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Required: Prepare a complete worksheet from Income Statement to Post Closing Trial Balance. Prepare Income Statement. Prepare Balance Sheet. Prepare Closing Entries. Prepare Post Closing Trial Balance. Attached herewith are the problem and an example.

Required: Prepare a complete worksheet from Income Statement to Post Closing Trial Balance. Prepare Income Statement. Prepare Balance Sheet. Prepare Closing Entries. Prepare Post Closing Trial Balance. Attached herewith are the problem and an example.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11EB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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Required:

  1. Prepare a complete worksheet from Income Statement to Post Closing Trial Balance.
  2. Prepare Income Statement.
  3. Prepare Balance Sheet.
  4. Prepare Closing Entries.
  5. Prepare Post Closing Trial Balance.

Attached herewith are the problem and an example.

Thank you so much!:)

The May 31, 2018 trial balance for Rosalina Besario Surveyors is presented as follows: Problem #4 Worksheet Preparation Rosalina Besario Surveyors Trial Balance May 31, 2018 Cash Accounts Receivable P 210,000 930,000 360,000 270,000 1,890,000 Prepaid Advertising Engineering Supplies Survey Equipment Accum. Depreciation-Survey Equipt. Accounts Payable Unearned Survey Revenues Notes Payable Besario, Capital Besario, Withdrawals Survey Revenues Salaries Expense P 640,000 190,000 120,000 500,000 1,120,000 700,000 6,510,000 3,270,000 Rent Expense Insurance Expense Utilities Expense Miscellaneous Expense 960,000 250,000 160,000 80,000 Totals P9,080,000 P9,080,000 The following information pertaining to the year-end adjustments is available: a. The P360,000 prepaid advertising represents expenditure made on Nov. 1, 2017 for monthly advertising over the next 18 months. b. A count of the engineering supplies at May 31, 2018 amounted to P90,000. C. Depreciation on the surveying equipment amounted to P160,000. d. One-third of the unearned survey revenues has been earned at year-end. e. At year-end, salaries in the amount of P140,000 have accrued. i Interest of P60,000 on the notes payable has accrued at year-end.
Transcribed Image Text:The May 31, 2018 trial balance for Rosalina Besario Surveyors is presented as follows: Problem #4 Worksheet Preparation Rosalina Besario Surveyors Trial Balance May 31, 2018 Cash Accounts Receivable P 210,000 930,000 360,000 270,000 1,890,000 Prepaid Advertising Engineering Supplies Survey Equipment Accum. Depreciation-Survey Equipt. Accounts Payable Unearned Survey Revenues Notes Payable Besario, Capital Besario, Withdrawals Survey Revenues Salaries Expense P 640,000 190,000 120,000 500,000 1,120,000 700,000 6,510,000 3,270,000 Rent Expense Insurance Expense Utilities Expense Miscellaneous Expense 960,000 250,000 160,000 80,000 Totals P9,080,000 P9,080,000 The following information pertaining to the year-end adjustments is available: a. The P360,000 prepaid advertising represents expenditure made on Nov. 1, 2017 for monthly advertising over the next 18 months. b. A count of the engineering supplies at May 31, 2018 amounted to P90,000. C. Depreciation on the surveying equipment amounted to P160,000. d. One-third of the unearned survey revenues has been earned at year-end. e. At year-end, salaries in the amount of P140,000 have accrued. i Interest of P60,000 on the notes payable has accrued at year-end.
A D E F G H J K P S U 1 Unadjusted Trial Adjusted Trial Post Closing Trial Adjustments Income Statement Balance Sheet Closing Entries 2 2021 Balance Balance Balance 3 Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 4 Cash 3,450 3,450 3,450 3,450 5 Accounts Receivable 6 Supplies 7 Equipment 22,500 1,775 24,275 24,275 24,275 5,400 4,200 1,200 1,200 1,200 113,700 113,700 113,700 113,700 8 Accum. Deo. -Eqpt 4,100 4,100 4,100 4,100 9 Accounts Payable 5,250 5,250 5,250 5,250 10 Unearned fees 11 Hans, capital 12 Hans, Drawings 6,000 1,750 4,250 4,250 4,250 78,000 78,000 78,000 78,000 4,500 4,500 4,500 4,500 13 Fees Earned 14 Salaries Expense 15 Rent Expense 16 Utilities Expense 17 Miscellanous Expense 18 Supplies Expense 19 Depreciation Expense 20 Salaries Payable 135,750 3,525 139,275 139,275 139,275 31,500 600 32,100 32,100 32,100 24,000 24,000 24,000 24,000 17,250 17,250 17,250 17,250 2,700 2,700 2,700 2,700 4,200 4,200 4,200 4,200 4,100 4,100 4,100 4,100 600 600 600 600 21 | 225,000 225,000 12,425 12,425 231,475 231,475 84,350 139,275 147,125 92,200| 139,275 88,850 142,625 92,200 22 Net Income 54,925 54,925 50,425 50,425 Hans, Capital 78,000 23 139,275 139,275 