Madelyn Rialubin Travel Agency

Trial Balances
December 31, 2021

Trial Balance Adjustments Adjusted Trial Balance

Debit Credit Debit Credit Debit Credit
110 Cash ₱ 126,000.00 ₱ 126,000.00
120 Accounts Receivable 645,000.00 645,000.00
130 Prepaid Rent 360,000.00 ₱ 120,000.00 a 240,000.00
140 Office Supplies 63,000.00 36,000.00 b 27,000.00
150 Furniture 2,175,000.00 2,175,000.00
155 Accumulated Depreciation ₱ 435,000.00 75,000.00 c ₱ 510,000.00
210 Notes Payable 900,000.00 900,000.00
220 Accounts Payable 285,000.00 285,000.00
230 Salaries Payable 105,000.00 d 105,000.00
240 Interest Payable 54,000.00 e 54,000.00
310 Rialubin, Capital 1,680,000.00 1,680,000.00
320 Rialubin Withdrawals 1,200,000.00 1,200,000.00
410 Travel Revenues 5,133,000.00 5,133,000.00
510 Salaries Expense 3,771,000 d ₱ 105,000.00 3,876,000.00
520 Rent Expense a 120,000.00 120,000.00
530 Office Supplies Expense b 36,000.00 36,000.00
540 Depreciation Expense c 75,000.00 75,000.00
550 Interest Expense e 54,000.00 54,000.00
560 Miscellaneous Expense 93,000.00 93,000.00
8,433,000.00 8,433,000.00 ₱ 390,000.00 ₱ 390,000.00 ₱ 8,667,000.00 ₱ 8,667,000.00
 Ily Abella Surveyors
Worksheet
31-May-21

Trial Balance Adjustments

Particulars Debit Credit Debit Credit
Cash ₱ 210,000.00
Accounts Receivable 930,000.00
Prepaid Advertising 360,000.00 ₱ 140,000.00
Engineering Supplies 270,000.00 180,000.00
Survey Equipment 1,890,000.00
Accum. Depreciation-Survey Equipment ₱ 640,000.00 160,000.00
Accounts Payable 190,000.00
Unearned Survey Revenues 120,000.00 d ₱ 40,000.00
Notes Payable 500,000.00
Abella, Capital 1,120,000.00
Abella, Withdrawals 700,000.00
Survey Revenues 6,510,000.00 40,000.00
Salaries Expense 3,270,000.00 e 140,000.00
Rent Expense 960,000.00
Insurance Expense 250,000.00
Uilities Expense 160,000.00
Miscellaneous Expense 80,000.00
₱ 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. Accrued Salaries Expense 140,000.00
f. Interest Expense 60,000.00
f. Accrued Interest Expense 60,000.00
Totals ₱ 720,000.00 ₱ 720,000.00
Net Profit
GRAND TOTALS

Closing Entries
1. To close revenue accounts
Survey Revenues
Income Summary

2. To close expense accounts

Income Summary
Salaries Expense
Rent Expense
Insurance Expense
Uilities Expense
Miscellaneous Expense
Advertising Expense
Engineering Supplies Expense
Depreciation Expense
Interest Expense

3. To close withdrawal account

Abella, Capital
Abella, Withdrawals

4. To close income summary account

Income Summary
Abella, Capital
ly Abella Surveyors
Worksheet
31-May-21

Adjusted Trial Balance Income Statement Balance Sheet

Debit Credit Debit Credit Debit Credit
₱ 210,000.00 ₱ 210,000.00
930,000.00 930,000.00
a 220,000.00 220,000.00
b 90,000.00 90,000.00
1,890,000.00 1,890,000.00
c ₱ 800,000.00 ₱ 800,000.00
190,000.00 190,000.00
80,000.00 80,000.00
500,000.00 500,000.00
1,120,000.00 1,120,000.00
700,000.00 700,000.00
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
₱ 9,440,000.00 ₱ 9,440,000.00 ₱ 5,400,000.00 ₱ 4,040,000.00 ₱ 2,890,000.00
 1,150,000.00 1,150,000.00
₱ 6,550,000.00 ₱ 6,550,000.00 ₱ 4,040,000.00 ₱ 4,040,000.00

Income Summary
₱ 6,550,000.00 cje 2 5,400,000.00 6,550,000.00
₱ 6,550,000.00 cje 4 1,150,000.00

