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Compreh Presented below is the unadjusted trial balance of the Moises Dondoyano Information Systems for the year ended Dec. 31, 2019: Moises Dondoyano Information Systems Unadjusted Trial Balance Dec. 31, 2019 P 45,000 360,000 156,000 63,000 300,000 1,590,000 Cash Notes Receivable Accounts Receivable Office Supplies Land P 254,000 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Consulting Revenues Dondoyano, Capital, 1/1/2019 Dondoyano, Withdrawals Consulting Revenues Salaries Expense Repairs Expense Miscellaneous Expense 2,150,000 612,000 213,000 450,000 2,655,000 600,000 2,108,000 875,000 116,000 37,000 P6,292,000 Totals P6,292,000 Additional information: a. Office supplies on hand as at Dec. 31, 2019 is P21,000. b. One-third of the unearned revenues has been earned as at Dec. 31, 2019. c. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment. d. Salaries in the amount of P14,000 have accrued at year-end. e. The notes receivable were accepted from several customers. The notes were issued on Sept. 1, 2019 and will be settled together with a 20% interest on May 31, 2020. Required: 1. Establish a ledger account for each of the account in the unadjusted trial balance. 2. Journalize and post the adjusting entries. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, a statement of changes in equity and a balance sheet.

Compreh Presented below is the unadjusted trial balance of the Moises Dondoyano Information Systems for the year ended Dec. 31, 2019: Moises Dondoyano Information Systems Unadjusted Trial Balance Dec. 31, 2019 P 45,000 360,000 156,000 63,000 300,000 1,590,000 Cash Notes Receivable Accounts Receivable Office Supplies Land P 254,000 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Consulting Revenues Dondoyano, Capital, 1/1/2019 Dondoyano, Withdrawals Consulting Revenues Salaries Expense Repairs Expense Miscellaneous Expense 2,150,000 612,000 213,000 450,000 2,655,000 600,000 2,108,000 875,000 116,000 37,000 P6,292,000 Totals P6,292,000 Additional information: a. Office supplies on hand as at Dec. 31, 2019 is P21,000. b. One-third of the unearned revenues has been earned as at Dec. 31, 2019. c. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment. d. Salaries in the amount of P14,000 have accrued at year-end. e. The notes receivable were accepted from several customers. The notes were issued on Sept. 1, 2019 and will be settled together with a 20% interest on May 31, 2020. Required: 1. Establish a ledger account for each of the account in the unadjusted trial balance. 2. Journalize and post the adjusting entries. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, a statement of changes in equity and a balance sheet.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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Comprehensive Problem Presented below is the unadjusted trial balance of the Moises Dondoyano Information Systems for the year ended Dec. 31, 2019: Moises Dondoyano Information Systems Unadjusted Trial Balance Dec. 31, 2019 Cash Notes Receivable Accounts Receivable Office Supplies Land P 45,000 360,000 156,000 63,000 300,000 1,590,000 P 254,000 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Consulting Revenues Dondoyano, Capital, 1/1/2019 Dondoyano, Withdrawals Consulting Revenues Salaries Expense Repairs Expense Miscellaneous Expense 2,150,000 612,000 213,000 450,000 2,655,000 600,000 2,108,000 875,000 116,000 37,000 Totals P6,292,000 P6,292,000 Additional information: a. Office supplies on hand as at Dec. 31, 2019 is P21,000. b. One-third of the unearned revenues has been earned as at Dec. 31, 2019. c. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment. d. Salaries in the amount of P14,000 have accrued at year-end. e. The notes receivable were accepted from several customers. The notes were issued on Sept. 1, 2019 and will be settled together with a 20% interest on May 31, 2020. Required: 1. Establish a ledger account for each of the account in the unadjusted trial balance. 2. Journalize and post the adjusting entries. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, a statement of changes in equity and a balance sheet.
Transcribed Image Text:Comprehensive Problem Presented below is the unadjusted trial balance of the Moises Dondoyano Information Systems for the year ended Dec. 31, 2019: Moises Dondoyano Information Systems Unadjusted Trial Balance Dec. 31, 2019 Cash Notes Receivable Accounts Receivable Office Supplies Land P 45,000 360,000 156,000 63,000 300,000 1,590,000 P 254,000 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Consulting Revenues Dondoyano, Capital, 1/1/2019 Dondoyano, Withdrawals Consulting Revenues Salaries Expense Repairs Expense Miscellaneous Expense 2,150,000 612,000 213,000 450,000 2,655,000 600,000 2,108,000 875,000 116,000 37,000 Totals P6,292,000 P6,292,000 Additional information: a. Office supplies on hand as at Dec. 31, 2019 is P21,000. b. One-third of the unearned revenues has been earned as at Dec. 31, 2019. c. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment. d. Salaries in the amount of P14,000 have accrued at year-end. e. The notes receivable were accepted from several customers. The notes were issued on Sept. 1, 2019 and will be settled together with a 20% interest on May 31, 2020. Required: 1. Establish a ledger account for each of the account in the unadjusted trial balance. 2. Journalize and post the adjusting entries. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, a statement of changes in equity and a balance sheet.
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