Prepare the Worksheet The unadjusted trial balance of the Remedios Palaganas Gourmet Food for December 31, 2015, follows:CashP504,000Accounts Receivable789,000144,000357,000Prepaid RentCooking SuppliesLand530,000BuildingAccumulated Depreciation – BuildingCooking EquipmentAccumulated Depreciation – Cooking EquipmentNotes PayableAccounts PayablePalaganas, CapitalPalaganas, WithdrawalGourmet Cooking RevenuesSalaries ExpenseTravel ExpenseAdvertising ExpenseInsurance ExpenseUtilities ExpenseMiscellaneous Expense1,250,000P413,000870,000212,0001,400,000117,0001,435,000240,0002,256,000619,000127,000215,00040,000102,00046,000TotalsP5,833,0005,833,000Additional Information:a) One-half of the prepaid rent has expired.b) Cooking supplies on hand at year-end amounted to P25,000.c) Depreciation on the building and on the cooking equipment amounted to P28,000 and P52,000respectively.d) Accrued salaries at year-end amounted to P27,000.e) Interest amounting to P252,000 has accrued on notes payable.

Worksheet is a summary of general ledger account balances in the form of unadjusted trial balance,…

Answered: Prepare the Worksheet

Business

Accounting

Prepare the Worksheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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