Angeles De Guzman is a lawyer specializing in corporate tax law. Provided below isa trial balance taken on Dec. 31, 2017: De Guzman Legal Services Trial Balance Dec. 31, 2017 P 75,000 8,000 Cash Office Supplies Prepaid Insurance Office Equipment 12,000 150,000 60,000 Computer Equipment Notes Payable Accounts Payable P 50,000 5,000 114,000 De Guzman, Capital De Guzman, Withdrawals 35,000 390,000 Consulting Revenues Rent Expensę Salaries Expense 50,000 120,000 Telephone Expense 10,000 Utilities Expense 39,000 P559,000 P559,000 information for year-end adjustments: Office supplies on hand at year-end amounted to P3,000. On Jan. 1 of the current year, De Guzman purchased office equipment which cost P150,000 with an expected life of 5 year and no salvage value. Computer equipment costing P60,000 with an expected life of three years and no salvage value was purchased on July 1 of the current year. A premium of P12,000 for a one-year. insurance policy was paid on Dec. 1. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. a. b. C. d. e. Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries.

Angeles De Guzman is a lawyer specializing in corporate tax law. Provided below isa trial balance taken on Dec. 31, 2017: De Guzman Legal Services Trial Balance Dec. 31, 2017 P 75,000 8,000 Cash Office Supplies Prepaid Insurance Office Equipment 12,000 150,000 60,000 Computer Equipment Notes Payable Accounts Payable P 50,000 5,000 114,000 De Guzman, Capital De Guzman, Withdrawals 35,000 390,000 Consulting Revenues Rent Expensę Salaries Expense 50,000 120,000 Telephone Expense 10,000 Utilities Expense 39,000 P559,000 P559,000 information for year-end adjustments: Office supplies on hand at year-end amounted to P3,000. On Jan. 1 of the current year, De Guzman purchased office equipment which cost P150,000 with an expected life of 5 year and no salvage value. Computer equipment costing P60,000 with an expected life of three years and no salvage value was purchased on July 1 of the current year. A premium of P12,000 for a one-year. insurance policy was paid on Dec. 1. Salaries earned by legal aide, which have not yet been paid, amounted to P3,000. a. b. C. d. e. Required: 1. Prepare the adjustments on the worksheet and complete the worksheet. 2. Journalize the adjusting entries.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter19: Corporations: Distributions Not In Complete Liquidation

Section: Chapter Questions

Problem 2RP

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Anne Curtis is a lawyer specializing in corporate tax law. Provided below is a trial balance takenon Dec. 31, 2018:Curtis Legal ServicesTrial BalanceDec. 31, 2018111 Cash P 75,000112 Office Supplies 8,000113 Prepaid Insurance 12,000114 Office Equipment 150,000116 Computer Equipment 60,000211 Notes Payable P 50,000212 Accounts Payable 5,000311 De Guzman, Capital 114,000312 De Guzman, Withdrawals 35,000411 Consulting Revenues 390,000511 Rent Expense 50,000512 Salaries Expense 120,000513 Telephone Expense 10,000514 Utilities Expense 39,000P 559,000 P 559,000Information for year-end adjustments:a. Office supplies on hand at year-end amounted to P3,000.b. On January 1 of the current year, Curtis purchased office equipment which cost P150,000with and expected life of 5 years and no salvage value. c. Computer equipment costing P60,000 with an expected useful life of three years and nosalvage value was purchased on July 1 of the current year.d. A premium of P12,000 for one-year insurance…
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