5,400,000.00
3,410,000.00 Abella, Capital
960,000.00 cje 3 700,000.00 1,120,000.00
250,000.00 1,150,000.00
160,000.00 700,000.00 2,270,000.00
80,000.00 ₱ 1,570,000.00
140,000.00
180,000.00
160,000.00
60,000.00

700,000.00
700,000.00

1,150,000.00
1,150,000.00
 Post Closing Trial Balance
Debit Credit
₱ 210,000.00
930,000.00
220,000.00
90,000.00
1,890,000.00
₱ 800,000.00
190,000.00
80,000.00
500,000.00
1,570,000.00

140,000.00

60,000.00
 ₱ 3,340,000.00 ₱ 3,340,000.00

cje 1

bb
cje 4
 Leah May Santia
W
Decem

Trial Balance
Debit Credit
Cash ₱ 45,000.00
Notes Receivable 360,000.00
Accounts Receivable 156,000.00
Office Supplies 63,000.00
Land 300,000.00
Building 1,590,000.00
Accum. Depreciation-Bldg. ₱ 254,000.00
Equipment 2,150,000.00
Accum. Depreciation-Equipment 612,000.00
Accounts Payable 213,000.00
Unearned Consulting Revenues 450,000.00 b
Santiago,Capital,1/1/2021 2,655,000.00
Santiago,Withdrawals 600,000.00
Consulting Revenues 2,108,000.00
Salaries Expense 875,000.00 d
Repairs Expense 116,000.00
Miscellaneous Expense 37,000.00
₱ 6,292,000.00 ₱ 6,292,000.00
Adjustments
a. Office Supplies Expense
c. Depreciation Expense-Bldg.
c. Depreciation Expense-Equipment
d. Accrued Salaries Expense
e. Accrued Interest Revenue
e. Interest Income
 Leah May Santiago Information Systems
Worksheet
December 31,2021

Adjustments Adjusted Trial Balance

Debit Credit Debit
₱ 45,000.00
360,000.00
156,000.00
₱ 42,000.00 a 21,000.00
300,000.00
1,590,000.00
38,000.00 c
2,150,000.00
123,000.00 c

₱ 150,000.00

600,000.00
150,000.00 b
14,000.00 889,000.00
116,000.00
37,000.00

42,000.00 42,000.00
38,000.00 38,000.00
123,000.00 123,000.00
14,000.00
24,000.00 24,000.00
24,000.00
₱ 391,000.00 ₱ 391,000.00 ₱ 6,491,000.00

Closing Entries
1. To close revenue accounts
Consulting Revenues ₱ 2,282,000.00
Income Summary

2. To close expense accounts

Icome Summary 1,245,000.00
Salaries Expense
Repairs Expense
Miscellaneous Expense
Supplies Expense
Depreciation Expense-Bldg.
Depreciation Expense-Equipment

3. To close witdrawal accounts

Santiago, Capital 600,000.00
Santiago, Withdrawal

4. To close income summary accounts

Icome Summary 1,037,000.00
Santiago, Capital
Adjusted Trial Balance Income Statement Balance Sheet
Credit Debit Credit Debit
₱ 45,000.00
360,000.00
156,000.00
21,000.00
300,000.00
1,590,000.00
292,000.00
2,150,000.00
735,000.00
213,000.00
300,000.00
2,655,000.00
600,000.00
2,258,000.00 ₱ 2,258,000.00
₱ 889,000.00
116,000.00
37,000.00

42,000.00
38,000.00
123,000.00
14,000.00
24,000.00
24,000.00 24,000.00
6,491,000.00 ₱ 1,245,000.00
1,037,000.00
₱ 2,282,000.00 ₱ 2,282,000.00 ₱ 5,246,000.00

Income Summary
cje 2 ₱ 1,245,000.00
cje 4 1,037,000.00
₱ 2,282,000.00 ₱ 2,282,000.00
 Santiago, Capital
889,000.00 cje 3 600,000.00
116,000.00
37,000.00 600,000.00
42,000.00
38,000.00
123,000.00

1,245,000.00

600,000.00

1,037,000.00
 Balance Sheet Post Closing Trial Balance
Credit Debit Credit
₱ 45,000.00 Consulting Revenues
360,000.00 Interest Revenue
156,000.00 Less: Operating Expense
21,000.00
300,000.00
1,590,000.00
292,000.00 ₱ 292,000.00
2,150,000.00
735,000.00 735,000.00
213,000.00 213,000.00
300,000.00 300,000.00
2,655,000.00 3,092,000.00

