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    ACT110.Worksheet Activity - Illustrate

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    Ara Jean
    Val Nolan started a home appraisal business called Nolan's Home Appraisals. The trial balance as of October 31, 2021 shows assets like cash, accounts receivable, supplies, prepaid insurance and automobile. Liabilities include accounts payable. Owner's equity includes capital and drawings. Revenues are from appraisal fees and expenses include wages, advertising, rent, supplies, telephone, insurance, repairs, oil and gas, and depreciation on the automobile. Additional information provides adjustments needed for supplies count, prepaid insurance, expected automobile sale price, and wages incurred but not paid.

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    ACT110.Worksheet Activity - Illustrate

    Uploaded by

    Ara Jean
    26 views1 page
    Val Nolan started a home appraisal business called Nolan's Home Appraisals. The trial balance as of October 31, 2021 shows assets like cash, accounts receivable, supplies, prepaid insurance and automobile. Liabilities include accounts payable. Owner's equity includes capital and drawings. Revenues are from appraisal fees and expenses include wages, advertising, rent, supplies, telephone, insurance, repairs, oil and gas, and depreciation on the automobile. Additional information provides adjustments needed for supplies count, prepaid insurance, expected automobile sale price, and wages incurred but not paid.

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    ACT110.Worksheet Activity.illustrate

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    Val Nolan started a home appraisal business called Nolan's Home Appraisals. The trial balance as of October 31, 2021 shows assets like cash, accounts receivable, supplies, prepaid insurance and automobile. Liabilities include accounts payable. Owner's equity includes capital and drawings. Revenues are from appraisal fees and expenses include wages, advertising, rent, supplies, telephone, insurance, repairs, oil and gas, and depreciation on the automobile. Additional information provides adjustments needed for supplies count, prepaid insurance, expected automobile sale price, and wages incurred but not paid.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    26 views1 page

    ACT110.Worksheet Activity - Illustrate

    Uploaded by

    Ara Jean
    Val Nolan started a home appraisal business called Nolan's Home Appraisals. The trial balance as of October 31, 2021 shows assets like cash, accounts receivable, supplies, prepaid insurance and automobile. Liabilities include accounts payable. Owner's equity includes capital and drawings. Revenues are from appraisal fees and expenses include wages, advertising, rent, supplies, telephone, insurance, repairs, oil and gas, and depreciation on the automobile. Additional information provides adjustments needed for supplies count, prepaid insurance, expected automobile sale price, and wages incurred but not paid.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Val Nolan started a business called Nolan’s Home Appraisals.

    The trial balance as of October 31, 2021 after


    the first month of operations, is as follows:

    Nolan’s Home Appraisals


    Worksheet
    For Month Ended October 31, 2021
    TRIAL BALANCE ADJUSTMENTS
    ACCOUNT TITLE
    DEBIT CREDIT DEBIT CREDIT
    1 Cash 830,000
    2 Accounts receivable 760,000
    3 Supplies 625,000
    4 Prepaid insurance 950,000
    5 Automobile 6,500,000
    6 Accumulated depreciation – Automobile
    7 Accounts payable 1,500,000
    8 Wages payable
    9 Val Nolan, Capital 9,900,000
    10 Val Nolan, Drawing 1,100,000
    11 Appraisal Fees 3,000,000
    12 Wages expense 1,560,000
    13 Advertising expense 420,000
    14 Rent expense 1,050,000
    15 Supplies expense
    16 Telephone expense 255,000
    17 Insurance expense
    18 Repair expense 270,000
    19 Oil and gas expense 80,000
    20 Depreciation expense – Automobile
    14,400,000 14,400,000

    Additional information:

    Analyze the following adjustments:


    (a) After conducting physical count, it was found out the 20% of the supplies were still on hand.
    (b) Unexpired insurance amounting to P750,000.
    (c) Automobile purchased is expected to be sold at P500,000 after 20 years life.
    (d) Wages incurred but not yet paid as of October 31, P175,000.

    REQUIRED:

    1. Complete the worksheet.


    2. Prepare the following financial statements in good form.
    a. Statement of Performance
    b. Statement of Changes in Owner’s Equity
    c. Statement of Financial Position
    3. Prepare closing entries
    4. Prepare post-closing trial balance in good form.
    5. Prepare needed reversing entries

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