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    Worksheet Practice Activity 1

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    princess sanchez

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    © All Rights Reserved
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    Worksheet Practice Activity 1

    Uploaded by

    princess sanchez
    21 views4 pages

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    © © All Rights Reserved

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    Copyright:

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

    Worksheet Practice Activity 1

    Uploaded by

    princess sanchez

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    The May 31 trial balance of Rosalina Besario Surveyors is presented as follows:

    Rosalina Besario Surveyors


    Trial Balance
    May 31, 2019

    dr cr
    Cash ₱210,000.00
    Accounts receivable 930,000.00
    Prepaid advertising 360,000.00
    Engineering supplies 270,000.00
    Survey equipment 1,890,000.00
    Accumulated depreciation - Survey equipment ₱640,000.00
    Accounts payable 190,000.00
    Unearned survey revenues 120,000.00
    Notes payable 500,000.00
    Besario Capital 1,120,000.00
    Besario Withdrawals 700,000.00
    Survey revenues 6,510,000.00
    Salaries expense 3,270,000.00
    Rent expense 960,000.00
    Insurance expense 250,000.00
    Utilities expense 160,000.00
    Other expenses 80,000.00
    Total ₱9,080,000.00 ₱9,080,000.00

    The following pertaining to the year-end adjustments is available:


    a. The P360,000 prepaid advertising represents expenditure made on November 1, 2018 for
    monthly advertising over the next 18 months.
    b. A count of the engineering supplies at May 31, 2019 amounted to P90,000.
    c. Depreciation on the surveying equipment amounted to P160,000
    d. One-third of the unearned survey revenues has been earned at year-end.
    e. At year-end, salaries in the amount of P140,000 have accrued.
    f. Interest of P60,000 on the notes payable has accrued at year-end.

    Required: 1) Worksheet
    2) Closing Entries
    3) Financial Statements
    Particulars Unadjusted Trial Balance Adjustments
    dr cr dr
    Cash ₱210,000.00
    Accounts receivable 930,000.00
    Prepaid Advertising 360,000.00
    Engineering supplies 270,000.00
    Survey equipment 1,890,000.00
    Accumulated depreciation - Survey equipment ₱ 640,000.00
    Accounts payable 190,000.00
    Unearned survey revenues 120,000.00 d ₱ 40,000.00
    Notes payable 500,000.00
    Besario Capital 1,120,000.00
    Besario Withdrawals 700,000.00
    Survey revenues 6,510,000.00
    Salaries expense 3,270,000.00 e 140,000.00
    Rent expense 960,000.00
    Insurance expense 250,000.00
    Utilities expense 160,000.00
    Other expenses 80,000.00
    Totals ₱9,080,000.00 ₱ 9,080,000.00
    Adjustments
    a. Advertising Expense 140,000.00
    b. Engineering supplies expense 180,000.00
    c. Depreciation expense 160,000.00
    e. Salaries payable
    f. Interest expense 60,000.00
    g. Interest payable
    ₱ 720,000.00
    Rosalina Besario Surveyors
    Worksheet
    May 31, 2019

    Adjustments Adjusted Trial Balance Income Statement


    cr dr cr dr cr
    ₱210,000.00
    930,000.00
    ₱ 140,000.00 a 220,000.00
    180,000.00 b 90,000.00
    1,890,000.00
    160,000.00 c ₱ 800,000.00
    190,000.00
    80,000.00
    500,000.00
    1,120,000.00
    700,000.00
    40,000.00 d 6,550,000.00 ₱ 6,550,000.00
    3,410,000.00 ₱ 3,410,000.00
    960,000.00 960,000.00
    250,000.00 250,000.00
    160,000.00 160,000.00
    80,000.00 80,000.00

    140,000.00 140,000.00
    180,000.00 180,000.00
    160,000.00 160,000.00
    140,000.00 140,000.00
    60,000.00 60,000.00
    60,000.00 60,000.00
    ₱ 720,000.00 ₱9,440,000.00 ₱ 9,440,000.00 ₱ 5,400,000.00 ₱ 6,550,000.00
    1,150,000.00
    6,550,000.00 6,550,000.00
    Balance Sheet Post Closing Trial Balance
    dr cr dr cr
    ₱210,000.00 ₱210,000.00
    930,000.00 930,000.00
    220,000.00 220,000.00
    90,000.00 90,000.00
    1,890,000.00 1,890,000.00
    ₱ 800,000.00
    190,000.00
    80,000.00
    500,000.00
    1,120,000.00
    700,000.00

    140,000.00

    ₱4,040,000.00 ₱ 2,830,000.00
    1,210,000.00
    ₱4,040,000.00 ₱ 4,040,000.00

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