14,000.00 14,000.00
24,000.00

4,209,000.00
1,037,000.00
₱ 5,246,000.00 ₱ 4,646,000.00 ₱ 4,646,000.00

Income Summary
₱ 2,282,000.00 cje 1
Santiago, Capital
2,655,000.00 bb
1,037,000.00 cje 4
3,692,000.00
₱ 3,092,000.00 be
 Leah May Santiago Information Systems
Income Statement
For the period ended December 31, 2021
Consulting Revenues ₱ 2,258,000.00
Interest Revenue 24,000.00 ₱ 2,282,000.00
Less: Operating Expense
Salaries Expense ₱ 889,000.00
Repairs Expense 116,000.00
Miscellaneous Expense 37,000.00
Office Supplies Expense 42,000.00
Depreciation Expense-Bldg. 38,000.00
Depreciation Expense-Equipment 123,000.00 ₱ 1,245,000.00
₱ 1,037,000.00
 Leah May Santiago Information Systems
Balance Sheet
For the period ended December 31, 2021

ASSETS
Current Assets
Cash
Notes Receivable
Accrued Interest Revenue
Accounts Receivable
Office Supplies
Non-Current Assets
Land ₱ 300,000.00
Building 1,590,000.00
Less: Accum. Depreciation-Bldg. 292,000.00
Equipment ₱ 2,150,000.00
Less: Accum. Depreciation-Equipment 735,000.00
TOTAL ASSETS

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accounts Payable ₱ 213,000.00
Unearned Consulting Revenue 300,000.00
Accrued Salaries Expense 14,000.00

Owner's Equity
Santiago, Capital
TOTAL LIABILITIES AND OWNER'S EQUITY
 Leah May Santiago Information Systems
Statement of Changes in Equity
For the period ended December 31, 2021

Santiago, Owner's Equity

Add: Additional Investments by Santiago
₱ 45,000.00 Profit
360,000.00 Total
24,000.00 Less: Withdrawals
156,000.00 Santiago, Owner's Equity, 12/31/2021
21,000.00 ₱ 606,000.00

₱ 300,000.00

1,298,000.00

1,415,000.00 ₱ 3,013,000.00
₱ 3,619,000.00

EQUITY

₱ 527,000.00

3,092,000.00
₱ 3,619,000.00
 tiago Information Systems
nt of Changes in Equity
ended December 31, 2021

₱ 2,655,000.00
₱ -
1,037,000.00 1,037,000.00
3,692,000.00
600,000.00
₱ 3,092,000.00
 Trial Balance
Debit Credit
110 Cash ₱ 93,800.00
120 Accounts Receivable 48,000.00
130 Fees Receivable d
140 Supplies 7,200.00
150 Office Equipment 75,000.00
155 Accum. Depreciation
210 Accounts Payable ₱ 38,000.00
220 Salaries Payable
310 Detoya, Capital 150,000.00
320 Detoya, Withdrawals 12,000.00
330 Income Summary
410 Consulting Revenues 68,000.00
510 Salaries Expense 12,000.00 b
520 Supplies Expense
530 Rent Expense 8,000.00
540 Depreciation Expense c
₱ 256,000.00 ₱ 256,000.00

Closing Entries
Journal Entry
Dec 1 Cash ₱ 150,000.00
Detoya, Capital ₱ 150,000.00
2 Rent Expense 8,000.00
Cash 8,000.00
2 Supplies 7,200.00
Accounts Payable 7,200.00
3 Office Equipment 75,000.00
Cash 37,000.00
Accounts Payable 38,000,00
8 Accounts Payable 7,200.00
Cash 7,200.00
14 Salaries Expense 6,000.00
Cash 6,000.00
20 Cash 20,000.00
Consulting Revenues 20,000.00
28 Salaries Expense 6,000.00
Cash 6,000.00
30 Accounts Receivable 48,000.00
Consulting Revenues 48,000.00
31 Detoya, Withdrawal 12,000.00
Cash 12,000.00

Adjusting Entry

a Supplies Expense ₱ 2,500.00

Supplies ₱ 2,500.00
b Salaries Expense 1,800.00
Salaries Payable 1,800.00
c Depreciation Expense 800
 Accum. Depreciation 800
d Fees Receivable 10,000.00
Consulting Revenues 10,000.00

