Exercise 2 Directions: Prepare the Statement of Financial Position of Sherwin's Delivery Services using the information of their first month of operation for the month of November 2019.The business had the following accounts: REDMI NOTE 8 AI QUAD CAMERAEE Cash Accounts Receivable Prepaid expense Land Building Accounts Payable P 90,000 70,000 30,000 160,000 200,000 170,000 02
Guide Questions: 1. What will be the proper heading to be used for the Statement of Financial Position, Statement of Financial Performance and Statement of Changes in Equity and Cash flow statement? 2. What will be the correct account titles and how much will be the amount use in the given transaction, in adjusting entries and in closing entries?
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