Presented below, together with account numbers, is the unadjusted trial balance of Madelyn Rialubin Travel Agency for the year ended December 31, 2020: Madelyn Rialubin Travel Agency Unadjusted Trial Balance December 31, 2013 110 Cash ₱ 126,000.00 120 Accounts receivables 645,000 130 Prepaid rent 360,000 140 Office supplies 63,000 150 Furniture 2,175,000 155 Accumulated depreciation ₱ 435,000.00 210 Notes payable 900,000 220 Accounts payable 285,000 230 Salaries payable 240 Interest payable 310 Rialubin, capital 1,680,000 320 Rialubin, withdrawals 1,200,000 410 Travel revenues 5,133,000 510 Salaries expense 3,771,000 520 Rent expense 530 Office supplies expense 540 Depreciation expense 550 Interest expense 560 Miscellaneous expense 93,000 Totals 8,433,000 8,433,000 Information pertaining to Rialubin’s accounts is as follows: On Nov. 1, 2020, Rialubin paid Juanita Rabena Realtors P360,000 for six months’ rent on the office building commencing that date. Office supplies on hand at Dec. 31, 2020 amounted to P27,000. Depreciation expense for the furniture amounted to P75,000 for the year. At Dec. 31,2020, P105,000 salaries have accrued. The P900,000 note payable was issued on Oct. 1, 2020. It will be repaid in 12 months together with interest at an annual rate of 24%. Required: Prepare the adjusting entries. Generate a worksheet complete with the unadjusted trial balance, adjustments, adjusted trial balance, income statement and balance sheet. Prepare closing entries and the post-closing trial balance.

Presented below, together with account numbers, is the unadjusted trial balance of Madelyn Rialubin Travel Agency for the year ended December 31, 2020: Madelyn Rialubin Travel Agency Unadjusted Trial Balance December 31, 2013 110 Cash ₱ 126,000.00 120 Accounts receivables 645,000 130 Prepaid rent 360,000 140 Office supplies 63,000 150 Furniture 2,175,000 155 Accumulated depreciation ₱ 435,000.00 210 Notes payable 900,000 220 Accounts payable 285,000 230 Salaries payable 240 Interest payable 310 Rialubin, capital 1,680,000 320 Rialubin, withdrawals 1,200,000 410 Travel revenues 5,133,000 510 Salaries expense 3,771,000 520 Rent expense 530 Office supplies expense 540 Depreciation expense 550 Interest expense 560 Miscellaneous expense 93,000 Totals 8,433,000 8,433,000 Information pertaining to Rialubin’s accounts is as follows: On Nov. 1, 2020, Rialubin paid Juanita Rabena Realtors P360,000 for six months’ rent on the office building commencing that date. Office supplies on hand at Dec. 31, 2020 amounted to P27,000. Depreciation expense for the furniture amounted to P75,000 for the year. At Dec. 31,2020, P105,000 salaries have accrued. The P900,000 note payable was issued on Oct. 1, 2020. It will be repaid in 12 months together with interest at an annual rate of 24%. Required: Prepare the adjusting entries. Generate a worksheet complete with the unadjusted trial balance, adjustments, adjusted trial balance, income statement and balance sheet. Prepare closing entries and the post-closing trial balance.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 2MCQ: In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in...

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Presented below, together with account numbers, is the unadjusted trial balance of Madelyn Rialubin Travel Agency for the year ended December 31, 2020:

Madelyn Rialubin Travel Agency
Unadjusted Trial Balance
December 31, 2013

110	Cash	₱ 126,000.00
120	Accounts receivables	645,000
130	Prepaid rent	360,000
140	Office supplies	63,000
150	Furniture	2,175,000
155	Accumulated depreciation		₱ 435,000.00
210	Notes payable		900,000
220	Accounts payable		285,000
230	Salaries payable
240	Interest payable
310	Rialubin, capital		1,680,000
320	Rialubin, withdrawals	1,200,000
410	Travel revenues		5,133,000
510	Salaries expense	3,771,000
520	Rent expense
530	Office supplies expense
540	Depreciation expense
550	Interest expense
560	Miscellaneous expense	93,000
	Totals	8,433,000	8,433,000

Information pertaining to Rialubin’s accounts is as follows:

On Nov. 1, 2020, Rialubin paid Juanita Rabena Realtors P360,000 for six months’ rent on the office building commencing that date.
Office supplies on hand at Dec. 31, 2020 amounted to P27,000.
Depreciation expense for the furniture amounted to P75,000 for the year.
At Dec. 31,2020, P105,000 salaries have accrued.
The P900,000 note payable was issued on Oct. 1, 2020. It will be repaid in 12 months together with interest at an annual rate of 24%.

Required:

Prepare the adjusting entries.
Generate a worksheet complete with the unadjusted trial balance, adjustments, adjusted trial balance, income statement and balance sheet.
Prepare closing entries and the post-closing trial balance.
Prepare reversing entries for January 1, 2021.

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