Reversing Entry
Salaries Payable ₱ 1,800.00
Salaries Expense ₱ 1,800.00
Consulting Revenues 10,000.00
Fees Receivable 10,000.00
 Edgar Detoya, Tax Consultant
Worksheet
December 31, 2021

Adjustments Adjusted Trial Balance

Debit Credit Debit
₱ 93,800.00
48,000.00
₱ 10,000.00 ₱ 10,000.00
2,500.00 a 4,700.00
75,000.00
₱ 800.00 c

1,800.00

12,000.00

10,000.00 d
1,800.00 13,800.00
2,500.00 a 2,500.00
8,000.00
800 800

₱ 15,100.00 ₱ 15,100.00 ₱ 268,600.00

Closing Entries
1. to close revenue accounts
Consulting Revenues ₱ 78,000.00
Income Summary

2. to close expense accounts

Income Summary ₱ 25,100.00
Salaries Expense
Supplies Expense
Rent Expense
Depreciation Expense
3. to close withdrawal accounts
Detoya, Capital 12,000.00
Detoya, Withdrawals

4. to close income summary accounts

Income Summary ₱ 52,900.00
Detoya, Capital
Adjusted Trial Balance Income Statement Balance Sheet
Credit Debit Credit Debit
₱ 93,800.00
48,000.00
₱ 10,000.00
4,700.00
75,000.00
₱ 800.00
₱ 38,000.00
1,800.00
150,000.00
12,000.00

78,000.00 ₱ 78,000.00
₱ 13,800.00
2,500.00
8,000.00
800

268,600.00 ₱ 25,100.00
₱ 52,900.00
₱ 78,000.00 ₱ 78,000.00 ₱ 243,500.00

Income Summary
cj 2 ₱ 25,100.00
cj 4 ₱ 52,900.00
₱ 78,000.00 ₱ 78,000.00

₱ 13,800.00 Detoya, Capital

2,500.00 cje 3 12,000.00
8,000.00
800 12,000.00
 12,000.00

₱ 52,900.00
 Consulting Revenues
Balance Sheet Post Closing Trial Balance Less Operating Expense
Credit Debit Credit
₱ 93,800.00
48,000.00
₱ 10,000.00
4,700.00
75,000.00
₱ 800.00 ₱ 800.00
₱ 38,000.00 ₱ 38,000.00
1,800.00 1,800.00
150,000.00 190,900.00

₱ 190,600.00
₱ 52,900.00
₱ 243,500.00 ₱ 231,500.00 ₱ 231,500.00

Income Summary
₱ 78,000.00 cj 1

Detoya, Capital
150,000.00 bb
₱ 52,900.00 cje 4
202,900.00
₱ 190,900.00
 Edgar Detoya, Tax Consultant
Income Statement
For the month ended December 31, 2021
Consulting Revenues ₱ 78,000.00
Less Operating Expense
Salaries Expense ₱ 13,800.00 Current Assets
Supplies Expense 2,500.00
Rent Expense 8,000.00
Depreciation Expense 800 ₱ 25,100.00
₱ 103,100.00
Non/ Current Assets

Less
TOTAL ASSETS

Current Liabilities

Owner's Equity

TOTAL LIABILITIES AND OWNER

 Edgar Detoya, Tax Consultant
Balance Sheet
For the month ended December 31, 2021

ASSETS
Current Assets
Cash ₱ 93,800.00
Accounts Receivable 48,000.00
Fees Receivable ₱ 10,000.00
Supplies 4,700.00
Non/ Current Assets
Office Equipment 75,000.00
Accum. Depreciation ₱ 800.00
TOTAL ASSETS

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accounts Payable ₱ 38,000.00
Salaries Payable 1,800.00 ₱ 39,800.00

Owner's Equity
Detoya, Capital 190,900.00
TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 230,700.00
 Edgar Detoya, Tax Consultant
Statement of Changes in Equity
For the month ended December 31, 2021

Detoya, Owner's Equity

Add: Additional Investments by Santiago 0
Profit ₱ 52,900.00
Total
Less: Withdrawals
₱ 156,500.00 Detoya, Owner's Equity, 31/01/21

75,800.00
₱ 80,700.00
₱ 150,000.00

₱ 52,900.00
202,900.00
12,000.00
₱ 214,900.00