Case1. The trial balance of Ja

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Case1. The trial balance of Jane Company shown below does not balance.

JANE COMPANY Trial Balance June 30, 20X8
	Debit	Credit
Cash	P2,600
Accounts Receivable	7,600
Supplies	600
Equipment	8,300
Accounts Payable		P9,766
Jane, Capital		1,952
Jane, Drawing	1,500
Service Revenue		15,200
Wages Expense	3,800
Repairs Expense	1,600
Total	P26,000	P26,918

The following errors were revealed upon examination of the ledger and journal:

Each of the above listed accounts has a normal balance per the general
Cash of P360 received from a customer on account was debited to Cash P630 and credited to Accounts Receivable
A withdrawal of P300 by the owner was posted as a credit to Jane, Drawing, P300 and credited to Cash P300.
A debit of P300 was not posted to Wages
The purchase of equipment on account for P700 was recorded as a debit to Repair Expense and a credit to Accounts Payable for P700
Services were performed on account for a customer, P510, for which Accounts Receivable was debited P510 and Service Revenue was credited
A payment on account for P225 was credited to Cash for P225 and credited to Accounts Payable for P252.

Prepare a correct trial balance for Jane Company

Case2. Lucky Me Company

The following are the account balances of Sweet Corn for the month ended June 30, 2X18.

Revenues	P85,000
Expenses
Noodles	22,800
Seasonings	17,300
Employees’ wages and benefits	10,700
Lease payments	24,000
Utilities	3,200
Advertising	900
Miscellaneous	300
Cash	6,200
Equipment	12,500
Accounts Payable	650
Wages Payable	1,200
Investment by Owner	12,500
Drawings by Owner	1,450

Requirement: Prepare a statement of financial position for June 30, 2X18.

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