL liabilities and Owner's equity
 Adjustments Journal Entry

Medina, Capital 105,200

Merchandising Inventory, beg. 105,200
Merchandise Inventory, Ending 356,400
Merchandising Inventory, beg. 356,400
Merchandise Inventory, Ending 7,200
Dalangin, Capital 7,200

Land 68,000
Medina, capital 68,000
Building 64,000
Medina, capital 64,000
Medinal, Capital 8,000
Office equipment 8,000
Repair equipment 48,000
Medina, capital 48,000
Dalangin,Capital 22,000
Office equipment 22,000
Medinal, Capital 60,000
Notes payable 60,000
Prepaid Rent 6,000
Dalangin, capital 6,000
 Books of Medina

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
Accu depre- building 32,000
Accu Dep. Office equipment 6,000
Accu Depre-Repair equipment 68,000
Allowance for uncollectible 22,400
Notes paybale 60,000
Accounts Payable 170,000
Mortgage payable 200,000
Medina, Capital 699,600
To close the book of medina.

Books of dalangin

Cash 30,000
Accounts receivable 169,200
Merchandise inventory 308,000
Prepaid rent 6,000
Office supplies 4,000
Office equipment 40,000
Allowance for uncollectible Accounts 14,400
Accounts payable 111,600
Dalangin, Capital 431,200
To close the book of dalangin