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Adjusting FS Service

200,000 10,000 80,000 16,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000

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Jasmine Acta
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198 views17 pages

Adjusting FS Service

200,000 10,000 80,000 16,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000 133,000 25,000 30,000 15,000

Uploaded by

Jasmine Acta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Problem 6

Ysabel Melgar, Atty-At-Law


GENERAL JOURNAL

Date
Account Titles and Explanation P.R. Debit

1) Office Supplies Expense 8,000


Office Supplies
To record the supplies used
12,000 - 4,000 = 8,000

2 Depreciation Expense - OE 10,000


Accumulated Depreciation- OE
To record the depreciation
(200,000 / 10) * (6 / 12)

3 Depreciation Expense - CE 16,000


Accumulated Depreciation- CE
To record the depreciation
(80,000 / 5)

4 Insurance Expense 4,000


Prepaid Insurance
To record the expired portion of prepaid Insurance
16,000 * 3 / 12

5 Salaries Expense 8,100


Salaries Payable
To record the accrued salaries expense

6 Utilties Expense 3,400


Utilties Payable
To record the utilities accrued

Balance 49,500
GJ-1

Account Code Particulars


Credit
101 Cash
102 Office Supplies
8,000 103 Prepaid Insurance
104 Office Equipment
105 Computer Equipment
201 Notes Payable
202 Accounts Payable
10,000 301 Melgar, Capital
302 Melgar, Drawing
401 Legal Fee Income
501 Rent Expense
502 Salaries Expense
16,000 503 Communication Expense
504 Utilities Expense

AJE: Office Supplies Expense


Depreciation Expense - OE
4,000 Accumulated Depreciation- OE
Depreciation Expense - CE
Accumulated Depreciation- CE
Insurance Expense
Salaries Payable
8,100 Utilties Payable

3,400 Total
Net Income
Total

49,500
Ysabel Melgar, Atty-At-Law
Worksheet
As of December 31,2015

TRIAL BALANCE ADJUSTMENTS Adjusted Trial Balance


DEBIT CREDIT DEBIT CREDIT DEBIT
90,000.00 90,000.00
12,000.00 8,000.00 4,000.00
16,000.00 4,000.00 12,000.00
200,000.00 200,000.00
80,000.00 80,000.00
30,000.00
15,000.00
133,000.00
25,000.00 25,000.00
510,000.00
40,000.00 40,000.00
160,000.00 8,100.00 168,100.00
20,000.00 20,000.00
45,000.00 3,400.00 48,400.00

8,000.00 8,000.00
10,000.00 10,000.00
10,000.00
16,000.00 16,000.00
16,000.00
4,000.00 4,000.00
8,100.00
3,400.00

688,000.00 688,000.00 49,500.00 49,500.00 725,500.00


Adjusted Trial Balance Income Statement Balance Sheet
CREDIT DEBIT CREDIT DEBIT CREDIT
90,000.00
4,000.00
12,000.00
200,000.00
80,000.00
30,000.00 30,000.00
15,000.00 15,000.00
133,000.00 133,000.00
25,000.00
510,000.00 510,000.00
40,000.00
168,100.00
20,000.00
48,400.00

8,000.00
10,000.00
10,000.00 10,000.00
16,000.00
16,000.00 16,000.00
4,000.00
8,100.00 8,100.00
3,400.00 3,400.00

725,500.00 314,500.00 510,000.00 411,000.00 215,500.00


195,500.00 195,500.00
510,000.00 510,000.00 411,000.00 411,000.00
Ysabel Melgar, Atty-At-Law
Statement of Comprehensive Income
For the year ended December 31, 2015

Legal Fee Income


Less: Expenses
Rent Expense
Salaries Expense
Communication Expense
Utilities Expense
Office Supplies Expense
Depreciation Expense - OE
Depreciation Expense - CE
Insurance Expense
Net Profit

Ysabel Melgar, Atty-At-Law


Statement of Equity
For the year ended December 31, 2015

Initial Investment
Net Profit
Total
Less; Drawings
Capital, ending

Ysabel Melgar, Atty-At-Law


Statement of Financial Position
As of December 31,2015

ASSETS
Current Assets
Cash
Office Supplies
Prepaid Insurance
Total Current Assets
Non-Current Assets
Office Equipment
Accumulated Depreciation- OE
Computer Equipment
Accumulated Depreciation- CE
Total Non-Current Assets

Total Assets

LIABILITIES AND EQUITY


Liabilities
Notes Payable
Accounts Payable
Salaries Payable
Utilties Payable
Total Liabilities

Equity:
Melgar, Capital
Total Liabilities and Equity
gar, Atty-At-Law
omprehensive Income
ed December 31, 2015

510,000

40,000
168,100
20,000
48,400
8,000
10,000
16,000
4,000 314,500
₱ 195,500.00

gar, Atty-At-Law
ent of Equity
ed December 31, 2015

133,000
195,500
328,500
25,000
₱ 303,500.00

gar, Atty-At-Law
Financial Position
ember 31,2015

SSETS

90,000
4,000
12,000
106,000
200,000
10,000 190,000
80,000
16,000 64,000
254,000

₱ 360,000.00

ES AND EQUITY

30,000
15,000
8,100
3,400
56,500

303,500
₱ 360,000.00
Problem 7

Reyes Laundry Shop


GENERAL JOURNAL

Date
Account Titles and Explanation P.R. Debit

1) Laundry Supplies Expense 55,000


Laundry Supplies
To record the supplies used
70,000 - 15,000 = 55,000

2 Doubtful Account Expense 11,000


Allow. For Doubtful Account
To record the bad debts
(80,000 * 20%) - 5,000 = 11,000