147,125 147,125 Add: Net Income 54,925 24 25 Total 132,925 26 ADJUSTING ENTRIES: For preparing the adjusting entries, the following data 27 Accounts Receivable 1,775 1) Revenues to Income Summary Hans, Drawings 4,500 were assembled: 28 Fees earned 1,775 2) Expenses to Income Summary Hans, Capital -April 30 128,425 a) Fees earned but unbilled on April 30 were P1,775. b) Supplies on hand on April 30 were P1,200. c) Depreciation of equipment was estimated to be 29 Supplies Expense 4,200 3) Income Summary to Capital 30 Supplies 4,200 4) Withdrawals to capital 50,425 31 Depreciation Expense Accumlated Dep. - Eduipment P4,100 for the year. d) The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only P1,750 of the services was provided between April 1 and April 30. e) Unpaid wages accrued on April 30 were P600. 4,100 32 4,100 CLOSING ENTRIES 33 Unearned Fess 1,750 1) Fees Earned 139,275 34 Fees earned 1,750 Income Summary 139,275 35 Salaries expense 600 2) Income Summary 84,350 36 Salaries payable 600 Salaries Expense 32100 37 Rent Expense 24000 38 Accrued Liabilities - are Expenses incurred but not yet paid Utilities Expense 17250 39 Miscellanous Expens 2700 Required: 1) Prepare the adjusting entries necessary on April 30, 40 Income Summary Supplies Expense 4200 41 84,350 139,275 Depreciation Expens 4100 2019. 42 Closing er 54,925 54,925 Profit 3) Income Summary 54,925 2) Prepare a Ten-Column Worksheet. 3) Prepare Income Statement. 4) Prepare Statement of Changes in Equity. 5) Prepare Balance Sheet. 6) Prepare closing entries. 7) Prepare Post-Closing Trial Balance. 8) Prepare reversing entries. 43 Hans, capital 54,925 44 4) Hans, Capital 4,500 45 Hans, drawings 4,500 46 47 48 49 50
Transcribed Image Text:A D E F G H J K P S U 1 Unadjusted Trial Adjusted Trial Post Closing Trial Adjustments Income Statement Balance Sheet Closing Entries 2 2021 Balance Balance Balance 3 Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 4 Cash 3,450 3,450 3,450 3,450 5 Accounts Receivable 6 Supplies 7 Equipment 22,500 1,775 24,275 24,275 24,275 5,400 4,200 1,200 1,200 1,200 113,700 113,700 113,700 113,700 8 Accum. Deo. -Eqpt 4,100 4,100 4,100 4,100 9 Accounts Payable 5,250 5,250 5,250 5,250 10 Unearned fees 11 Hans, capital 12 Hans, Drawings 6,000 1,750 4,250 4,250 4,250 78,000 78,000 78,000 78,000 4,500 4,500 4,500 4,500 13 Fees Earned 14 Salaries Expense 15 Rent Expense 16 Utilities Expense 17 Miscellanous Expense 18 Supplies Expense 19 Depreciation Expense 20 Salaries Payable 135,750 3,525 139,275 139,275 139,275 31,500 600 32,100 32,100 32,100 24,000 24,000 24,000 24,000 17,250 17,250 17,250 17,250 2,700 2,700 2,700 2,700 4,200 4,200 4,200 4,200 4,100 4,100 4,100 4,100 600 600 600 600 21 | 225,000 225,000 12,425 12,425 231,475 231,475 84,350 139,275 147,125 92,200| 139,275 88,850 142,625 92,200 22 Net Income 54,925 54,925 50,425 50,425 Hans, Capital 78,000 23 139,275 139,275 147,125 147,125 Add: Net Income 54,925 24 25 Total 132,925 26 ADJUSTING ENTRIES: For preparing the adjusting entries, the following data 27 Accounts Receivable 1,775 1) Revenues to Income Summary Hans, Drawings 4,500 were assembled: 28 Fees earned 1,775 2) Expenses to Income Summary Hans, Capital -April 30 128,425 a) Fees earned but unbilled on April 30 were P1,775. b) Supplies on hand on April 30 were P1,200. c) Depreciation of equipment was estimated to be 29 Supplies Expense 4,200 3) Income Summary to Capital 30 Supplies 4,200 4) Withdrawals to capital 50,425 31 Depreciation Expense Accumlated Dep. - Eduipment P4,100 for the year. d) The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only P1,750 of the services was provided between April 1 and April 30. e) Unpaid wages accrued on April 30 were P600. 4,100 32 4,100 CLOSING ENTRIES 33 Unearned Fess 1,750 1) Fees Earned 139,275 34 Fees earned 1,750 Income Summary 139,275 35 Salaries expense 600 2) Income Summary 84,350 36 Salaries payable 600 Salaries Expense 32100 37 Rent Expense 24000 38 Accrued Liabilities - are Expenses incurred but not yet paid Utilities Expense 17250 39 Miscellanous Expens 2700 Required: 1) Prepare the adjusting entries necessary on April 30, 40 Income Summary Supplies Expense 4200 41 84,350 139,275 Depreciation Expens 4100 2019. 42 Closing er 54,925 54,925 Profit 3) Income Summary 54,925 2) Prepare a Ten-Column Worksheet. 3) Prepare Income Statement. 4) Prepare Statement of Changes in Equity. 5) Prepare Balance Sheet. 6) Prepare closing entries. 7) Prepare Post-Closing Trial Balance. 8) Prepare reversing entries. 43 Hans, capital 54,925 44 4) Hans, Capital 4,500 45 Hans, drawings 4,500 46 47 48 49 50
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