Worksheet and Financial Statements Poleng Diola established Poleng’s Consulting Services during 2019. The following are the balances in the ledger accounts as of December 31, 2020 prior to making adjusting entries. Poleng’s Consulting Services Trial Balance As at December 31, 2020 (in Php) Account No. Chart of Accounts Ref. Debit Credit 101 Cash 125,400 102 Prepaid Office Rent 33,000 103 Prepaid Dues and Subscriptions 9,600 104 Supplies 13,000 111 Equipment 240,000 119 Accumulated Depreciation – Equipment 22,000 201 Note Payable 50,000 202 Unearned Consulting Fee 356,500 203 Salaries Payable - 301 Poleng, capital 200,400 302 Poleng, drawing 270,000 401 Consulting Fee earned 908,600 501 Salaries Expenses 669,000 502 Telephone Expenses 25,500 503 Rent Expenses 110,000 504 Miscellaneous Expenses 42,000 Total 1,537,500 1,537,500 Additional information: On December 1, 2020, the company signed a new rental agreement and paid three months’ rent in advance at a rate of Php 11,000 per month. This advance payment was debited to the Prepaid Rent account. The useful life of the equipment has been estimated at 10 years from date of acquisition. No depreciation expense has been recorded for the current year. Dues and subscriptions expired during the period in total amount of Php 7,100. Consulting services valued at Php 325,500 were rendered during the year for clients who had made payment in advance. Salaries earned by employees but not yet paid amounted to Php 22,000 at December. An estimate of supplies on hand was made at December 31. The estimated cost of the unused supplies was Php 4,500. Accrued interest on Note Payable amounted to Php 1,000 at year-end. (set up accounts for Interest Expense and for Interest Payable) Requirements: Prepare a 10-column worksheet. Prepare a Statement of Financial Performance Prepare a Statement of Financial Position

Worksheet and Financial Statements Poleng Diola established Poleng’s Consulting Services during 2019. The following are the balances in the ledger accounts as of December 31, 2020 prior to making adjusting entries. Poleng’s Consulting Services Trial Balance As at December 31, 2020 (in Php) Account No. Chart of Accounts Ref. Debit Credit 101 Cash 125,400 102 Prepaid Office Rent 33,000 103 Prepaid Dues and Subscriptions 9,600 104 Supplies 13,000 111 Equipment 240,000 119 Accumulated Depreciation – Equipment 22,000 201 Note Payable 50,000 202 Unearned Consulting Fee 356,500 203 Salaries Payable - 301 Poleng, capital 200,400 302 Poleng, drawing 270,000 401 Consulting Fee earned 908,600 501 Salaries Expenses 669,000 502 Telephone Expenses 25,500 503 Rent Expenses 110,000 504 Miscellaneous Expenses 42,000 Total 1,537,500 1,537,500 Additional information: On December 1, 2020, the company signed a new rental agreement and paid three months’ rent in advance at a rate of Php 11,000 per month. This advance payment was debited to the Prepaid Rent account. The useful life of the equipment has been estimated at 10 years from date of acquisition. No depreciation expense has been recorded for the current year. Dues and subscriptions expired during the period in total amount of Php 7,100. Consulting services valued at Php 325,500 were rendered during the year for clients who had made payment in advance. Salaries earned by employees but not yet paid amounted to Php 22,000 at December. An estimate of supplies on hand was made at December 31. The estimated cost of the unused supplies was Php 4,500. Accrued interest on Note Payable amounted to Php 1,000 at year-end. (set up accounts for Interest Expense and for Interest Payable) Requirements: Prepare a 10-column worksheet. Prepare a Statement of Financial Performance Prepare a Statement of Financial Position

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section22.1: Preparing Adjusting Entries

Problem 1WT

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Question

Worksheet and Financial Statements

Poleng Diola established Poleng’s Consulting Services during 2019. The following are the balances in the ledger accounts as of December 31, 2020 prior to making adjusting entries.

Poleng’s Consulting Services

Trial Balance

As at December 31, 2020 (in Php)

Account No.	Chart of Accounts	Ref.	Debit	Credit
101	Cash		125,400
102	Prepaid Office Rent		33,000
103	Prepaid Dues and Subscriptions		9,600
104	Supplies		13,000
111	Equipment		240,000
119	Accumulated Depreciation – Equipment			22,000
201	Note Payable			50,000
202	Unearned Consulting Fee			356,500
203	Salaries Payable			-
301	Poleng, capital			200,400
302	Poleng, drawing		270,000
401	Consulting Fee earned			908,600
501	Salaries Expenses		669,000
502	Telephone Expenses		25,500
503	Rent Expenses		110,000
504	Miscellaneous Expenses		42,000

	Total		1,537,500	1,537,500

Additional information:

On December 1, 2020, the company signed a new rental agreement and paid three months’ rent in advance at a rate of Php 11,000 per month. This advance payment was debited to the Prepaid Rent account.
The useful life of the equipment has been estimated at 10 years from date of acquisition. No depreciation expense has been recorded for the current year.
Dues and subscriptions expired during the period in total amount of Php 7,100.
Consulting services valued at Php 325,500 were rendered during the year for clients who had made payment in advance.
Salaries earned by employees but not yet paid amounted to Php 22,000 at December.
An estimate of supplies on hand was made at December 31. The estimated cost of the unused supplies was Php 4,500.
Accrued interest on Note Payable amounted to Php 1,000 at year-end. (set up accounts for Interest Expense and for Interest Payable)

Requirements:

Prepare a 10-column worksheet.
Prepare a Statement of Financial Performance
Prepare a Statement of Financial Position

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