3 Depreciation Expense - LE 10,000


Accumulated Depreciation- LE
To record the depreciation
120,000 / 12 = 10,000

4 Insurance Expense 1,500


Unexpired Insurance
To record the expired portion of prepaid Insurance

5 Interest Expense 2,500


Interest Payable
To record the accrued interest expense

6 Light & Water Expenses 20,000


Light & Water Payable
To record the utilities accrued

7 Interest Receivable 1,875


Interest Revenue
To record the accrued income
(25,000 * 10%) * 9 / 12

Balance 101,875
GJ-1

TRIAL BALANCE
Particulars
DEBIT
Credit
Cash on Hand 100,000.00
Accounts Receivable 80,000.00
55,000 Allow. For Doubtful Account
Notes Receivable 25,000.00
Laundry Supplies 70,000.00
Unexpired Insurance 6,000.00
Laundry Equipment 120,000.00
11,000 Accumulated Depreciation - LE
Notes Payable
Reyes, Capital
Reyes, Drawing 15,000.00
Laundry Income
10,000 Salaries Expense 65,000.00
Light & Water Expenses 85,000.00

AJE:
Laundry Supplies Expense
1,500 Doubtful Account Expense
Depreciation Expense - LE
Insurance Expense
Interest Expense
2,500 Interest Payable
Light & Water Payable
Interest Receivable
Interest Revenue
20,000
Total 566,000.00
Net Loss
Total
1,875

101,875
Reyes Laundry Shop
Worksheet
As of June 30, 2015

TRIAL BALANCE ADJUSTMENTS Adjusted Trial Balance Income Statement


CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT
100,000.00
80,000.00
5,000.00 11,000.00 16,000.00
25,000.00
55,000.00 15,000.00
1,500.00 4,500.00
120,000.00
10,000.00 10,000.00 20,000.00
70,000.00 70,000.00
236,000.00 236,000.00
15,000.00
245,000.00 245,000.00
65,000.00 65,000.00
20,000.00 105,000.00 105,000.00

55,000.00 55,000.00 55,000.00


11,000.00 11,000.00 11,000.00
10,000.00 10,000.00 10,000.00
1,500.00 1,500.00 1,500.00
2,500.00 2,500.00 2,500.00
2,500.00 2,500.00
20,000.00 20,000.00
1,875.00 1,875.00
1,875.00 1,875.00

566,000.00 101,875.00 101,875.00 611,375.00 611,375.00 250,000.00

250,000.00
Income Statement Balance Sheet
CREDIT DEBIT CREDIT
100,000.00
80,000.00
16,000.00
25,000.00 Laundry Income
15,000.00 Interest Revenue
4,500.00 Total Revenue
120,000.00 Less: Expenses
20,000.00 Salaries Expense
70,000.00 Light & Water Expenses
236,000.00 Laundry Supplies Expense
15,000.00 Doubtful Account Expense
245,000.00 Depreciation Expense - LE
Insurance Expense
Interest Expense
Net Loss

Initial Investment
2,500.00 Net Loss
20,000.00 Total
1,875.00 Less; Drawings
1,875.00 Capital, ending

246,875.00 361,375.00 364,500.00


3,125.00 3,125.00
250,000.00 364,500.00 364,500.00

Current Assets
Cash on Hand
Accounts Receivable
Allow. For Doubtful Account
Notes Receivable
Interest Receivable
Laundry Supplies
Unexpired Insurance
Total Current Assets

Non-Current Assets
Laundry Equipment
Accumulated Depreciation - LE
Total Non-Current Assets

Total Assets

Liabilities
Notes Payable
Interest Payable
Light & Water Payable
Total Liabilities

Equity:
Reyes, Capital
Total Liabilities and Equity
Reyes Laundry Shop
Statement of Comprehensive Income
For the fiscal year ended June 30, 2015

undry Income 245,000.00


erest Revenue 1,875.00
tal Revenue 246,875.00
s: Expenses
Salaries Expense 65,000.00
Light & Water Expenses 105,000.00
Laundry Supplies Expense 55,000.00
Doubtful Account Expense 11,000.00
Depreciation Expense - LE 10,000.00
Insurance Expense 1,500.00
Interest Expense 2,500.00 250,000.00
₱ 3,125.00

Reyes Laundry Shop


Statement of Equity
For the fiscal year ended June 30, 2015

tial Investment 236,000.00


Net Loss 3,125.00

Drawings
pital, ending

Reyes Laundry Shop


Statement of Financial Position
As of June 30, 2015

ASSETS
rrent Assets
Cash on Hand 100,000.00
Accounts Receivable 80,000.00
Allow. For Doubtful Account 16,000.00 64,000.00
Notes Receivable 25,000.00
Interest Receivable 1,875.00
Laundry Supplies 15,000.00
Unexpired Insurance 4,500.00
tal Current Assets ₱ 210,375.00

n-Current Assets
Laundry Equipment 120,000.00
Accumulated Depreciation - LE - 20,000.00
Total Non-Current Assets ₱ 100,000.00

LIABILITIES AND EQUITY

Notes Payable 70,000.00


Interest Payable 2,500.00
Light & Water Payable 20,000.00
tal Liabilities ₱ 92,500.00

Reyes, Capital ₱ 217,875.00


tal Liabilities and Equity
232,875.00
15,000.00
₱ 217,875.00
₱ 310,375.00

₱ 310,375.00

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